As digital asset interest grows, a new wave of corporate adoption for Bitcoin (BTC) seems to be forming, with public companies following in the footsteps of MicroStrategy by adding BTC to their balance sheets. MicroStrategy (MSTR) first made headlines in 2020 when it began acquiring Bitcoin as a Treasury asset, and since then, its share price has skyrocketed by nearly 2,500%. Over the years, the company has expanded its Bitcoin holdings through various methods, including cash purchases, at-the-market (ATM) equity offerings, convertible debt, and more recently, preferred stock offerings.
In 2024, several companies began to embrace a Bitcoin treasury strategy, including Metaplanet (3350), Semler Scientific (SMLR), and MARA Holdings (MARA). Many publicly traded miners have also adopted this approach, seeing notable success.
Now, another company is entering the scene: KULR Technology Group (KULR), which announced on Monday that it purchased $21 million worth of Bitcoin, increasing its total holdings to 430 BTC at an average price of $98,393 per token. To fund this acquisition, KULR combined an ATM equity program with surplus cash. They also adopted a BTC yield strategy, yielding 93.7% from December 2024 to January 2025. Since November 19, KULR’s share price has surged by 847%.
As of January 7, a growing number of publicly traded companies have announced Bitcoin treasury strategies, though many have not yet made any actual acquisitions. Acurx Pharmaceuticals (ACXP), listed on the Nasdaq, received board approval on November 20 for a purchase of up to $1 million in Bitcoin. While the share price has dropped 35% since November 19, it has seen a 30% increase year-to-date.
Similarly, Hoth Therapeutics (HOTH), also on the Nasdaq, approved a $1 million Bitcoin purchase on November 20 but has yet to make an acquisition. Despite this, the company’s share price has increased by 2% since November 19.
LQR House (YHC), listed on Nasdaq, also approved a $1 million Bitcoin treasury strategy on November 19, and since then, its share price has risen 56%. The company announced it would accept cryptocurrency payments and retain up to $10 million of these payments in Bitcoin.
SOS Limited (SOS), listed on the NYSE, approved a $50 million Bitcoin purchase on November 27 when Bitcoin was priced at $93,000 per token. Since then, however, the share price has dropped 30%.
Finally, Enlivex Therapeutics (ENLV), listed on the Nasdaq, announced on November 20 that it had received approval for a $1 million Bitcoin purchase for its treasury. The company’s share price has increased by 18% since November 19.
Among these companies, KULR stands out for its impressive share price growth, likely driven by its decision to purchase Bitcoin alongside its announcement, setting it apart from companies that have yet to make acquisitions despite approving Bitcoin strategies.
