- Even non-crypto companies are turning to Bitcoin as a strategic reserve asset.
- Firms want to replicate MicroStrategy’s massive returns.
They span industries like health tech, sustainable energy, gaming, and education, but share the same strategy — stacking Bitcoin.
The tactic has been very lucrative for MicroStrategy. Since making its first Bitcoin purchase in 2020, MicroStrategy’s stock has soared 22-fold.
Now, other companies are looking to replicate that success, especially with Bitcoin trading at a 15% discount to its all-time high last month.
And Bitcoin advocates are trying to press Big Tech giants such as Microsoft, Amazon, and Meta to consider putting the top cryptocurrency on their balance sheets.
Here’s a sampling of listed companies that have already followed MicroStrategy’s lead:
Boyaa Interactive
Hong Kong-listed Boyaa Interactive is Asia’s top corporate Bitcoin holder.
Often referred to as the ‘MicroStrategy of Hong Kong,’ the company holds 3,183 Bitcoin, valued at nearly $300 million.
Boyaa is primarily a developer of online board and card games.
The company in December swapped $50 million worth of Ethereum it was holding for more Bitcoin.
Semler Scientific
Semler Scientific is a US-based health technology company specialising in diagnostic and monitoring tools.
CEO Eric Semler is an outspoken Bitcoin supporter, prominently displaying Bitcoin in his Twitter profile banner and pinning tweets by MicroStrategy chairman Michael Saylor.
“Why haven’t more public companies adopted a Bitcoin treasury strategy?” said Semler in December.
He went even further, predicting that “it will be considered irresponsible for public companies not to own Bitcoin on their balance sheets.”
Semler Scientific now holds 2,084 Bitcoin, valued at nearly $200 million. Its stock price has more than doubled since its first Bitcoin buy in May.
Metaplanet
Metaplanet, also inspired by MicroStrategy, holds 1,762 BTC worth approximately $165 million.
In a recent statement, CEO Simon Gerovich outlined goals for 2025, including expanding its Bitcoin holdings to 10,000 BTC.
Similar to MicroStrategy itself, Metaplanet’s stock price has seen a spike of over 2,200% since it started buying Bitcoin in April of last year.
Cango
Shanghai-based Cango, an auto loan provider, has entered the Bitcoin space by mining it directly instead of buying. The company invested $400 million into purchasing Bitcoin mining equipment in November.
It has managed to acquire 933 Bitcoins since then — a stash worth $87 million.
Cango’s stock price has more than doubled in the same period.
KULR Technology Group
KULR, a thermal management and energy solutions company, is the newest entrant on this list.
It began its MicroStrategy-esque Bitcoin strategy less than one month ago, with an initial purchase of 217 Bitcoin.
At the time, KULR revealed it would be putting 90% of its cash reserves into staggered Bitcoin buys.
Not even two weeks after the first buy, KULR purchased another 213 Bitcoin, bringing the value of its stockpile to $40 million.
However, Bitcoin has been in a bit of a rut since then. Anyone who bought KULR stock on the same day as its first Bitcoin buy is down 30% today.
Genius Group
Genius Group, a Singapore-based AI-driven education and business firm, adopted its own “Bitcoin-first” treasury strategy.
It currently holds 372 Bitcoin worth nearly $35 million, although its stock has dropped by over 27% since its first Bitcoin purchase in November.
The company aims to integrate Bitcoin payments on its EdTech platform and launch blockchain education programs.
Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.
