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Bitcoin and Company Treasuries: A New Trend in Corporate Finance
Strategy’s Bitcoin Buying Plan
In recent years, the strategy of buying Bitcoin has been maligned by big businesses. However, Strategy (formerly MicroStrategy) has produced blockbuster profits for the software company, pushing its stock price to an all-time high in November. Its stash of Bitcoin is now worth over $42 billion.
Inspiring a Movement
The success of Strategy has inspired a crop of copycats. Although Strategy’s founder and Executive Chairman, Michael Saylor, may not be thrilled about it, he has been advocating for such a movement for years.
Other Companies Following Suit
Several more publicly traded firms have greenlit corporate strategies to stack Bitcoin as a treasury reserve asset. Others that have already invested in the cryptocurrency are building up their holdings of the asset.
More than 70 Companies Have Dived into Bitcoin
According to the website Bitcoinstreasuries.net, more than 70 companies have dived headfirst into Strategy’s crypto-first business strategy at a time when Bitcoin is flying high. President-elect Donald Trump signed an executive order establishing a national Bitcoin strategic reserve, and the coin hit an all-time high of $108,000 in January.
Bitcoin’s Current Value and New Companies Buying In
Although Bitcoin is currently hovering around the $85,000 mark, new companies are still buying in, and existing reserve firms are boosting their stockpiles.
11 More Publicly Traded Companies Stack Bitcoin
Here are 11 more publicly traded companies that are following in Strategy’s footsteps and stacking Bitcoin:
Tesla
Tesla, the electric car-making company led by Dogecoin aficionado Elon Musk, has held Bitcoin for four years. Although it moved its tokens to new wallets last fall, there is no indication that the car maker is selling its Bitcoin. Tesla has a long history with Bitcoin, having first revealed that it had invested $1.5 billion in the world’s oldest cryptocurrency in February 2021, with plans to accept the tokens as payment for its vehicles. The company later backtracked on the latter plans after Musk shared concerns about the environmental impact of Bitcoin mining, but it still has a substantial stash, with recent reports showing the firm still holds 11,509 Bitcoin valued at around $978 million.
Block
Block, the financial services conglomerate behind the Square payments platform, owns more than 8,000 BTC worth at least $758 million as of writing time, according to one estimate. The Jack Dorsey-founded company began buying Bitcoin just a few months after MicroStrategy. Its first Bitcoin purchase came in October 2020, when it snatched up more than 4,700 BTC.
Fathom Holdings
Real estate technologies company Fathom Holdings announced a plan in January to use up to 50% of its excess cash to create a Bitcoin treasury. The announcement didn’t impress traditional equities investors, as shares of the firm, which trade on the Nasdaq under the ticker FTHM, are down nearly 35% year-to-date. Nevertheless, company CFO Joanne Zach spoke positively about the company’s Bitcoin strategy, telling investors that it diversifies Fathom’s treasury holdings and "positions Fathom at the forefront of digital currency transactions in real estate today."
Nuvve
Electric vehicle technologies company Nuvve joined the list of publicly traded companies creating a Bitcoin treasury at the end of January. The firm, which trades on the Nasdaq as NVVE, announced it would use up to 30% of its cash holdings to buy the top crypto asset, pending market conditions. While its stock price rose slightly on the day of the announcement, it has otherwise struggled this year, dropping more than 55% year-to-date. In addition to implementing Bitcoin purchases with excess cash, the company plans to accept BTC as payment. "BTC acceptance will promote more payment options for customers and suppliers with potentially less transactional friction inherent to digital currencies," said company CEO and founder Gregory Poilasne.
Conclusion
In conclusion, the trend of publicly traded companies investing in Bitcoin is growing, with more than 70 companies already on board. The success of Strategy, Tesla, Block, Fathom Holdings, and Nuvve has inspired a movement, with new companies jumping on the bandwagon. As the cryptocurrency continues to gain mainstream acceptance, it will be interesting to see how this trend develops in the coming months and years.
FAQs
Q: What is the current value of Bitcoin?
A: As of writing time, the current value of Bitcoin is around $85,000.
Q: How many companies have invested in Bitcoin?
A: More than 70 companies have invested in Bitcoin, according to Bitcoinstreasuries.net.
Q: What is the total value of the Bitcoin held by publicly traded companies?
A: The total value of the Bitcoin held by publicly traded companies is over $42 billion.
Q: Who is the founder of Strategy, the company that first invested in Bitcoin?
A: Michael Saylor is the founder and Executive Chairman of Strategy.
Q: Which company is the first to accept Bitcoin as payment?
A: Tesla is the first company to accept Bitcoin as payment, having started accepting the cryptocurrency in 2021.
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