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THE NEXT WAVE OF CORPORATE BITCOIN ADOPTION SEEMS TO BE ON ITS WAY


MULTIPLE PUBLIC COMPANIES HAVE ANNOUNCED A BITCOIN STRATEGY, BUT THERE HAS BEEN
NO ACQUISITION YET.

By James Van Straten|Edited by Parikshit Mishra
Updated Jan 7, 2025, 4:41 p.m. UTCPublished Jan 7, 2025, 11:51 a.m. UTC
The next wave of bitcoin corporate adoption is here.
(dimitrisvetsikas1969/Pixabay)

WHAT TO KNOW:

 * KULR Technologies has now purchased 430 BTC, which has increased the share
   price by 847%.
 * Multiple public companies have announced a bitcoin treasury strategy with no
   acquisition yet.



Disclaimer: The analyst who wrote this piece owns shares of MicroStrategy (MSTR)
and Semler Scientific (SMLR).

As interest in digital assets continues to rise, a new phase of corporate
adoption for bitcoin (BTC) appears to be taking shape, with publicly listed
firms following MicroStrategy's lead by adding BTC to their balance sheets.

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It all started with MicroStrategy (MSTR) adopting BTC as Treasury asset in 2020.
Since then, its share price has jumped almost 2,500%. Over the years, the
company has boosted its coin stash through cash, at-the-market (ATM) equity
offerings, convertible debt or, more recently they said they would also use
preferred stock offerings.

In 2024, we saw multiple companies follow suit and adopt a bitcoin treasury
strategy, such as Metaplanet (3350), Semler Scientific (SMLR), MARA Holdings
(MARA), as well as many other publicly traded miners that have also achieved
great success.

Now more firms are joining the party.

The first company emerging from the second wave is KULR Technology Group (KULR),
which trades on the NYSE, announced a $21 million bitcoin purchase on Monday.
This takes its total bitcoin holding to 430 BTC at an average weighted price of
$98,393 per token.



KULR has leveraged a combination of an ATM equity program and surplus cash to
fund its purchase. Like the other pioneers of this strategy, they have adopted a
BTC yield strategy, coming in at 93.7% from December 2024 to January 2025.
KULR's share price has been up 847% since Nov. 19.

As of Jan. 7, there also seems to be an emergence of publicly traded companies
that have announced a bitcoin treasury strategy, but have yet to acquire any
bitcoin.

First up, Acurx Pharmaceuticals (ACXP), trading on the Nasdaq, whose board
approved a purchase of up to $1 million in bitcoin on Nov. 20. The share price
has been down 35% since Nov. 19, but it is up 30% year-to-date.

The same is true for Hoth Therapeutics (HOTH), also on the Nasdaq. Its board
approved a $1 million bitcoin purchase, back in Nov. 20 but there has been no
acquisition yet. However, the share price is up 2% since Nov. 19.

The third company to have approved a $1 million bitcoin treasury strategy is
Nasdaq-listed LQR House (YHC). On Nov. 19, the firm made the announcement that
they have also accepted cryptocurrency payments and adopted a policy to retain
up to $10 million of these payments in bitcoin. The share price is up 56% since
Nov. 19.

NYSE-listed SOS Limited (SOS) approved a $50 million purchase of bitcoin on Nov.
27. The announcement was made when bitcoin was $93,000 a token. The share price
has been down 30% since Nov. 19.

The last company, also on the Nasdaq, Enlivex Therapeutics (ENLV), announced on
Nov. 20 that it was approved to purchase $1 million of bitcoin for its treasury
strategy. The share price has been up 18% since Nov. 19.



In the second wave, KULR has seen massive share price appreciation compared to
the other companies, which can be down to purchasing bitcoin along with the
strategy announcement.

Wave 2 BTC Adoption



UPDATE (Jan. 7, 16:33 UTC): Updates: adds Enlivex Therapeutics and comments
about adopting a bitcoin treasury strategy.

JAMES VAN STRATEN

As the senior analyst at CoinDesk, specializing in Bitcoin and the macro
environment. Previously, working as a research analyst at Saidler & Co., a Swiss
hedge fund, introduced to on-chain analytics. James specializes in daily
monitoring of ETFs, spot, futures volumes, and flows to understand how Bitcoin
interacts within the financial system. James holds more than $1,000 worth of
bitcoin, MicroStrategy (MSTR) and Semler Scientific (SMLR).

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