Two More Public Firms Adopt Bitcoin As Liquid Asset

This week, two publicly traded firms made significant moves by purchasing Bitcoin, following a trend inspired by MicroStrategy’s success in building a crypto treasury. These firms are joining the growing number of firms adopting Bitcoin as a core asset.

Thumzup Media, a social media marketing firm based in Los Angeles, announced its first major Bitcoin acquisition. The company spent approximately $1 million to purchase Bitcoin and disclosed plans to allocate up to 90% of its liquid assets to the digital currency. Additionally, Thumzup intends to begin paying contractors in Bitcoin within the next few weeks.

Meanwhile, KULR Technology Group, a San Diego-based provider of energy storage solutions to the aerospace and defense sectors, bought $21 million worth of Bitcoin, bringing its total Bitcoin holdings to $42 million. This is the company’s second purchase in less than two weeks, and like Thumzup, KULR aims to hold up to 90% of its liquid assets in Bitcoin.

Following the announcements, the market response was mixed. Thumzup’s stock price remained flat at around $4, although it saw a 7% dip within 24 hours after the announcement. KULR’s stock price stood at $2.78, marking a 27% decline since the company revealed its latest Bitcoin purchase.

These companies are now part of a wider trend, with several businesses emulating MicroStrategy’s strategy, which has been highly profitable. MicroStrategy’s Bitcoin stockpile is now valued at $42 billion, benefiting from price surges and strategic purchases.

Bitcoin recently hit an all-time high of over $108,000 in mid-December, though it has since fallen to $93,455 as at Thursday, January 9, 2025 4.30 p.m, Abuja time.

Despite the price dip, companies are still embracing Bitcoin. In late 2024, biotech firms Acurx Pharmaceuticals, Hoth Therapeutics, and Enlivex Therapeutics also made initial investments in Bitcoin, encouraged by growing investor and political support for the cryptocurrency.

Bitcoin’s appeal continues to rise, with major institutional backers like BlackRock—who launched a Bitcoin ETF in 2024—driving further legitimacy to the market. Other companies, including Japanese investment firm Metaplanet and Hong Kong-based Boyaa Interactive, have also made significant Bitcoin acquisitions, signaling strong and growing corporate interest in the cryptocurrency.

As more companies and institutional investors look to Bitcoin for long-term growth, it’s clear that the cryptocurrency is becoming a central asset in the financial landscape.
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