As of January 7th, the growing appetite for digital assets signals a pivotal moment for corporate Bitcoin adoption. Following in the footsteps of MicroStrategy, a number of publicly traded companies are beginning to incorporate Bitcoin into their financial strategies. By 2024, firms such as Metaplanet (3350), Semler Scientific (SMLR), and MARA Holdings (MARA) are expected to adopt similar cryptocurrency initiatives. KULR Technology Group (KULR), a recent entrant listed on the NYSE, marks the beginning of this new phase.
Notably, while several companies have unveiled plans to acquire Bitcoin, actual purchases remain pending. Acurx Pharmaceuticals (ACXP) has received board approval for a $1 million investment in Bitcoin, despite experiencing a significant 35% decline in its stock price since mid-November. However, it has managed a 30% year-to-date recovery.
Hoth Therapeutics (HOTH) is another NASDAQ-listed company awaiting completion of its approved $1 million Bitcoin acquisition. In contrast, LQR House (YHC) has begun accepting cryptocurrency payments and plans to hold up to $10 million in Bitcoin, witnessing a remarkable 56% increase in its stock price in the same timeframe.
SOS Limited (SOS) has initiated a hefty $50 million Bitcoin purchase plan as of November 27th, although it has faced a 30% decline in its stock performance since mid-November amid fluctuating Bitcoin prices. The trajectory of these companies underscores the expanding trend of crypto adoption in traditional finance.