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CryptoFeb 19, 2025

Copying MicroStrategy, Companies Are Adding Crypto To Their Balance Sheet To Diversify

Corporate Treasuries

Noah Weidner

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In 2020, when MicroStrategy CEO Michael Saylor announced that the software firm would invest $250M of its cash into Bitcoin, Wall Street scoffed. At the time, no other publicly traded firm had added cryptocurrency to its balance sheet despite limited accounting guidance. But five years later, speculatively buying cryptocurrency with corporate cash or bond issuances is all the rage — especially for ailing firms with unattractive or languishing core businesses.

At least 66 publicly traded firms have bought Bitcoin for their balance sheet, mostly small and micro-cap firms like KULR Technology, OneMedNet, and Semler Scientific.
However, larger retail-popular stocks like Trump Media are diving head-first into crypto allocation, while GameStop is said to be entertaining crypto investments.

Snake oil or saving grace? Adding crypto to your balance sheet might be a no-brainer for firms with limited prospects. It even provided a bump in stock prices for some firms… but at valuations like this? One thing that made Saylor’s timely acquisitions of Bitcoin so valuable was the price he paid. Today, with more than 478.7K Bitcoin ($45B), his average investment has nearly doubled. Many others taking after his example are buying Bitcoin near record highs — even then, that hasn’t stopped Saylor from continuing to buy, so who knows?