How Public Companies Are Integrating Bitcoin into Financial Strategies

The Rise of Corporate Adoption of Bitcoin

The digital assets market is witnessing a significant surge in interest, prompting a new wave of corporate adoption of Bitcoin. Following the pioneering example set by MicroStrategy, several publicly traded companies are now incorporating Bitcoin into their financial strategies. As we head into 2024, firms like Metaplanet, Semler Scientific, and MARA Holdings are beginning to embrace Bitcoin as part of their financial portfolios.

Key Players in Bitcoin Adoption

KULR Technology Group, which is listed on the New York Stock Exchange, stands out as the first company in this second wave of Bitcoin adoption. The push for incorporating Bitcoin into corporate balance sheets is indicative of a broader acceptance of cryptocurrency in mainstream finance.

Recent Developments

As of January 7, several publicly listed companies have announced their strategic intentions to invest in Bitcoin, although some have yet to make actual purchases. Notably, Acurx Pharmaceuticals, which trades on Nasdaq, received board approval on November 20 for a Bitcoin purchase plan with a maximum investment of up to $1 million. Despite this approval, Acurx's stock has seen a notable drop of 35% since November 19, though it has shown signs of recovery with a 30% increase year-to-date.

Stock Performance Following Bitcoin Announcements

• Acurx Pharmaceuticals: Board approved a ~$1 million Bitcoin purchase plan. Stock fell 35% since November 19 but gained 30% year-to-date.
• Hoth Therapeutics: Also planned a $1 million Bitcoin buy. The stock has increased by 2% since November 19.
• LQR House: Will accept crypto payments and retain up to $10 million in Bitcoin funds; its stock surged by 56% since November 19.

Conclusion

The exploration and adoption of Bitcoin among publicly traded companies signal a notable trend towards digital asset integration into corporate finance. With more companies considering Bitcoin as a viable financial strategy, it opens up new avenues for growth and investment in this dynamic market.