Public Companies Embrace Bitcoin: Trends and Strategies in 2024

The Rise of Bitcoin Adoption Among Publicly Traded Companies

According to BlockBeats, interest in digital assets is prompting a new phase of corporate adoption of Bitcoin. This shift comes as several publicly traded companies follow the lead of industry pioneers like MicroStrategy by incorporating Bitcoin into their balance sheets.

Companies Leading the Charge in 2024

In 2024, companies such as Metaplanet, Semler Scientific, and MARA Holdings have begun to adopt Bitcoin financial strategies. A notable player in this second wave is KULR Technology Group, a company listed on the New York Stock Exchange, marking its entry into the Bitcoin adoption arena.

Recent Activity Among Publicly Listed Companies

As of January 7, various publicly listed companies have announced Bitcoin financial strategies; however, many have yet to make actual purchases. Below are some examples:

• Acurx Pharmaceuticals - As of November 20, the company’s board approved a Bitcoin purchase plan allowing for acquisitions of up to $1 million. Notably, Acurx's stock price has fallen by 35% since November 19 but has risen by 30% year-to-date.
• Hoth Therapeutics - Also on November 20, this Nasdaq-listed company approved a Bitcoin purchase plan for up to $1 million. Despite not making any purchases, its stock price has increased by 2% since November 19.
• LQR House - Announcing on November 19, LQR House revealed it would accept cryptocurrency payments and hold up to $10 million in Bitcoin payment funds. The market responded positively, and its stock price has surged by 56% since the announcement.
• SOS Limited - Listed on the New York Stock Exchange, this company approved a Bitcoin purchase plan amounting to $50 million on November 27, at a time when Bitcoin was valued at $93,000 per coin. Nevertheless, SOS Limited's stock price has dropped by 30% since November 19.

Conclusion: The Future of Corporate Bitcoin Adoption

The current trend of corporations incorporating Bitcoin into their financial strategies shows no signs of slowing down. As more companies consider the potential benefits of Bitcoin adoption, the financial landscape may shift significantly. Investors and stakeholders should keep a close watch on these developments as they unfold and evaluate their potential impact on the market.