7 Public Companies Following MicroStrategy’s Bitcoin Treasury Strategy

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In recent years, the idea of publicly traded companies holding Bitcoin on their balance sheets has evolved from a fringe experiment to a growing financial trend. Once led almost single-handedly by MicroStrategy, whose aggressive Bitcoin accumulation has yielded massive returns, this strategy is now gaining momentum across industries. With Bitcoin’s value surging past $90,000 and investor confidence rising, more corporations are viewing the leading cryptocurrency not just as a speculative asset, but as a long-term treasury reserve—much like gold.

MicroStrategy’s success, driven by CEO Michael Saylor’s relentless advocacy, has inspired a wave of copycats. Today, over 70 companies globally have adopted some form of Bitcoin treasury strategy. From tech giants to niche startups, organizations are diversifying their cash holdings with Bitcoin to hedge against inflation and capitalize on digital asset appreciation.

This shift reflects a broader change in corporate finance thinking—one where Bitcoin is increasingly seen as "digital gold" and a viable alternative to traditional cash reserves. Below are seven notable public companies that have followed in MicroStrategy’s footsteps, integrating Bitcoin into their financial strategies.

Tesla: The High-Profile Early Adopter

Tesla, the electric vehicle pioneer led by Elon Musk, was one of the first major corporations to embrace Bitcoin. In February 2021, the company announced a $1.5 billion investment in Bitcoin and briefly accepted it as payment for vehicles—a move that sent shockwaves through both the auto and crypto industries.

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Although Tesla later suspended Bitcoin payments due to environmental concerns about mining, it has not liquidated its entire holdings. According to its latest SEC filings, Tesla still owns approximately 10,000 BTC, valued at over $900 million at current prices. The company’s wallet activity suggests strategic management rather than divestment, reinforcing confidence in its long-term position.

Tesla’s early entry into the space helped legitimize corporate Bitcoin adoption and demonstrated how disruptive innovation can come from unexpected sectors.

Block (formerly Square): A Consistent Advocate

Founded by Jack Dorsey, Block (formerly Square) has been a consistent believer in Bitcoin’s transformative potential. In October 2020, the financial services company made its first major purchase—acquiring over 4,700 BTC—for approximately $50 million.

Since then, Block has continued to hold and support Bitcoin development through its dedicated division, Square Crypto. As of the latest estimates, the company holds more than 8,000 BTC, worth over $750 million. Unlike some firms that treat crypto as a side project, Block integrates Bitcoin into its core mission of financial inclusivity and decentralized economic systems.

Dorsey’s personal advocacy for Bitcoin further underscores the company’s commitment. Even after stepping down from Twitter (now X), he remains a vocal proponent of a Bitcoin-centric future.

Rumble: Championing Free Speech and Financial Freedom

Rumble, the video-sharing platform positioning itself as an alternative to mainstream social media, joined the Bitcoin treasury movement in November 2024. The company announced plans to allocate up to $20 million into Bitcoin purchases as part of its corporate reserve strategy.

This move aligns with Rumble’s broader mission of promoting free expression and decentralization. By adopting a Bitcoin treasury model, Rumble aims to become the preferred platform for crypto creators and communities who value censorship-resistant ecosystems.

The company also secured a $775 million investment from Tether, signaling strong institutional backing for its vision. This dual focus on content freedom and financial innovation makes Rumble a unique player in the emerging “freedom tech” sector.

LEEF Brands: Bridging Cannabis and Crypto

LEEF Brands, a Canadian-based cannabis company, made headlines in December 2024 by announcing its adoption of Bitcoin as a treasury asset. The company plans to raise $5 million via a Bitcoin-backed debenture offering, using the proceeds to acquire BTC for its balance sheet.

This innovative financing method highlights how smaller public companies are leveraging crypto-native tools to access capital while simultaneously strengthening their financial posture. As both cannabis and cryptocurrency remain subject to regulatory scrutiny in many regions, LEEF’s move represents a bold step toward aligning two often-marginalized industries.

By holding Bitcoin, LEEF aims to protect shareholder value against fiat currency devaluation and position itself as a forward-thinking leader in the alternative investments space.

Semler Scientific: Steady Accumulation with Clear Vision

Healthcare technology firm Semler Scientific began accumulating Bitcoin in May 2024 when it officially launched its treasury strategy. Since then, the company has steadily increased its holdings through operating cash flows and equity sales programs.

As of December 15, 2024, Semler Scientific owned 2,084 BTC, worth nearly $200 million. CEO Eric Semler reaffirmed the company’s commitment in November:

“We plan to continue purchasing Bitcoin using operating cash and proceeds from our ATM program. We’re exploring additional financing opportunities to acquire even more.”

This disciplined approach mirrors MicroStrategy’s playbook—using predictable revenue streams to build a growing Bitcoin reserve over time.

Banzai: Diversifying with Digital Assets

Marketing technology firm Banzai announced in November 2024 that it would allocate up to 10% of its corporate treasury to Bitcoin purchases. The decision was driven by a desire to diversify assets and benefit from the long-term appreciation potential of digital currencies.

CEO Joe Devoe stated that adding Bitcoin enhances financial resilience and aligns with modern capital management principles. For a company operating in the fast-moving ad-tech space, this move signals adaptability and forward-looking governance.

While Banzai’s exact holdings are not yet public, its strategic framework suggests ongoing accumulation as market conditions allow.

Why More Companies Are Turning to Bitcoin

Several factors are driving this corporate shift:

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Frequently Asked Questions (FAQ)

Q: Why are companies buying Bitcoin instead of keeping cash?
A: Cash loses value over time due to inflation. Bitcoin’s limited supply makes it a deflationary asset, offering potential long-term appreciation while diversifying risk.

Q: Is holding Bitcoin risky for public companies?
A: Yes, price volatility is a concern. However, companies like MicroStrategy view short-term fluctuations as less important than long-term value preservation and growth.

Q: Can any company adopt a Bitcoin treasury strategy?
A: Technically yes, but it depends on board approval, regulatory environment, investor sentiment, and access to secure custody solutions.

Q: How do these companies store their Bitcoin safely?
A: Most use institutional-grade custodians like Coinbase Custody or BitGo, which offer cold storage, multi-signature security, and insurance coverage.

Q: Are there tax implications for holding Bitcoin on corporate balance sheets?
A: Yes—Bitcoin is treated as property by most tax authorities. Gains from sales may be taxable, and periodic valuations affect financial reporting.

Q: Will this trend continue in 2025?
A: Given increasing institutional adoption, halving-driven scarcity, and macroeconomic uncertainty, experts expect more companies to follow suit.

Core Keywords

With growing momentum and real-world results proving the model’s viability, the era of corporate Bitcoin adoption is no longer coming—it’s already here. As more balance sheets go on-chain, the financial landscape may never be the same again.

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