A notable shift is underway in the financial strategies of publicly traded companies in the United States, particularly as they increasingly integrate Bitcoin into their treasury assets. Recent moves by firms such as Thumzup Media and KULR Technology Group highlight this trend, confirming Bitcoin’s growing acceptance as a legitimate financial resource for businesses.
This week, Thumzup Media, a social media marketing firm based in Los Angeles, announced its inaugural Bitcoin acquisition amounting to approximately $1 million. The company disclosed plans to hold up to 90% of its liquid assets in Bitcoin and is gearing up to facilitate Bitcoin payments for its contractors in the near future.
In a similar development, KULR Technology Group, located in San Diego and focusing on aerospace and defence energy storage solutions, revealed a more substantial investment, purchasing $21 million in Bitcoin. This acquisition effectively doubles their Bitcoin treasury, bringing their total holdings to $42 million. The company's initial investment in Bitcoin occurred less than two weeks prior to this latest announcement, and like Thumzup, they aim to allocate a significant portion of their liquid assets—up to 90%—to Bitcoin.
These companies are not alone in this burgeoning trend. According to data from Bitcointreasuries.net, over 152 public U.S. corporations have invested in Bitcoin, collectively holding approximately 2.95 million BTC tokens. MicroStrategy stands out with a substantial acquisition of 1,070 BTC for around $101 million, increasing their overall Bitcoin holdings to an impressive 447,470 BTC as of early January 2025.
The phenomenon of Bitcoin adoption is not limited to U.S. corporations. Galaxy Digital CEO Michael Novogratz commented on the increasing global attention Bitcoin is attracting, attributing a significant portion of this interest to endorsements from political figures, including U.S. President-elect Donald Trump. Novogratz noted that Trump’s proposal for a strategic Bitcoin reserve has prompted other countries to contemplate similar strategies, highlighting the potential for Bitcoin to influence global financial practices.
In South Asia, developments are also notable. Bhutan is making strides in integrating digital assets into its financial strategies, particularly with the establishment of the Gelephu Mindfulness City (GMC). GMC has incorporated Bitcoin and other major digital assets such as Ethereum and Binance Coin as part of its strategic reserves. This initiative follows the enactment of the Application of Laws Act 2024, which introduced a regulatory framework for digital assets in the region. The GMC’s strategy emphasises the importance of high-liquidity digital assets, ensuring they are selected based on substantial market capitalisation and robust liquidity to facilitate efficient trading without significantly affecting market prices.
As Bitcoin continues to gain traction both domestically and internationally, the implications for business practices and financial strategies could be significant, influencing how companies and regions approach asset management in an increasingly digital economy.
Source: Noah Wire Services