7 Public Companies Following MicroStrategy’s Bitcoin Treasury Strategy

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In recent years, the corporate adoption of Bitcoin as a treasury reserve asset has evolved from a controversial experiment into a growing financial trend. Once led almost single-handedly by MicroStrategy, whose bold accumulation of Bitcoin has yielded massive returns, this strategy is now being embraced by a widening circle of publicly traded companies.

With Bitcoin’s price soaring past $90,000 and approaching its all-time high, more organizations are reevaluating their cash management policies. The idea of holding Bitcoin on balance sheets—once dismissed as speculative—is now seen by many executives as a hedge against inflation, currency devaluation, and low-yield traditional investments.

While MicroStrategy remains the most aggressive corporate buyer, owning over 200,000 BTC valued at over $40 billion, it's no longer alone. Below are seven public companies that have either adopted or expanded Bitcoin treasury strategies—mirroring MicroStrategy’s approach in both vision and execution.

Tesla: The Early Mover That Never Fully Let Go

Tesla, the electric vehicle giant led by Elon Musk, was one of the first major corporations to invest in Bitcoin. In February 2021, the company disclosed a $1.5 billion investment in BTC and briefly accepted it as payment for vehicles.

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However, due to environmental concerns over Bitcoin mining, Tesla paused BTC payments and sold 75% of its holdings in May 2022. Despite this move, the company retained a significant portion of its original stash.

As of its latest quarterly filing, Tesla still holds approximately 10,000 BTC, worth nearly $950 million at current prices. There’s been no indication of further sales, and recent wallet movements suggest strategic custody management rather than liquidation.

Tesla’s stance reflects a cautious but enduring belief in Bitcoin’s long-term value—a sentiment increasingly shared across corporate boardrooms.

Block, Inc.: A Founder-Driven Bitcoin Vision

Founded by Jack Dorsey, Block (formerly Square) has long been aligned with Bitcoin’s ethos. The company began purchasing BTC just months after MicroStrategy, acquiring over 4,700 bitcoins in October 2020 for $50 million.

Today, Block holds more than 8,000 BTC, valued at over $758 million. Unlike some firms that treat crypto as a short-term play, Block views Bitcoin as foundational to its financial mission.

The company continues to support Bitcoin development through initiatives like Spiral (formerly Square Crypto), which funds open-source Bitcoin projects. This dual strategy—holding BTC on the balance sheet while contributing to its ecosystem—sets Block apart as both an investor and builder.

Rumble: Positioning Itself as Crypto’s Preferred Video Platform

Rumble, the video-sharing platform known for promoting free speech, announced its Bitcoin treasury strategy in November 2024. The company plans to allocate up to $20 million into Bitcoin purchases as part of a broader effort to appeal to the decentralized web community.

This move isn’t just financial—it’s strategic branding. By embracing Bitcoin, Rumble aims to become the go-to platform for blockchain creators, crypto educators, and digital rights advocates.

The announcement was bolstered by a $775 million investment from Tether, signaling strong confidence in Rumble’s vision. With these funds, Rumble can strengthen its infrastructure while building deeper ties with the crypto economy.

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LEEF Brands: Bridging Cannabis and Cryptocurrency

Canadian-based LEEF Brands made headlines in December 2024 when it announced plans to adopt Bitcoin as a treasury reserve asset—a rare move among cannabis companies.

To fund the initiative, LEEF intends to issue a $5 million Bitcoin-backed debenture, allowing it to raise capital while simultaneously investing in BTC. This innovative financing model demonstrates how smaller public companies can enter the space without diluting equity.

By combining two often-marginalized industries—cannabis and cryptocurrency—LEEF is positioning itself at the intersection of financial and regulatory disruption.

Semler Scientific: Consistent Accumulation Through Market Cycles

Semler Scientific, a medical technology firm, launched its Bitcoin treasury strategy in May 2023. Since then, it has consistently purchased BTC using operating cash flow and proceeds from its ATM equity program.

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

“We plan to continue buying Bitcoin with operating cash and sales from our ATM program. We’re exploring additional financing options to acquire even more.”

This disciplined, long-term approach mirrors MicroStrategy’s philosophy—prioritizing conviction over short-term volatility.

Banzai: Diversifying Treasury with a 10% Crypto Allocation

Banzai, a marketing technology solutions provider, approved a policy in November 2024 to allocate up to 10% of its treasury reserves toward Bitcoin purchases.

CEO Joe Davy stated the goal clearly: diversification and exposure to long-term appreciation. For a tech-focused firm like Banzai, holding Bitcoin aligns with its innovative identity and forward-looking financial strategy.

While exact purchase figures haven’t been disclosed yet, the policy signals intent—a growing number of small-cap companies are now treating Bitcoin not as a gamble, but as a legitimate store of value.

Why This Trend Matters: The Rise of Corporate Bitcoin Adoption

The shift toward corporate Bitcoin holdings reflects deeper macroeconomic realities:

Bitcoin’s scarcity (capped at 21 million coins), decentralization, and growing institutional infrastructure make it an appealing alternative for treasurers seeking yield and preservation.

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Frequently Asked Questions (FAQ)

Q: Why are companies buying Bitcoin instead of keeping cash?
A: Many executives view cash as losing value due to inflation. Bitcoin offers scarcity and potential long-term appreciation, making it an attractive alternative for preserving capital.

Q: Is Tesla still holding Bitcoin?
A: Yes. Despite selling 75% of its holdings in 2022, Tesla still owns approximately 10,000 BTC according to its latest financial disclosures.

Q: How does a company safely store large amounts of Bitcoin?
A: Public firms typically use regulated custodians like Coinbase Custody or BitGo, which offer institutional-grade security including cold storage and insurance.

Q: Can small companies afford to adopt a Bitcoin treasury strategy?
A: Yes. Even modest allocations—like Banzai’s 10% cap—can provide exposure without overexposure. Dollar-cost averaging allows gradual accumulation.

Q: What risks do companies face when holding Bitcoin?
A: Price volatility is the primary concern. However, firms like MicroStrategy treat BTC as a long-term hold, minimizing trading activity and focusing on strategic positioning.

Q: Will more companies follow this trend in 2025?
A: Analysts expect continued adoption, especially if macroeconomic conditions remain uncertain. Countries like El Salvador have already set national precedents—corporate America may be next.

The wave of corporate Bitcoin adoption shows no signs of slowing. From tech innovators to niche industry players, companies are redefining what it means to manage treasury reserves in the digital age.

As confidence grows and infrastructure improves, we may soon see Bitcoin balance sheet strategies become standard practice—not just for pioneers like MicroStrategy, but for mainstream enterprises worldwide.

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