As corporate interest in Bitcoin (BTC) continues to grow, a fresh wave of public companies is embracing the digital asset by adding it to their balance sheets, following in the footsteps of MicroStrategy, which made headlines by adopting Bitcoin as a treasury asset in 2020. Since then, the company’s stock price has skyrocketed nearly 2,500%, driven by its ongoing Bitcoin acquisitions, funded through various means such as cash, equity offerings, and convertible debt.

In 2024, a number of companies have taken similar steps, including Metaplanet (3350), Semler Scientific (SMLR), and MARA Holdings (MARA), with several other publicly traded mining companies also experiencing strong growth.

The latest addition to this growing trend is KULR Technology Group (KULR), which recently revealed a $21 million Bitcoin purchase, bringing its total Bitcoin holdings to 430 BTC at an average price of $98,393 per token. KULR financed this acquisition using a mix of an ATM equity program and surplus cash. Additionally, the company has adopted a Bitcoin yield strategy, which delivered a 93.7% yield from December 2024 to January 2025. Since November 19, KULR’s share price has surged by 847%.

However, some companies have announced Bitcoin treasury strategies without yet making any Bitcoin purchases. For example, Acurx Pharmaceuticals (ACXP), listed on the Nasdaq, received board approval for a $1 million Bitcoin purchase on November 20. Despite a 35% decline in its share price since that announcement, the company has experienced a 30% gain year-to-date.

Hoth Therapeutics (HOTH), another Nasdaq-listed company, approved a $1 million Bitcoin purchase on November 20, but no acquisition has occurred so far. The company’s share price has risen by 2% since November 19.

Similarly, LQR House (YHC), listed on the Nasdaq, also approved a $1 million Bitcoin strategy on November 19. This strategy involves accepting cryptocurrency payments and holding up to $10 million in Bitcoin. The company’s share price has increased by 56% since the announcement.

SOS Limited (SOS), trading on the NYSE, approved a $50 million Bitcoin purchase on November 27, when Bitcoin was priced at $93,000 per token. However, the company’s share price has fallen by 30% since then.

Enlivex Therapeutics (ENLV), another Nasdaq-listed firm, also approved a $1 million Bitcoin purchase on November 20, and its share price has risen by 18% since the announcement.

Among these companies, KULR Technology Group stands out for its significant share price appreciation, which is largely attributed to its actual Bitcoin purchase alongside the strategy announcement, unlike others that have yet to follow through on their Bitcoin plans. This trend suggests that companies that make actual acquisitions may see stronger market responses, solidifying Bitcoin’s growing role in corporate treasury strategies.