Global companies are launching a Bitcoin acquisition frenzy, with the total value of Bitcoin held by 130 listed companies reaching $87 billion, accounting for 3.2% of the global Bitcoin supply. These companies are following the strategy of MicroStrategy founder Michael Saylor, using Bitcoin as a corporate reserve asset to drive their stock prices soaring.
According to media analysis on the 20th, the number of Bitcoins held by companies has surged nearly 170% over the past year. From the Trump family's media company in the United States to Japan's Metaplanet, businesses across various industries are raising funds through stock and bond issuance to purchase Bitcoin, a trend that has become a significant force driving Bitcoin prices to a historic high of $110,000.
Supporters of these &#34;Bitcoin asset allocation&#34; strategies refer to it as an &#34;infinite money loophole&#34;—companies boost their stock prices by purchasing Bitcoin, thereby raising more funds to buy more Bitcoin. However, this model has yet to withstand the test of a prolonged decline in Bitcoin prices.
The corporate Bitcoin holding craze coincides with the Trump administration's commitment to making the U.S. the &#34;world's cryptocurrency capital,&#34; with the anticipated regulatory framework expected to provide further support for the cryptocurrency industry.
<h2>MicroStrategy Leads: A Bitcoin Giant with a $100 Billion Market Cap</h2>
MicroStrategy remains the absolute leader in corporate Bitcoin holdings, currently holding 592,100 Bitcoins. This software company, under the leadership of Michael Saylor, has transformed into a Bitcoin investment tool with a market cap of $100 billion, which is 1.6 times the value of its held Bitcoins.
When Saylor first announced in August 2020 that Bitcoin would be its primary reserve asset, few believed in this strategy. However, as Bitcoin prices rose, MicroStrategy's market cap growth rate even surpassed that of Bitcoin itself. Since October last year, Saylor has accelerated his purchasing pace, planning to raise $42 billion over three years, with equity and debt each accounting for half.
Last week, Saylor stated on social media that the company's &#34;business strategy is 100% Bitcoin. Always will be.&#34; He claimed that even if Bitcoin prices fell by 90% and remained low for four years, MicroStrategy would not go bankrupt, although shareholders would be impacted.
<h2>Emerging Competitors: Twenty One Capital, Tesla, Metaplanet...</h2>
Twenty One Capital was formed through a merger transaction in May this year, aiming to replace MicroStrategy as the leading publicly listed Bitcoin acquisition company. The company was created from a merger between Cantor Equity Partners, operated by Brandon Lutnick, son of U.S. Secretary of Commerce Howard Lutnick, and a special purpose acquisition company.
This company has received support from stablecoin operator Tether and Japan's SoftBank. After the transaction is completed, Twenty One will begin operations with the 42,000 Bitcoins purchased on behalf of Tether
Currently purchased over 37,000 coins, worth nearly $3.9 billion.
Tesla first purchased $1.5 billion in Bitcoin in 2021, preparing to accept cryptocurrency payments. Although CEO Elon Musk later abandoned this plan and sold 75% of its Bitcoin holdings the following year, the electric vehicle manufacturer has recently become a significant holder again, currently holding 11,500 Bitcoins.
Due to changes in accounting rules, Tesla reported a $600 million increase in valuation gains from its cryptocurrency holdings last year.
There is also Japan's Metaplanet, representing one of the most enthusiastic imitators of MicroStrategy. This former hotel developer underwent a &#34;strategic transformation&#34; last year, currently holding 10,000 Bitcoins, with plans to increase its holdings to 210,000 by the end of 2027. The company's president, Simon Gerovich, stated that Eric Trump, the son of the U.S. president, serves as its strategic advisor.
<h2>Unproven Business Model</h2>
It is important to note that while the &#34;Bitcoin asset allocation&#34; strategy has performed well in bull markets, this model has yet to undergo the test of a long-term decline in Bitcoin prices. Many companies have taken on debt to build Bitcoin reserves, and if cryptocurrency prices continue to fall, these businesses may face difficulties in repaying their debts.
The case of Semler Scientific, a U.S. healthcare technology group, demonstrates that not all companies adopting Bitcoin strategies can enjoy stock price premiums. Although the company's stock price has risen since it adopted Bitcoin as its primary reserve asset last May, its market value is roughly equal to the net asset value of its Bitcoin holdings, failing to achieve a high premium similar to MicroStrategy.
The Trump Media Technology Group has announced plans to raise $2.5 billion to create a Bitcoin asset allocation but has yet to begin actual purchases, indicating that this trend is still in its developmental stage

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MicroStrategy remains the absolute leader in corporate Bitcoin holdings, currently holding 592,100 Bitcoins. Companies such as Twenty One Capital, Tesla, and Metaplanet are following MicroStrategy's strategy by adopting Bitcoin as a corporate reserve asset

- Global companies are increasingly acquiring Bitcoin, with 130 listed firms holding a total value of $87 billion, representing 3.2% of the global Bitcoin supply.  
- This trend, driven by strategies similar to those of MicroStrategy's Michael Saylor, has seen corporate Bitcoin holdings surge nearly 170% over the past year, significantly impacting Bitcoin prices.  
- However, the sustainability of this "Bitcoin asset allocation" strategy remains untested in a prolonged market downturn, raising concerns about potential debt burdens for companies involved.

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Who will be the next MicroStrategy? Global listed companies have purchased 3% of Bitcoin, with a total market value of $87 billion!