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Companies are getting FOMO over strategic bitcoin reserves

There’s growing momentum around a national bitcoin strategic reserve, and now several companies are rushing to set up their own reserves while longtime HODLers are laying out plans to increase their supply.

Yaël Bizouati-Kennedy

12/6/24 3:14PM

The trend of keeping a company’s cash in bitcoin is picking up steam among businesses of all stripes and sizes as bitcoin continues its massive bull run, with bitcoin spot ETFs surpassing Satoshi’s stash of 1.1 million bitcoin.

MicroStrategy set the bar (very) high, and several companies are trying to replicate the mega stockpiler’s effort.

Earlier this week, Marathon Digital announced aggressive bitcoin-buying plans following the upsizing of its senior-note offering to $850 million. Marathon CEO Fred Thiel said on X it was “looking forward to chasing” MicroStrategy and “watching $MSTR accumulate more BTC.”

As for MicroStrategy, it’s in an entirely different league. As of November 14, the company held 279,420 bitcoin, with plans to buy even more.

Eyes are also watching Microsoft, which is set to vote on whether it will buy bitcoin for its treasury at its upcoming December 9 shareholder meeting.

Here are some of the other companies who are bullish on bitcoin:

Hut 8

The bitcoin-mining company announced on December 4 that it was launching a $250 million stock repurchase, intending to use the proceeds partly for “the purchase of bitcoin as a strategic reserve asset.”

As of September 30, Hut 8 held 9,106 bitcoin in reserve.

BREAKING: One of the largest bitcoin miners in the world launches a ‘Strategic Bitcoin Reserve’. pic.twitter.com/eyCzc3v1Le
— Dennis Porter (@Dennis_Porter_) December 4, 2024

Rumble

The video-sharing platform announced on November 25 that it would buy up to $20 million bitcoin.

“Unlike any government-issued currency, bitcoin is not subject to dilution through endless money-printing, enabling it to be a valuable inflation hedge and an excellent addition to our treasury,” Rumble chairman and CEO Chris Pavlovski said in the press release.

Thumzup

Social-media branding company Thumzup announced on November 15 that its board “had approved the purchase of up to $1 million in bitcoin.”

“As demand for Bitcoin increases and it gains recognition as a leading asset class, we believe it will serve as a robust reserve asset for our treasury,” Robert Steele, Thumzup CEO, said in a press release.

Acurx Pharmaceuticals

On November 20, the pharma company said its board approved “the purchase of up to $1 million in bitcoin to hold as a treasury reserve asset.”

“This new treasury strategy is a finance strategy and has no impact on our overarching drug development plans,” David P. Luci, Acurx president and CEO, said in the press release.

Genius Group

On November 12, the AI-powered educational company said it was adopting a “bitcoin-first” strategy with 90% of its reserves to be held in bitcoin.

Genius Group said it would use its $150 million at-the-market funding “to acquire an initial target of $120 million in bitcoin, to be held for the long term as its primary treasury reserve asset.”

On November 18, it bought its first $10 million of bitcoin. On November 21, it said it had increased its bitcoin purchases “for its bitcoin treasury by an additional $4 million to 153 bitcoin for $14 million, at an average price of $91,372 per bitcoin.”

Cosmos Health

On November 18, pharma and health group Cosmos Health announced it was incorporating bitcoin and ethereum “as part of its treasury reserve assets” but did not disclose details on the amount of crypto they would add.

Further underscoring its trust in crypto assets, the company said it was “working to accommodate customers who wish to make payments in cryptocurrencies.”

Solidion Technology

Solidion, an advanced battery-materials provider, announced on November 14 that it would allocate “a significant portion of its excess cash reserves to bitcoin.

“This move, alongside the broader pro-bitcoin environment influenced by the recent election of a pro-crypto administration, solidifies the company’s long-term belief in bitcoin’s role as a store of value and a strategic asset,” the company said in a press release.

Solidion will allocate 60% of its excess cash to bitcoin and “convert interest earnings on cash held in money market accounts to Bitcoin.”

In addition, it said it set aside funds for future bitcoin purchases.

What about Tesla?

Tesla, while still high in the bitcoin-reserve rankings, has actually gone the other direction, selling a large chunk of its bitcoin reserves in 2022 at a loss and recently moving roughly $765 million in bitcoin to unknown wallets, according to Arkham Intelligence. Perhaps Musk needs the money to pour into his company town?

Yaël Bizouati-Kennedy is a financial journalist who’s written for Dow Jones, The Financial Times Group, and Business Insider, among others.

Sage D. Young6/16/26

Hyperliquid reclaims all-time high

HYPE, the native token powering perpetuals exchange Hyperliquid and its underlying blockchain, rebounded to reclaim its all-time high previously set at the start of the month.

Treasury firms Hyperliquid Strategies and Hyperion DeFi have also rallied as the token increased double digits in the last 24 hours to trade as high as $76.70, rising past its record price set nearly two weeks ago, according to CoinGecko. In the interim between all-time highs, HYPE pulled back to around $53.

The token has several tailwinds, the first coming from ETF flows. Since their inception in May, HYPE ETFs have yet to record negative weekly outflows, posting a cumulative total net inflow of $171.8 million, per SoSoValue.

The second comes from Hyperliquid spending basically everything it earns in fees to buy HYPE, a mechanism embedded into the protocol’s codebase.

The venue’s buyback funding mechanism is set to add a new source of yield. Validators of the network activated “AQAv2,” which means stablecoin deployers will share about 90% of reserve yield revenue on their supply within the protocol.

Around $6.1 billion of Circle’s USDC resides in Hyperliquid, per DefiLlama. Accrual begins on August 26 and the first payment is made on October 3, the network announced in its Discord channel last week.

A substantial amount of capital is riding on different positions of HYPE. In total, a move down to under $53 would result in the liquidation nearly 1.8 million HYPE worth of leveraged long positions on the on-chain perps venue, or $131.7 million, data from CoinGlass shows. For the upside, a climb above $100 results in the liquidation of more than 3 million worth of leveraged HYPE short positions, or $221.5 million.

HYPE’s rebound to all-time high comes after Michael Selig, chair of the Commodity Futures Trading Commission, defended his agency’s decision to approve regulated perpetuals, or futures contracts without expiration dates, CNBC reported on Monday.

Last month, the CFTC approved bitcoin perpetual futures trading in the US through regulated prediction markets firm Kalshi and an affiliate of centralized exchange Coinbase.

“Perps are highly likely to become lightly regulated and thus approved in the US,” said David Pakman, head of venture investments at CoinFund.

“We expect to see perps for many different types of assets, from commodities to equities,” Pakman told Sherwood News.

Yaël Bizouati-Kennedy

6/16/26

Bitcoin is “caught between flow deterioration and macro relief”

Sage D. Young6/15/26

Crypto market snaps back as sentiment lifts, with altcoins from ethereum to XRP soaring

The market capitalization of the crypto industry has jumped around $83.2 billion in the last 24 hours, with privacy-focused token Zcash and worldcoin, the native cryptocurrency of the network backed by OpenAI CEO Sam Altman, leading market gains, jumping over 22%.

But the last 24 hours have been good across the board:

Ethereum has increased more than 9% to trade above $1,800, amid BitMine Immersion Technologies acquiring $139.2 million worth of ethereum.
XRP and solana have rebounded from multiyear lows, each rising roughly 10%.
HYPE has bounced up 12%.
Dog-based memecoins dogecoin and shiba inu have chased gains of more than 4%.

“Investors have been eager to see some positive signs around the Iranian conflict ending, coupled with hopeful outlooks around the CLARITY act, both breathing some life into assets,” Kairos Research cofounder Ian Unsworth told Sherwood News.

Simon Shockey, a crypto strategist at crypto wallet infrastructure firm Privy, said the upswing stems from several things converging. He pointed to how alt markets broadly were “very oversold” following the bug found in Zcash that shook confidence.

Friday, Zcash founder Zooko Wilcox said Anthropic didn’t find any more serious bugs with the Zcash protocol after Shielded Labs requested the AI firm run a security audit of the network with Mythos.

Shockey added that the pool of willing sellers has dwindled. “Even if structurally, AI is a much more compelling and asymmetric bet in the eyes of allocators, many of these crypto assets have simply run out of marginal sellers despite some shorter-term narrative-driven pumps. The only people left to sell at this point are the teams themselves and VCs.”

“Net-net: oversold conditions plus exhausted seller bases plus a macro backdrop that’s stabilized equals a snapback, especially in names that have real usage or community conviction behind them,” Shockey told Sherwood.

Yaël Bizouati-Kennedy

6/15/26

Bitcoin hits highest level in 2 weeks following news of Iran deal

Bitcoin crossed $66,500 Monday morning as the broad crypto market welcomed the return of a risk-on mood.