Thumzup, KULR Add Bitcoin to Treasuries as Corporate Adoption Grows

Two publicly traded companies announced substantial Bitcoin acquisitions this week, as more firms adopt a treasury strategy inspired by MicroStrategy's crypto investment model. Los Angeles-based social media marketing company Thumzup Media revealed on Tuesday that it had purchased approximately $1 million in Bitcoin, marking its first major move into the cryptocurrency market. Meanwhile, KULR Technology Group, a San Diego-based energy storage solutions provider for aerospace and defense industries, announced on Sunday that it had acquired $21 million worth of Bitcoin. This addition brings KULR’s total Bitcoin holdings to $42 million, with its initial purchase made less than two weeks ago.

Both companies have indicated plans to hold up to 90% of their liquid assets in Bitcoin. Thumzup Media also stated that it intends to begin paying contractors in Bitcoin within the coming weeks, signaling a deeper integration of cryptocurrency into its operations.

Following its announcement, Thumzup’s stock price remained relatively stable at around $4 but declined 7% over the past 24 hours. KULR's stock, meanwhile, has dropped 27% to $2.78 since its announcement of additional Bitcoin purchases. Despite these immediate stock market responses, the companies are betting on Bitcoin’s long-term potential, echoing the strategy of MicroStrategy, which now holds a staggering $42 billion in Bitcoin. The cryptocurrency’s value has surged dramatically in recent months, with additional institutional investments and market rallies bolstering its price.

Bitcoin reached an all-time high of over $108,000 in mid-December before retreating to its current trading value of $95,000, according to CoinGecko data. The recent price correction has not deterred companies from adding the digital asset to their treasuries, reflecting growing confidence in Bitcoin's role as a store of value. Other companies, including three publicly traded biotech firms—Acurx Pharmaceuticals, Hoth Therapeutics, and Enlivex Therapeutics—announced plans late last year to invest up to $1 million each in Bitcoin. These firms cited increased support for the asset among investors and policymakers as a key motivation.

Bitcoin’s growing list of advocates includes major players like BlackRock, the world’s largest asset manager, which launched its first spot Bitcoin ETF in the U.S. last year. President-elect Donald Trump has also emerged as a prominent pro-crypto figure, advocating for the digital asset industry during his campaign and promising supportive policies for the sector. Elsewhere, Metaplanet, a Japanese investment firm, recently made its largest Bitcoin purchase to date as part of its goal to accumulate a 10,000 Bitcoin reserve. In December, Hong Kong-based gaming company Boyaa Interactive announced a strategic shift by selling its Ethereum holdings to acquire nearly $50 million in Bitcoin.

Thumzup Media and KULR Technology's recent Bitcoin purchases underscore a growing trend among publicly traded companies to integrate the cryptocurrency into their financial strategies. As institutional and corporate adoption of Bitcoin continues to expand, its role in global financial markets appears poised for further growth, despite short-term price volatility.