This week five companies together bought 7697.3 Bitcoins worth $670 million. Out of these, The Blockchain Group and KULR Technologies are new players, while Metaplanet started buying Bitcoins in 2024 and Strategy (formerly MicroStrategy).
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Table of Contents
1. KULR Technologies – 56.3 BTC
KULR Technologies, a leading lithium battery manufacturer has turned out to be one of the first hardware manufacturers to buy Bitcoin. This week, it has bought roughly 56.3 Bitcoins.
KULR has been buying Bitcoins since December 2024 when its corporate strategy gave permission to its executives to acquire Bitcoin with as much as 90% of its cash reserves. Since then, the company has utilized its surplus cash reserves to acquire as much as 668 BTC (incl. the latest purchase).
Previously, corporate Bitcoin buyers were limited to software, fintech, crypto, and finance.
2. Strategy (Michael Saylor) – 6,911 BTC
Strategy (formerly MicroStrategy) has emerged as a Bitcoin pioneer with its latest purchase of 6,911 Bitcoins. This purchase takes its total reserves to 506,137 Bitcoins valued at $44 billion. The company is not sitting on a 30% yield till date which is roughly $10 billion in just yield.
Michael Saylor is the original OG of Bitcoin buying with 509k Bitcoins bought to date and had financed the entire purchase on debt. In the crypto winter, he did not sell his Bitcoins despite sitting on a $1 billion negative yield.
MicroStrategy (now Strategy) did that and has been sitting on a $44 billion reserve that includes $10 billion in yield to date. It was the original pioneer of corporate Bitcoin buying in the world.
3. The Blockchain Group
French digital assets company, The Blockchain Group has spent roughly $50 million in buying 580 Bitcoins, taking its tally to 620 BTC. The player from France has emerged as the latest corporate buyer of Bitcoins.
4. Metaplanet Japan – 150 BTC
Metaplanet was a key pioneer in purchasing Bitcoins following the footsteps of Michael Saylor (and MicroStrategy) in 2024. The company has been raising funds to actively buy Bitcoins since the crypto markets are in a corrective mode.
Metaplanet bought 150 Bitcoins this week, taking its tally to a total of 3350 BTC. The purchase was roughly made at a price of $85k.
Upcoming: GameStop (Raising $1.3 bn)
GameStop announced its desire to raise $1.3 billion in preferred shares for its willingness to purchase Bitcoins. If the company successfully raises this amount within the first half of April 2025 assuming Bitcoin would still be around $90k, it would be buying roughly 14,444 Bitcoins.
We are still trying to find out why GameStop would need to raise funds to buy Bitcoins when it already has a $4.5 billion cash pile. Maybe this is the better way ahead: buying Bitcoins with borrowed assets, then paying off the debt or converting the money into shares.
Frequently Asked Questions
Why are corporates buying Bitcoins?
Corporates are buying Bitcoins to either to make a yield like Michael Saylor’s Strategy or to make better use of their idle funds, like GameStop.
Does the law allow corporates to invest in Bitcoins?
The law in many countries regards Bitcoin as an asset, and by the same, any company can buy any asset as long as it is not outrightly prohibited.
How many MSTR Shares for 1 Bitcoin?
As per the latest available data, each Bitcoin ($87k) is equivalent to 268 MSTR shares ($325).
