A new wave of publicly traded and private firms is adopting the “Bitcoin treasury” strategy, mirroring the bold playbook of Strategy and its co-founder Michael Saylor.
What once seemed like a radical outlier in corporate finance is increasingly becoming a trend among visionary executives, venture capitalists, and institutional investors.
From Outlier to Trend: The Rise of Bitcoin Treasury Vehicles
The idea of holding bitcoin as a core treasury asset took off in 2020, when MicroStrategy became the first Nasdaq-listed company to convert a substantial portion of its cash reserves into bitcoin. Since then, Strategy has raised billions through convertible bonds and stock issuances to accumulate over 568,000 BTC, currently worth around $59 billion at the time of writing.
Now, a new generation of companies is emerging with the same strategy.
In late April, the financial world took note of 21 Capital, a newly launched bitcoin investment vehicle backed by a high-profile consortium: SoftBank, Tether, Strike CEO Jack Mallers, and Cantor Fitzgerald. This initiative aims to facilitate large-scale bitcoin acquisition and further legitimize bitcoin as a reserve asset.
Bitcoin Magazine CEO Launches Bold New Vehicle
Just yesterday, David Bailey, CEO of Bitcoin Magazine, announced that his company Nakamoto Holdings Inc. would merge with publicly traded KindlyMD, a healthcare data firm listed on Nasdaq. The merged entity will operate as a bitcoin treasury vehicle, having just completed a $510 million capital raise, with an additional $200 million secured through a convertible debt offering.
Bailey revealed on CNBC that there’s a lot of interest in the company and that fundraising is accelerating rapidly:
“We’re now raising an average of $100 million per day.”
The goal, much like MicroStrategy’s, is to increase the number of bitcoin per share, an emerging performance metric known as Bitcoin Yield. This new metric focuses not on revenue or net income, but on how effectively a company increases its bitcoin holdings per unit of equity.
Even Memecoins Enter the Treasury Strategy
In a surprising twist, GD Culture Group, an AI and digital marketing firm listed on Nasdaq, announced plans to issue $300 million in new equity. The funds will be used to purchase bitcoin and TRUMP Coin, the memecoin officially associated with Donald Trump.
This hybrid strategy of blending hard assets like bitcoin with speculative tokens signals the risk appetite of newer market participants. It also reflects the increasingly political dimension of the crypto landscape, with Trump’s renewed embrace of cryptocurrency creating opportunities for partisan coins to gain traction.
Legacy Players Continue Accumulating
Meanwhile, the pioneers of the bitcoin treasury movement continue expanding their holdings. In the past few days alone:
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Strategy acquired an additional 13,390 BTC for roughly $1.34 billion, raising its total holdings to 568,840 BTC.
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Metaplanet, a Japanese public company that declared bitcoin as its primary reserve asset, bought 1.241 BTC, bringing its total to 6,796 BTC.
A Structural Shift in Corporate Treasury Thinking
This expanding interest in bitcoin by corporations marks a structural shift in how companies manage capital reserves. With global inflationary pressures, central bank uncertainty, and concerns about U.S. fiscal policy, bitcoin is increasingly viewed as a hedge against currency debasement and a digital alternative to gold.
The trend also dovetails with growing regulatory clarity in the U.S. and other developed markets. As institutional infrastructure improves—thanks to custody solutions, spot ETFs, and bitcoin accounting standards—executives have more tools and fewer excuses not to consider bitcoin.
Conclusion
What began as a controversial move by a single company is now evolving into a broader capital markets phenomenon. As more firms launch bitcoin-focused vehicles, issue new stock to buy BTC, and promote bitcoin yield as a corporate KPI, it’s clear that the “Bitcoin Treasury” strategy is entering the mainstream.
Investors, boardrooms, and CFOs should take note: in this new monetary era, holding bitcoin is no longer fringe—it may soon become a fiduciary responsibility.
