The Rise of Crypto Treasuries: How One Bet Sparked a Corporate Shift

Michael Saylor’s 2020 decision to invest MicroStrategy's cash reserves in bitcoin sparked a trend among corporations to adopt digital assets as part of their treasury strategies. This shift gained traction following the SEC's approval of bitcoin and ether ETFs in 2024, leading companies from various sectors to embrace crypto investments. While MicroStrategy saw its stock soar over 350% in 2024 due to rising bitcoin demand, other firms, like Semler Scientific, struggled despite accumulating substantial bitcoin holdings, resulting in significant stock declines. Meanwhile, attention shifted towards altcoins, with companies exploring investments in tokens beyond bitcoin, although many were criticized for insincere engagements with crypto. Overall, the corporate treasury strategy exemplified by MicroStrategy remains largely unreplicated, leaving its founder, Saylor, as a prominent advocate of bitcoin amidst a volatile landscape.

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