07 Feb 2025

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Bitcoin’s Institutional Adoption Gains Momentum

Bitcoin’s Institutional Adoption Gains Momentum

Thumzup Media and KULR Technology Group have acquired Bitcoin worth $1 million and $21 million, respectively. Both companies aim to hold 90% of their reserves in BTC, emulating MicroStrategy’s bold strategy. Institutional enthusiasm for Bitcoin remains strong even after its price fell to $95,000.

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This week saw two public companies making significant Bitcoin investments, reflecting a continued trend of firms adopting the treasury strategy introduced by MicroStrategy back in 2020.

Thumzup Media, a social media marketing company headquartered in Los Angeles, announced its first major Bitcoin purchase on Tuesday, amounting to approximately $1 million.

In parallel, KULR Technology Group, a San Diego-based provider of energy storage solutions for aerospace and defense industries, revealed a $21 million Bitcoin buy. This latest acquisition increases its total BTC holdings to $42 million. The company had previously established its Bitcoin reserve on December 26, 2024, with a purchase of 217.18 BTC.

Both companies are committing to hold as much as 90% of their liquid assets in Bitcoin. Thumzup has also announced plans to begin paying contractors in cryptocurrency within weeks.

Following their Bitcoin announcement, Thumzup’s stock remained at around $4, though it has declined 7% in the last 24 hours. KULR’s stock, trading at $2.78 at the time of writing, has fallen 27% from its post-announcement high.

These firms are following in the footsteps of MicroStrategy, led by Michael Saylor, which now holds $42 billion worth of Bitcoin. This total has grown significantly in recent months thanks to new acquisitions and market fluctuations.

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Bitcoin reached a milestone in mid-December, breaking past $108,000. Although its value has dropped to $95,000 as of this writing, companies continue to embrace Bitcoin as a foundational digital asset.

Toward the end of last year, biotech companies Acurx Pharmaceuticals, Hoth Therapeutics, and Enlivex Therapeutics revealed plans to invest up to $1 million each in Bitcoin. Their strategies align with those of crypto heavyweights like Tesla and Coinbase.

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