Thumzup Media invests $1 million in Bitcoin to diversify assets and plans to pay contractors in crypto.
KULR Technology boosts Bitcoin holdings to $42 million as part of a strategy to hold 90% assets in crypto.
Corporate Bitcoin adoption rises with firms emulating MicroStrategy's model to secure long-term value.
Two publicly traded companies have significantly increased their Bitcoin holdings. This signals a growing trend in corporate adoption. Los Angeles-based Thumzup Media and San Diego-based KULR Technology Group revealed substantial purchases this week.
https://twitter.com/WuBlockchain/status/1877153092007063803 Thumzup Media Dives into Bitcoin
Thumzup Media, a social media marketing firm, announced a $1 million Bitcoin acquisition. This marks the company’s first major step into the cryptocurrency market.
The firm also plans to start paying its contractors in Bitcoin in the coming weeks. Despite the announcement, Thumzup's stock price remained flat at $4 and later dipped 7% over a 24-hour period.
KULR Technology Expands Its Bitcoin Holdings
KULR Technology, specializing in energy storage solutions, disclosed a $21 million Bitcoin purchase. This move brought its total Bitcoin treasury to $42 million. The firm made its initial purchase less than two weeks ago. Following this announcement, KULR's stock price dropped 27%, trading at $2.78.
Both companies aim to allocate up to 90% of their liquid assets into Bitcoin. This strategy mirrors the model pioneered by MicroStrategy. The company holds a $42 billion Bitcoin reserve. MicroStrategy’s success has inspired similar moves across industries.
Broader Corporate Adoption
The increase in corporate Bitcoin usage keeps gaining momentum. Toward the end of last year, a number of biotech firms, such as Acurx Pharmaceuticals and Hoth Therapeutics both made investments in Bitcoin. These firms cited increased investor support and favorable political sentiments as motivating factors.
Institutional interest in Bitcoin remains big. BlackRock, the world’s largest asset manager, launched a spot Bitcoin ETF in the U.S. last year. Meanwhile, Japanese firm Metaplanet aims to amass a 10,000 Bitcoin reserve.
The post Thumzup Media and KULR Technology Follow MicroStrategy’s Model with Major Bitcoin Buys appeared first on Cryptonewsland.
