A revolution is underway in the world of corporate finance. What started as an audacious move by a single tech executive has evolved into a legitimate corporate strategy that's reshaping how businesses approach treasury management.
What began as MicroStrategy's solo journey has evolved into a movement among companies. More businesses around the world are now implementing variations of the “Saylor strategy,” in which each individual adapts the approach to their specific circumstances, business and financing models, and, of course, their own risk tolerance.
In this article, we explore the core principles behind the strategy and highlight how a wide range of global companies are developing their own versions, inspired by Michael Saylor's pioneering approach.
We focus in this article on global companies and companies outside the Nordic region, but also refer our readers to this page, where we have thoroughly covered the strategy of Nordic companies such as K33, H100/Finpeers, NBX, Ace Digital and Bitcoin Treasury Capital AB. We also recommend our previous feature. Michael Saylor: The Bitcoin missionary who bets everything.
In August 2020, Michael Saylor, co-founder and chairman of MicroStrategy (now Strategy), made a bold choice by allocating $250 million of the company's cash reserves to Bitcoin. This decision marked the start of a significant shift in corporate finance, as MicroStrategy continued to invest heavily in Bitcoin and by 2025 had accumulated over 553,555 BTC, valued at approximately $33.139 billion.
Four years after Saylor began converting his company's cash reserves into Bitcoin, more and more companies are following in his footsteps. This could signal a fundamental shift in how businesses preserve and increase their capital at a time marked by economic uncertainty. Saylor's strategy not only turned MicroStrategy into a Bitcoin-centered company, but also inspired a wave of companies to consider Bitcoin as a real financial asset
When Michael Saylor announced in August 2020 that MicroStrategy would convert $250 million of its cash reserves into Bitcoin, the business world reacted with skepticism. Critics called it reckless. Analysts questioned his fiduciary responsibilities. Yet Saylor, with his characteristic conviction, stood his ground. Then he doubled his efforts. Then he tripled it. And continued.
According to him, buying cryptocurrency at the time was comparable to investing in Facebook in the early days of social media. “We have $2.2 billion in debt and are paying about 1.5% interest, and we have a very long time perspective,” Saylor said. “Our view is that being a leveraged, bitcoin-long company is good for our shareholders.”
“Bitcoin represents economic empowerment for eight billion people. It is the first global, digital money system,” Saylor has repeatedly stated, positioning the company's financial strategy not only as a hedge but as a transformative business model.
Fast forward to 2025, and MicroStrategy's previously controversial decision has triggered what some are now calling the “Saylor effect” -- a corporate movement toward Bitcoin adoption that is gaining a foothold across industries and continents. The question is no longer whether companies should consider Bitcoin for financial reserves, but rather how much exposure they should have and how quickly they should acquire it.
Through a series of strategic acquisitions, funded with convertible loans, issues and even bitcoin-pledged loans, MicroStrategy has transformed itself from a provider of business intelligence software to what many now consider a de-facto Bitcoin ETF.
The strategy has been methodical: extract capital through various financial instruments, convert to Bitcoin, hold on to the holdings indefinitely, and repeat the process. When the price of Bitcoin fell, Saylor bought more. When it rose, he still bought more. The company's share price, which was previously tied to the software business's results, now moves in close correlation with Bitcoin -- often with amplified volatility.
MicroStrategy's Bitcoin acquisition has been conducted with precision, usually announced via Saylor's Twitter account. Each purchase triggers market discussion, debate among shareholders and, increasingly, mimicry from other companies.
In practice, the company has created a new corporate model: the Bitcoin Treasury Company — a business that generates operating cash flow from its traditional operations, while building up Bitcoin reserves as its primary financial strategy.
What began as MicroStrategy's solo journey has evolved into a corporate movement. More businesses around the world are now implementing variations of the “Saylor strategy,” with each adapting the approach to their specific circumstances, business and financing models and, of course, their own risk tolerance.
Perhaps the most ambitious successor to the Saylor recipe is Paris-based The Blockchain Group. According to recent reports, the company has set itself an extraordinary goal of eventually owning 1% of all Bitcoin in circulation, roughly 210,000 BTC over the next 8 years. This bold goal will make the company Europe's by far the largest holder of Bitcoin reserves.
The Blockchain Group's strategy mirrors MicroStrategy's approach of raising capital through various financial instruments, specifically to buy Bitcoin. The company sees this not just as a financial management decision, but as a fundamental business transformation that is in line with their broader commitment to blockchain technologies.
Thumzup Media Corporation recently made headlines by significantly increasing its “shelf offering” from $200 million to $500 million, specifically to fund Bitcoin purchases. The Los Angeles-based SaaS company, which operates in the field of digital advertising, has signaled an intention to allocate significant capital to Bitcoin acquisitions, seeing this both as a strategy for financial reserves and as a competitive advantage to attract investors with an interest in cryptocurrency
In another strategic move reflecting the Saylor effect, Strive Asset Management recently merged with Asset Entities to form a publicly traded Bitcoin Treasury company. The merger represents a calculated approach to create a Bitcoin-focused entity with the scale and resources to execute significant acquisitions, while maintaining operational businesses that generate cash flow. The plan also involves offering tax-free stock swaps to eligible owners, which helps the company maximize Bitcoin exposure per share.
Unlike companies that have veered toward Bitcoin Treasury strategies, Twenty One Capital, which is backed by Tether and SoftBank, plans to start up with Bitcoin acquisition as its core mission. With ambitious plans to secure 42,000 BTC (an amount that symbolically represents Bitcoin's 21 million coin ceiling multiplied by 2,000), the company aims to become one of the world's largest corporate holders of Bitcoin.
The company's name, a reference to Bitcoin's fixed offering of 21 million coins, signals its fundamental commitment to the cryptocurrency both as an investment foundation and business model.
Galaxy Digital Holdings, the crypto-focused merchant bank founded by former hedge fund manager Mike Novogratz, has accumulated over 11,000 Bitcoin in its treasury stock. Unlike traditional companies veering towards Bitcoin, Galaxy represents a crypto-native approach to corporate treasury management, in which Bitcoin holdings constitute a natural extension of the business model, which is centered around investment in and services for digital assets.
Japanese Metaplanet has been nicknamed “Asia's MicroStrategy” due to its substantial 4.525 BTC Bitcoin vault. The company is an example of how the Saylor strategy has moved beyond Western markets and influences corporate cash decisions in Asia, where traditional cash reserves are often exposed to currency statement risk against the US dollar.
In a bold move that signals the transition to digital assets, Helium Ventures PLC has announced plans to rebrand itself into Vaultz Capital PLC and establish a Bitcoin vault in partnership with NewQube Holdings. This announcement places the company among a growing group of publicly traded companies that are anchoring their futures strategies to Bitcoin.
The initiative, which is still awaiting approval from shareholders, involves the creation of Vaultz Treasury -- a dedicated vehicle designed to accumulate and hold Bitcoin as a long-term corporate reserve. NewQube, a Cayman Islands company with a background in digital asset management, will manage the treasury and receive 2.5 million Helium Ventures shares as part of the deal.
The measure is presented as a value creation strategy and is intended to diversify the Vaultz portfolio and give shareholders direct exposure to Bitcoin. “By establishing this overdraft function, the company wants to give shareholders exposure to digital assets... and ultimately create value,” the company stated.
To fund the restructure, Helium has brought in £1.2 million through share drawings, parts of which are still awaiting approval at an upcoming AGM. Additional resolutions will cover rebranding and stock allocations, laying the groundwork for Vaultz Capital's entry into Bitcoin-focused operations.
The change marks more than just a new name. Chairman Neil Ritson called it “an exciting new chapter” as the company realigns itself toward broader digital assets and technology sectors. This is in line with the growing trend among companies that view Bitcoin not as a speculative asset, but as a strategic foundation.
Vaultz's move reflects an attitude that is gaining ground in boardrooms and capital markets: Holding Bitcoin may not only be bold -- it could soon become default.
Nasdaq-listed K Wave Media (KWM) is making a name for itself with an audacious plan to recoup $500 million to build one of Asia's largest Bitcoin coffers. Inspired by Japanese Metaplanet Inc., whose Bitcoin-first strategy led to explosive stock upswing, KWM is now positioning itself as “Korea's Metaplanet.”
The capital raising, which occurs through a securities agreement with Bitcoin Strategic Reserve KWM LLC, will fund long-term Bitcoin holdings and a broader digital asset strategy. Plans include integrating Bitcoin Lightning Network payments into fan experiences, such as K-pop albums, concert tickets and voting powered by BTC.
Chairman Choi Pyeungho called the venture a “visionary adoption,” and with the stock up over 155%, the market appears to agree. As KWM builds a Bitcoin-backed future for the media industry, analysts predict that more in Asia's entertainment sector could soon follow suit.
SolarBank Corp. (NASDAQ: SUUN) has announced its entry into Bitcoin with a cash management strategy intended to unite renewable energy with decentralized finance. Inspired by MicroStrategy's billion-dollar investment in Bitcoin, the Toronto-based solar energy company plans to integrate Bitcoin as a strategic reserve asset, marking a remarkable fusion of clean energy and crypto.
To enable this, SolarBank has applied for a custodian account with Coinbase Prime, paving the way for secure Bitcoin storage alongside the company's solid portfolio of solar and battery storage projects.
While Bitcoin should act as a hedge against currency depreciation and inflation, the company is also highlighting its ability to offset emissions from mining through its green energy footprint -- a narrative likely to appeal to ESG-focused investors.
Already backed by a 1 GW development portfolio and partnerships with CIM Group, Qcells and Honeywell, SolarBank's grip adds a bold, digital dimension to the company's institutional strategy. As CEO Dr. Richard Lu put it: “In a world of rising energy demands and complex overdraft managements, Bitcoin gives strength to SolarBank's foundation.”
Although as of the announcement, no Bitcoin purchases have been made, the company has signaled clear intentions. In an energy sector chasing innovation, SolarBank wants to stand out by deriving value both from sunlight and satoshis.
Trump Media & Technology Group (TMTG), led by President Donald Trump, has also faced heavy criticism for its crypto strategy. In May 2025, TMTG completed a $2.44 billion capital raising, the bulk of the funds being earmarked to build up a Bitcoin vault — making this one of the largest such initiatives among U.S. listed companies! 1! 3! 4. While TMTG positions itself as a holding company for digital assets, its decision to allocate billions to Bitcoin - especially while Trump sits as US president - has sparked controversy and accusations of conflicts of interest! 3.
Despite the startling announcement, the response on Wall Street was muted: TMTG's share price fell after the news, reflecting skepticism about both the company's long-term feasibility and whether or not it's appropriate for a sitting president to be heavily involved in crypto business! 5! 6. Critics argue that Trump's dual role as president and crypto investor blurs ethical boundaries and raises questions about priorities and transparency.
Not all companies' Bitcoin ventures are successful. GameStop's aggressive turn towards Bitcoin — including the purchase of 4,710 BTC for over $500 million — has been met with considerable skepticism and a sharply negative market reaction. In May 2025, the company purchased 4,710 BTC for over $500 million, mainly financed through convertible debt issuances. This move, intended to make Bitcoin a key reserve asset, caused GameStop's stock to plunge more than 20% following the announcement of a $1.75 billion capital raising — the company's second major debt issue in just a few months1.
Unlike MicroStrategy, which was rewarded with a dramatic stock upswing following its early Bitcoin strategy, GameStop's entry has deepened concerns about the company's underlying business. The company continues to experience sharp declines in sales - down 28% year-over-year - and ongoing store closures, reflecting deep structural challenges in its core business. Investors have repeatedly punished GameStop's stock after each crypto-related announcement, signaling broad skepticism about whether this strategy is viable as a turnaround. Although management touts Bitcoin as a hedge against inflation and macroeconomic risks, the company's heavy debt financing and exposure to crypto volatility add additional risk factors. The stock's fall and persistent doubts among analysts and investors underscore that GameStop's Bitcoin checkout strategy so far cannot be counted as a successful implementation21.
Never afraid of bold predictions, Michael Saylor has recently predicted that the number of Bitcoin cash register companies could reach 700 as early as next year! 1! 5. According to Whale Insiders, Saylor sees today's market participants as just the vanguard of a far larger movement that will accelerate as Bitcoin gains wider financial acceptance! 1! 5.
“What we are witnessing is just the beginning,” Saylor stated during a recent industry conference. “As Bitcoin matures as an institutional reserve asset, hundreds of listed companies will adopt it as their primary reserve.”! 5
While skeptics may dismiss this as typical Saylor hyperbole, many of his past predictions about Bitcoin adoption have often come to fruition — albeit sometimes over a longer period of time than first suggested! 5. If this growth only partially strikes, it would represent a dramatic shift in corporate finance and asset management practices! 6.
Although these companies share a common belief in Bitcoin's long-term value, their approaches vary significantly in practice. Some, like MicroStrategy, have focused on continuous acquisitions regardless of price. Others have opted for more measured strategies with defined accumulation targets or dollar-cost averaging methods.
The financing methods are also very different. While companies like MicroStrategy utilize debt instruments such as convertible loans, others prefer issues or to allocate a percentage of their operating cash flow. Metaplanet, for example, issues bonds to fund Bitcoin purchases, while Thumzup Media increased its shelf offering to raise capital for Bitcoin acquisitions.
Risk management frameworks also vary: Some companies hold Bitcoin as their primary reserve asset, while others maintain substantial cash reserves alongside their Bitcoin holdings. Companies like The Blockchain Group are aiming for a gradual accumulation of Bitcoin, with the goal of owning 1% of all Bitcoins over eight years. In contrast, Twenty One Capital plans a substantial initial investment of 42,000 BTC12.
Corporate structures are also changing. Some organizations maintain their original business and add Bitcoin cash register management as a parallel strategy. Others, such as Twenty One Capital, are established specifically to act as Bitcoin holding companies. A third category includes companies that pivot their entire business model to center around Bitcoin, effectively becoming crypto-financial services companies
The trend of Bitcoin coffers in the business world has triggered various reactions from traditional financial institutions and analysts. JPMorgan Chase chief Jamie Dimon remains skeptical, recently pointing out that even though his bank serves Bitcoin companies, he personally “would be very careful with Bitcoin.”
In contrast, BlackRock chief Larry Fink has acknowledged a shift in his outlook and noted that Bitcoin has established itself as a robust asset class that deserves serious consideration from institutional investors. BlackRock's launch of its Bitcoin ETF in January 2024 has given additional legitimacy to companies considering Bitcoin as part of their treasury management1.
Financial analysts point to several factors driving this trend. Persistent inflation concerns, despite central banks' interest rate increases, have prompted companies to seek inflation-proof assets. The dollar's fall against other major currencies has also encouraged diversification away from cash. The simplification of companies' Bitcoin custody through regulated services has reduced operational barriers and concerns around compliance.
Critics still highlight Bitcoin's volatility as incompatible with the principles of overdraft management, which traditionally prioritize capital preservation over value appreciation. Proponents, for their part, argue that a long-term perspective dampens volatility, pointing to Bitcoin's historical performance over five-year periods.
The Saylor effect represents more than a temporary trend -- it signals a potential shift in how companies approach cash management in a digital age. What started as one leader's conviction has evolved into a legitimate corporate strategy that is now being implemented across continents and industries.
Whether Saylor's prediction of 700 Bitcoin cash register companies by 2026 will become reality remains to be seen. But the momentum is indisputable. As one Wall Street analyst recently noted, “What seemed radical three years ago now appears far-sighted. The question is not whether companies should consider Bitcoin as an overdraft asset, but whether they can afford not to at least evaluate it.”
For Michael Saylor, recognition has come not only through MicroStrategy's financial results, but also through the corporate movement he has helped trigger. The Saylor effect is about to rewrite the rules of corporate treasury management -- one Bitcoin investment at a time.
A revolution is underway in the world of corporate finance. What started as an audacious move by a single tech executive has evolved into a legitimate corporate strategy that's reshaping how businesses approach treasury management.
What began as MicroStrategy's solo journey has evolved into a movement among companies. More businesses around the world are now implementing variations of the “Saylor strategy,” in which each individual adapts the approach to their specific circumstances, business and financing models, and, of course, their own risk tolerance.
In this article, we explore the core principles behind the strategy and highlight how a wide range of global companies are developing their own versions, inspired by Michael Saylor's pioneering approach.
We focus in this article on global companies and companies outside the Nordic region, but also refer our readers to this page, where we have thoroughly covered the strategy of Nordic companies such as K33, H100/Finpeers, NBX, Ace Digital and Bitcoin Treasury Capital AB. We also recommend our previous feature. Michael Saylor: The Bitcoin missionary who bets everything.
In August 2020, Michael Saylor, co-founder and chairman of MicroStrategy (now Strategy), made a bold choice by allocating $250 million of the company's cash reserves to Bitcoin. This decision marked the start of a significant shift in corporate finance, as MicroStrategy continued to invest heavily in Bitcoin and by 2025 had accumulated over 553,555 BTC, valued at approximately $33.139 billion.
Four years after Saylor began converting his company's cash reserves into Bitcoin, more and more companies are following in his footsteps. This could signal a fundamental shift in how businesses preserve and increase their capital at a time marked by economic uncertainty. Saylor's strategy not only turned MicroStrategy into a Bitcoin-centered company, but also inspired a wave of companies to consider Bitcoin as a real financial asset
When Michael Saylor announced in August 2020 that MicroStrategy would convert $250 million of its cash reserves into Bitcoin, the business world reacted with skepticism. Critics called it reckless. Analysts questioned his fiduciary responsibilities. Yet Saylor, with his characteristic conviction, stood his ground. Then he doubled his efforts. Then he tripled it. And continued.
According to him, buying cryptocurrency at the time was comparable to investing in Facebook in the early days of social media. “We have $2.2 billion in debt and are paying about 1.5% interest, and we have a very long time perspective,” Saylor said. “Our view is that being a leveraged, bitcoin-long company is good for our shareholders.”
“Bitcoin represents economic empowerment for eight billion people. It is the first global, digital money system,” Saylor has repeatedly stated, positioning the company's financial strategy not only as a hedge but as a transformative business model.
Fast forward to 2025, and MicroStrategy's previously controversial decision has triggered what some are now calling the “Saylor effect” -- a corporate movement toward Bitcoin adoption that is gaining a foothold across industries and continents. The question is no longer whether companies should consider Bitcoin for financial reserves, but rather how much exposure they should have and how quickly they should acquire it.
Through a series of strategic acquisitions, funded with convertible loans, issues and even bitcoin-pledged loans, MicroStrategy has transformed itself from a provider of business intelligence software to what many now consider a de-facto Bitcoin ETF.
The strategy has been methodical: extract capital through various financial instruments, convert to Bitcoin, hold on to the holdings indefinitely, and repeat the process. When the price of Bitcoin fell, Saylor bought more. When it rose, he still bought more. The company's share price, which was previously tied to the software business's results, now moves in close correlation with Bitcoin -- often with amplified volatility.
MicroStrategy's Bitcoin acquisition has been conducted with precision, usually announced via Saylor's Twitter account. Each purchase triggers market discussion, debate among shareholders and, increasingly, mimicry from other companies.
In practice, the company has created a new corporate model: the Bitcoin Treasury Company — a business that generates operating cash flow from its traditional operations, while building up Bitcoin reserves as its primary financial strategy.
What began as MicroStrategy's solo journey has evolved into a corporate movement. More businesses around the world are now implementing variations of the “Saylor strategy,” with each adapting the approach to their specific circumstances, business and financing models and, of course, their own risk tolerance.
Perhaps the most ambitious successor to the Saylor recipe is Paris-based The Blockchain Group. According to recent reports, the company has set itself an extraordinary goal of eventually owning 1% of all Bitcoin in circulation, roughly 210,000 BTC over the next 8 years. This bold goal will make the company Europe's by far the largest holder of Bitcoin reserves.
The Blockchain Group's strategy mirrors MicroStrategy's approach of raising capital through various financial instruments, specifically to buy Bitcoin. The company sees this not just as a financial management decision, but as a fundamental business transformation that is in line with their broader commitment to blockchain technologies.
Thumzup Media Corporation recently made headlines by significantly increasing its “shelf offering” from $200 million to $500 million, specifically to fund Bitcoin purchases. The Los Angeles-based SaaS company, which operates in the field of digital advertising, has signaled an intention to allocate significant capital to Bitcoin acquisitions, seeing this both as a strategy for financial reserves and as a competitive advantage to attract investors with an interest in cryptocurrency
In another strategic move reflecting the Saylor effect, Strive Asset Management recently merged with Asset Entities to form a publicly traded Bitcoin Treasury company. The merger represents a calculated approach to create a Bitcoin-focused entity with the scale and resources to execute significant acquisitions, while maintaining operational businesses that generate cash flow. The plan also involves offering tax-free stock swaps to eligible owners, which helps the company maximize Bitcoin exposure per share.
Unlike companies that have veered toward Bitcoin Treasury strategies, Twenty One Capital, which is backed by Tether and SoftBank, plans to start up with Bitcoin acquisition as its core mission. With ambitious plans to secure 42,000 BTC (an amount that symbolically represents Bitcoin's 21 million coin ceiling multiplied by 2,000), the company aims to become one of the world's largest corporate holders of Bitcoin.
The company's name, a reference to Bitcoin's fixed offering of 21 million coins, signals its fundamental commitment to the cryptocurrency both as an investment foundation and business model.
Galaxy Digital Holdings, the crypto-focused merchant bank founded by former hedge fund manager Mike Novogratz, has accumulated over 11,000 Bitcoin in its treasury stock. Unlike traditional companies veering towards Bitcoin, Galaxy represents a crypto-native approach to corporate treasury management, in which Bitcoin holdings constitute a natural extension of the business model, which is centered around investment in and services for digital assets.
Japanese Metaplanet has been nicknamed “Asia's MicroStrategy” due to its substantial 4.525 BTC Bitcoin vault. The company is an example of how the Saylor strategy has moved beyond Western markets and influences corporate cash decisions in Asia, where traditional cash reserves are often exposed to currency statement risk against the US dollar.
In a bold move that signals the transition to digital assets, Helium Ventures PLC has announced plans to rebrand itself into Vaultz Capital PLC and establish a Bitcoin vault in partnership with NewQube Holdings. This announcement places the company among a growing group of publicly traded companies that are anchoring their futures strategies to Bitcoin.
The initiative, which is still awaiting approval from shareholders, involves the creation of Vaultz Treasury -- a dedicated vehicle designed to accumulate and hold Bitcoin as a long-term corporate reserve. NewQube, a Cayman Islands company with a background in digital asset management, will manage the treasury and receive 2.5 million Helium Ventures shares as part of the deal.
The measure is presented as a value creation strategy and is intended to diversify the Vaultz portfolio and give shareholders direct exposure to Bitcoin. “By establishing this overdraft function, the company wants to give shareholders exposure to digital assets... and ultimately create value,” the company stated.
To fund the restructure, Helium has brought in £1.2 million through share drawings, parts of which are still awaiting approval at an upcoming AGM. Additional resolutions will cover rebranding and stock allocations, laying the groundwork for Vaultz Capital's entry into Bitcoin-focused operations.
The change marks more than just a new name. Chairman Neil Ritson called it “an exciting new chapter” as the company realigns itself toward broader digital assets and technology sectors. This is in line with the growing trend among companies that view Bitcoin not as a speculative asset, but as a strategic foundation.
Vaultz's move reflects an attitude that is gaining ground in boardrooms and capital markets: Holding Bitcoin may not only be bold -- it could soon become default.
Nasdaq-listed K Wave Media (KWM) is making a name for itself with an audacious plan to recoup $500 million to build one of Asia's largest Bitcoin coffers. Inspired by Japanese Metaplanet Inc., whose Bitcoin-first strategy led to explosive stock upswing, KWM is now positioning itself as “Korea's Metaplanet.”
The capital raising, which occurs through a securities agreement with Bitcoin Strategic Reserve KWM LLC, will fund long-term Bitcoin holdings and a broader digital asset strategy. Plans include integrating Bitcoin Lightning Network payments into fan experiences, such as K-pop albums, concert tickets and voting powered by BTC.
Chairman Choi Pyeungho called the venture a “visionary adoption,” and with the stock up over 155%, the market appears to agree. As KWM builds a Bitcoin-backed future for the media industry, analysts predict that more in Asia's entertainment sector could soon follow suit.
SolarBank Corp. (NASDAQ: SUUN) has announced its entry into Bitcoin with a cash management strategy intended to unite renewable energy with decentralized finance. Inspired by MicroStrategy's billion-dollar investment in Bitcoin, the Toronto-based solar energy company plans to integrate Bitcoin as a strategic reserve asset, marking a remarkable fusion of clean energy and crypto.
To enable this, SolarBank has applied for a custodian account with Coinbase Prime, paving the way for secure Bitcoin storage alongside the company's solid portfolio of solar and battery storage projects.
While Bitcoin should act as a hedge against currency depreciation and inflation, the company is also highlighting its ability to offset emissions from mining through its green energy footprint -- a narrative likely to appeal to ESG-focused investors.
Already backed by a 1 GW development portfolio and partnerships with CIM Group, Qcells and Honeywell, SolarBank's grip adds a bold, digital dimension to the company's institutional strategy. As CEO Dr. Richard Lu put it: “In a world of rising energy demands and complex overdraft managements, Bitcoin gives strength to SolarBank's foundation.”
Although as of the announcement, no Bitcoin purchases have been made, the company has signaled clear intentions. In an energy sector chasing innovation, SolarBank wants to stand out by deriving value both from sunlight and satoshis.
Trump Media & Technology Group (TMTG), led by President Donald Trump, has also faced heavy criticism for its crypto strategy. In May 2025, TMTG completed a $2.44 billion capital raising, the bulk of the funds being earmarked to build up a Bitcoin vault — making this one of the largest such initiatives among U.S. listed companies! 1! 3! 4. While TMTG positions itself as a holding company for digital assets, its decision to allocate billions to Bitcoin - especially while Trump sits as US president - has sparked controversy and accusations of conflicts of interest! 3.
Despite the startling announcement, the response on Wall Street was muted: TMTG's share price fell after the news, reflecting skepticism about both the company's long-term feasibility and whether or not it's appropriate for a sitting president to be heavily involved in crypto business! 5! 6. Critics argue that Trump's dual role as president and crypto investor blurs ethical boundaries and raises questions about priorities and transparency.
Not all companies' Bitcoin ventures are successful. GameStop's aggressive turn towards Bitcoin — including the purchase of 4,710 BTC for over $500 million — has been met with considerable skepticism and a sharply negative market reaction. In May 2025, the company purchased 4,710 BTC for over $500 million, mainly financed through convertible debt issuances. This move, intended to make Bitcoin a key reserve asset, caused GameStop's stock to plunge more than 20% following the announcement of a $1.75 billion capital raising — the company's second major debt issue in just a few months1.
Unlike MicroStrategy, which was rewarded with a dramatic stock upswing following its early Bitcoin strategy, GameStop's entry has deepened concerns about the company's underlying business. The company continues to experience sharp declines in sales - down 28% year-over-year - and ongoing store closures, reflecting deep structural challenges in its core business. Investors have repeatedly punished GameStop's stock after each crypto-related announcement, signaling broad skepticism about whether this strategy is viable as a turnaround. Although management touts Bitcoin as a hedge against inflation and macroeconomic risks, the company's heavy debt financing and exposure to crypto volatility add additional risk factors. The stock's fall and persistent doubts among analysts and investors underscore that GameStop's Bitcoin checkout strategy so far cannot be counted as a successful implementation21.
Never afraid of bold predictions, Michael Saylor has recently predicted that the number of Bitcoin cash register companies could reach 700 as early as next year! 1! 5. According to Whale Insiders, Saylor sees today's market participants as just the vanguard of a far larger movement that will accelerate as Bitcoin gains wider financial acceptance! 1! 5.
“What we are witnessing is just the beginning,” Saylor stated during a recent industry conference. “As Bitcoin matures as an institutional reserve asset, hundreds of listed companies will adopt it as their primary reserve.”! 5
While skeptics may dismiss this as typical Saylor hyperbole, many of his past predictions about Bitcoin adoption have often come to fruition — albeit sometimes over a longer period of time than first suggested! 5. If this growth only partially strikes, it would represent a dramatic shift in corporate finance and asset management practices! 6.
Although these companies share a common belief in Bitcoin's long-term value, their approaches vary significantly in practice. Some, like MicroStrategy, have focused on continuous acquisitions regardless of price. Others have opted for more measured strategies with defined accumulation targets or dollar-cost averaging methods.
The financing methods are also very different. While companies like MicroStrategy utilize debt instruments such as convertible loans, others prefer issues or to allocate a percentage of their operating cash flow. Metaplanet, for example, issues bonds to fund Bitcoin purchases, while Thumzup Media increased its shelf offering to raise capital for Bitcoin acquisitions.
Risk management frameworks also vary: Some companies hold Bitcoin as their primary reserve asset, while others maintain substantial cash reserves alongside their Bitcoin holdings. Companies like The Blockchain Group are aiming for a gradual accumulation of Bitcoin, with the goal of owning 1% of all Bitcoins over eight years. In contrast, Twenty One Capital plans a substantial initial investment of 42,000 BTC12.
Corporate structures are also changing. Some organizations maintain their original business and add Bitcoin cash register management as a parallel strategy. Others, such as Twenty One Capital, are established specifically to act as Bitcoin holding companies. A third category includes companies that pivot their entire business model to center around Bitcoin, effectively becoming crypto-financial services companies
The trend of Bitcoin coffers in the business world has triggered various reactions from traditional financial institutions and analysts. JPMorgan Chase chief Jamie Dimon remains skeptical, recently pointing out that even though his bank serves Bitcoin companies, he personally “would be very careful with Bitcoin.”
In contrast, BlackRock chief Larry Fink has acknowledged a shift in his outlook and noted that Bitcoin has established itself as a robust asset class that deserves serious consideration from institutional investors. BlackRock's launch of its Bitcoin ETF in January 2024 has given additional legitimacy to companies considering Bitcoin as part of their treasury management1.
Financial analysts point to several factors driving this trend. Persistent inflation concerns, despite central banks' interest rate increases, have prompted companies to seek inflation-proof assets. The dollar's fall against other major currencies has also encouraged diversification away from cash. The simplification of companies' Bitcoin custody through regulated services has reduced operational barriers and concerns around compliance.
Critics still highlight Bitcoin's volatility as incompatible with the principles of overdraft management, which traditionally prioritize capital preservation over value appreciation. Proponents, for their part, argue that a long-term perspective dampens volatility, pointing to Bitcoin's historical performance over five-year periods.
The Saylor effect represents more than a temporary trend -- it signals a potential shift in how companies approach cash management in a digital age. What started as one leader's conviction has evolved into a legitimate corporate strategy that is now being implemented across continents and industries.
Whether Saylor's prediction of 700 Bitcoin cash register companies by 2026 will become reality remains to be seen. But the momentum is indisputable. As one Wall Street analyst recently noted, “What seemed radical three years ago now appears far-sighted. The question is not whether companies should consider Bitcoin as an overdraft asset, but whether they can afford not to at least evaluate it.”
For Michael Saylor, recognition has come not only through MicroStrategy's financial results, but also through the corporate movement he has helped trigger. The Saylor effect is about to rewrite the rules of corporate treasury management -- one Bitcoin investment at a time.