Bitcoin wins big: Companies raise 86 billion USD to accumulate cryptocurrency

As of now, companies around the world have raised nearly 86 billion USD to purchase cryptocurrency - this figure has surpassed the total amount of capital raised through IPOs in America during the same period.

This is seen as a turning point in how businesses perceive digital assets – not just as investment tools, but also as a core part of the balance sheet.

Nearly 100 companies have raised 43 billion USD since June to buy crypto

According to data released by The Wall Street Journal, since June of this year, nearly 100 companies have announced plans to raise a total of more than 43 billion USD to invest in assets such as Bitcoin, Ethereum, and XRP.

Most of this plan has been implemented, demonstrating the growing interest of institutions in cryptocurrency as market sentiment in America becomes more positive.

One of the most pioneering and proactive names in this trend is Strategy (, formerly known as MicroStrategy), a company that initiated the wave of enterprises purchasing Bitcoin since 2020. Just this year alone, Strategy has raised over 10 billion USD to buy and store Bitcoin. That bold strategy has helped Strategy's stock become one of the strongest performers in the digital asset sector, while also pushing the company's valuation to new heights.

Thanks to that "resounding" success, many other businesses are also learning from Strategy's approach. For example, the Japanese Bitcoin investment company Metaplanet and the American coin mining company Marathon Digital have also raised a large amount of capital to expand their crypto portfolio.

Data from Hodl15Capital shows that more than 35 other companies are preparing to raise billions of USD under a similar strategy.

Along with Bitcoin, Ethereum is also gradually becoming a favorite choice in the reserve portfolio of enterprises. BitMine Immersion Technologies is looking to raise up to 5 billion USD to accumulate ETH. Meanwhile, SharpLink – run by Ethereum co-founder Joseph Lubin himself – is also aiming to raise hundreds of millions USD for its ETH investment strategy.

In addition, some organizations have also allocated millions of USD into other assets such as XRP, Ethena, and BNB to build a more diversified reserve portfolio.

Experts warn of risks

Although this trend is booming, some analysts still warn of potential risks.

Last month, Matthew Sigel – head of digital asset research at VanEck – warned that the widespread use of direct public offerings by companies (ATM) could pose risks to shareholders.

Specifically, ATM programs allow the company to issue additional shares as long as the stock price remains above the net asset value (NAV). However, if the price decreases, this could lead to a serious "share dilution" situation.

Sigel recommends that companies should temporarily suspend the ATM program if the stock price falls below 95% of NAV for 10 consecutive days. At the same time, he believes that priority should be given to repurchasing shares when the value of crypto assets increases while the stock price does not reflect that.

To ensure a more consistent interest between the management and shareholders, Sigel proposed to link the executives' salary and bonuses to the growth of NAV per share, rather than just relying on the total amount of cryptocurrency assets held by the company.

Itadori