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Companies are getting FOMO over strategic bitcoin reserves

There’s growing momentum around a national bitcoin strategic reserve, and now several companies are rushing to set up their own reserves while longtime HODLers are laying out plans to increase their supply.

Yaël Bizouati-Kennedy

The trend of keeping a company’s cash in bitcoin is picking up steam among businesses of all stripes and sizes as bitcoin continues its massive bull run, with bitcoin spot ETFs surpassing Satoshi’s stash of 1.1 million bitcoin.

MicroStrategy set the bar (very) high, and several companies are trying to replicate the mega stockpiler’s effort. 

Earlier this week, Marathon Digital announced aggressive bitcoin-buying plans following the upsizing of its senior-note offering to $850 million. Marathon CEO Fred Thiel said on X it was “looking forward to chasing” MicroStrategy and “watching $MSTR accumulate more BTC.”

As for MicroStrategy, it’s in an entirely different league. As of November 14, the company held 279,420 bitcoin, with plans to buy even more.

Eyes are also watching Microsoft, which is set to vote on whether it will buy bitcoin for its treasury at its upcoming December 9 shareholder meeting.

Here are some of the other companies who are bullish on bitcoin:

Hut 8

The bitcoin-mining company announced on December 4 that it was launching a $250 million stock repurchase, intending to use the proceeds partly for “the purchase of bitcoin as a strategic reserve asset.”

As of September 30, Hut 8 held 9,106 bitcoin in reserve.

Rumble

The video-sharing platform announced on November 25 that it would buy up to $20 million bitcoin.

“Unlike any government-issued currency, bitcoin is not subject to dilution through endless money-printing, enabling it to be a valuable inflation hedge and an excellent addition to our treasury,” Rumble chairman and CEO Chris Pavlovski said in the press release.

Thumzup

Social-media branding company Thumzup announced on November 15 that its board “had approved the purchase of up to $1 million in bitcoin.”

“As demand for Bitcoin increases and it gains recognition as a leading asset class, we believe it will serve as a robust reserve asset for our treasury,” Robert Steele, Thumzup CEO, said in a press release.

Acurx Pharmaceuticals

On November 20, the pharma company said its board approved “the purchase of up to $1 million in bitcoin to hold as a treasury reserve asset.”

“This new treasury strategy is a finance strategy and has no impact on our overarching drug development plans,” David P. Luci, Acurx president and CEO, said in the press release.

Genius Group

On November 12, the AI-powered educational company said it was adopting a “bitcoin-first” strategy with 90% of its reserves to be held in bitcoin.

Genius Group said it would use its $150 million at-the-market funding “to acquire an initial target of $120 million in bitcoin, to be held for the long term as its primary treasury reserve asset.”

On November 18, it bought its first $10 million of bitcoin. On November 21, it said it had increased its bitcoin purchases “for its bitcoin treasury by an additional $4 million to 153 bitcoin for $14 million, at an average price of $91,372 per bitcoin.”

Cosmos Health 

On November 18, pharma and health group Cosmos Health announced it was incorporating bitcoin and ethereum “as part of its treasury reserve assets” but did not disclose details on the amount of crypto they would add.

Further underscoring its trust in crypto assets, the company said it was “working to accommodate customers who wish to make payments in cryptocurrencies.”

Solidion Technology

Solidion, an advanced battery-materials provider, announced on November 14 that it would allocate “a significant portion of its excess cash reserves to bitcoin.

“This move, alongside the broader pro-bitcoin environment influenced by the recent election of a pro-crypto administration, solidifies the company’s long-term belief in bitcoin’s role as a store of value and a strategic asset,” the company said in a press release.

Solidion will allocate 60% of its excess cash to bitcoin and “convert interest earnings on cash held in money market accounts to Bitcoin.”

In addition, it said it set aside funds for future bitcoin purchases.

What about Tesla?

Tesla, while still high in the bitcoin-reserve rankings, has actually gone the other direction, selling a large chunk of its bitcoin reserves in 2022 at a loss and recently moving roughly $765 million in bitcoin to unknown wallets, according to Arkham Intelligence. Perhaps Musk needs the money to pour into his company town? 

Yaël Bizouati-Kennedy is a financial journalist who’s written for Dow Jones, The Financial Times Group, and Business Insider, among others.

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The rule of three means we can now declare 2026 will not be the year of crypto IPOs:

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  • Security hardware company Ledger,

  • And crypto exchange Kraken are pausing plans to go public, according to reports from CoinDesk.

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Kay Kyeongsik Woo, the founder of blockchain ride-hailing application Tada, told Sherwood News, “The market is cooled down and investors’ appetite has been sold to AI.”

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XRP tops 24-hour chart on South Korean crypto exchange

XRP is among South Korea’s favorite coins.

In the last 24 hours, XRP saw the highest trading volume on South Korean exchange Upbit at over $105.3 million, a figure exceeding bitcoin’s $102.6 million, ethereum’s $62.9 million, and dogecoin’s $27.7 million, data from CoinGecko shows.

Meanwhile, spot XRP ETFs saw $5.3 million worth of inflows on Tuesday, bringing monthly inflows to more than $65.3 million, according to SoSoValue.

The activity has not, however, translated into positive momentum for the token, with XRP remaining flat at the $1.43 level in the period.

Prediction market-implied odds of XRP rising above $1.50 in May (a level that hasn’t been surpassed in over two months) now stand at 70%, up from as low as 9% at the start of the week.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

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XRP returning to Upbit’s leadership position in trading volume follows the news earlier this week that Ripple’s prime brokerage unit secured a $200 million debt facility from global investment management firm Neuberger Berman to aid with the unit’s margin financing solutions.

Elsewhere, the XRP Ledger notched a new record of 332,000 addresses holding at least 10,000 tokens, worth $14,300, per data analytics platform Santiment. “Historically, rising numbers of mid-to-large wallets suggest increasing conviction from investors who are less focused on short-term price swings and more interested in long-term positioning,” Santiment posted Tuesday night on X.

“This is especially notable because XRP has spent much of 2026 trading below previous highs, meaning many holders appear willing to accumulate during fear rather than chase momentum,” Santiment added.

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XRP returning to Upbit’s leadership position in trading volume follows the news earlier this week that Ripple’s prime brokerage unit secured a $200 million debt facility from global investment management firm Neuberger Berman to aid with the unit’s margin financing solutions.

Elsewhere, the XRP Ledger notched a new record of 332,000 addresses holding at least 10,000 tokens, worth $14,300, per data analytics platform Santiment. “Historically, rising numbers of mid-to-large wallets suggest increasing conviction from investors who are less focused on short-term price swings and more interested in long-term positioning,” Santiment posted Tuesday night on X.

“This is especially notable because XRP has spent much of 2026 trading below previous highs, meaning many holders appear willing to accumulate during fear rather than chase momentum,” Santiment added.

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