Reddit Thread Sheds Light on Companies Trying to Replicate MicroStrategy’s Appetite for Bitcoin

Many investors would like to replicate MicroStrategy’s success. The company’s stock has risen fivefold in 2024 as MicroStrategy has been steadily buying Bitcoin for several years. As a result, MicroStrategy has become a large holder of Bitcoin with a notable position of 386,700 BTC.

This type of regular purchase is a significant bullish catalyst for Bitcoin. The existence of a regular buyer who never sells is a dream come true for any asset.

Does any company have a chance to emulate the success of MicroStrategy? An interesting list of 60 public companies that have BTC on their balance sheets has recently appeared on Reddit.

Being a public company is a must to replicate MicroStrategy’s Bitcoin buying strategy. Any company that plans to buy BTC on a regular basis must have access to equity and debt markets in order to receive sufficient funding for its Bitcoin purchases.

Most public companies that have BTC on their balance sheets are still not ready to use Bitcoin as the key store of their liquidity. Just 22 companies have more than 1,000 BTC on their balance sheet, while 19 out of 60 own less than 100 BTC.

Let’s take a look at the top 20 largest Bitcoin holders among public companies. Not surprisingly, most large BTC holders are miners — there are seven such businesses in the top 20. Miners produce BTC and sell it to get revenue, so they are regular sellers of Bitcoin. Miners can keep some of the BTC they produce, and, as we see, they do it regularly during the bull market to maximize their profits.

There are four investment companies in the top 20, which means that some professional investors have already started to focus on BTC. The list includes companies from Germany, Thailand, Norway, and Japan.

Investment firms can grow into strong buyers of Bitcoin due to the nature of their business and their access to financial markets. Interestingly, there’s no strong competition for MicroStrategy in the U.S., as if the market has already given up the leadership battle and views Saylor’s company as the single major Bitcoin buyer (except for spot ETFs).

Companies whose business is not crypto-related and who have decided to use BTC as a means of storing their liquidity are represented by Tesla, Block, and Semler Scientific. Importantly, Semler Scientific views MicroStrategy as a good example and focuses on the financial performance of its BTC investments.

The Japanese investment company MetaPlanet and the American company Semler Scientific have the biggest chance to apply MicroStrategy’s approach, providing additional support to the price of Bitcoin.

At this point, BTC is still viewed as an exotic asset on the balance sheet of a public company. Aside from Bitcoin fan Saylor, the top-20 largest BTC owners list is dominated by companies whose business is directly related to crypto miners, a market maker, a crypto exchange, and online games. The potential demand for Bitcoin in case the world’s leading cryptocurrency is accepted as a go-to asset to store liquidity will be huge, as no big business (except Tesla) has yet entered into the race to buy BTC ahead of others.