In the spring of 2025, a revolution is quietly brewing in the global financial markets. Bitcoin, the cryptocurrency once ridiculed as a ‘geek fantasy,’ now grandly enters the strategic core of corporate boards. From the financial giants on Wall Street to the tech pioneers in Silicon Valley, from the investment rising stars in Tokyo to the football clubs in the UK, listed companies and institutions are astonishingly fast in incorporating Bitcoin into their balance sheets. This is not a frenzy of speculation, but a deliberate bet on value storage, brand reshaping, and the future of finance.

United States: Bitcoin’s ‘Wall Street Moment’

The United States, as a beacon of global finance and technology, is at the forefront of corporate Bitcoin investment. From April to May 2025, listed companies embraced Bitcoin with astonishing scale and speed, driven by both concerns about inflation and a desire for brand innovation.

MicroStrategy: The Flagship of Digital Gold

MicroStrategy, a business intelligence software company founded in 1989, is no longer a traditional tech company. Under the leadership of its founder, Michael Saylor, it has transformed into the world’s largest ‘Bitcoin investment company.’ In April 2025, MicroStrategy made an epic move: the company purchased a total of 25,370 Bitcoins in three batches, spending approximately $2.2616 billion (April 7-13: 3,459 Bitcoins, $285.8 million; April 14-20: 6,556 Bitcoins, $555.8 million; April 21-27: 15,355 Bitcoins, $1.42 billion). By the end of April, its holdings reached 553,555 Bitcoins, with a cost of around $37.9 billion. What’s even more impressive is that the company raised an additional 30,1335 Bitcoins through a record-breaking $21 billion common stock ATM (At-The-Market) offering, effectively reshaping the company’s asset portfolio.

Saylor’s logic is simple and radical: the dollar has been depreciating for a long time, cash reserves are melting like ice, and Bitcoin’s fixed supply (21 million) makes it “cyber gold”. Not only did he stake the fate of his company on it, but he also captured the global eye by becoming a Bitcoin evangelist through social media. But what is less well known is that MicroStrategy’s success is due to an invisible driver: in 2023, the Financial Accounting Standards Board (FASB) allowed companies to measure Bitcoin at fair value, dramatically reducing accounting complexity. This policy dividend is like opening a Pandora’s box, allowing more companies to dare to follow.

Twenty One Capital: The Super Alliance of Finance and Cryptography

Twenty One Capital (referred to as “21 Capital”) is the “super nova” of Bitcoin investment in 2025. This new company plans to go public through a merger with Cantor Equity Partners’ SPAC, jointly created by four giants:

• Cantor Fitzgerald, the Wall Street investment bank founded in 1945, with an annual revenue exceeding $2 billion, partners with Tether to manage its national debt assets.
• SoftBank, a Japanese technology investment giant, manages assets over $200 billion, with a portfolio including Alibaba and Uber.
• Tether, the issuer of the world’s largest stablecoin USDT, is expected to make a profit of around $13 billion in 2024.
• Bitfinex, a leading cryptocurrency exchange with a daily trading volume exceeding $1 billion.

On April 23, 2025, 21 Capital announced that it raised $360 million through a SPAC merger, initially holding 42,000 Bitcoins (approximately $3.9 billion). The funding sources include $1.5 billion from Tether (later revised to $160 million), $900 million from SoftBank, $600 million from Bitfinex, as well as $585 million in debt and equity financing. The project is led by Cantor Fitzgerald Chairman Brandon Lutnick, with Strike founder Jack Mallers serving as CEO. 21 Capital introduced the ‘Bitcoin per share’ (BPS) and ‘Bitcoin return rate’ (BRR) metrics, aiming to maximize shareholders’ Bitcoin exposure.

The birth of 21 Capital is a historic handshake between traditional finance and the crypto industry. Cantor Fitzgerald’s endorsement brings Bitcoin into the heart of Wall Street; SoftBank’s participation marks Masayoshi Son’s strong comeback from the Bitcoin investment failure in 2017 to 2025; The financial strength of Tether and Bitfinex injects rocket fuel into the project. This is not just an investment, but also a manifesto about the future of finance. However, the regulatory controversy surrounding Tether (2021 US settlement case) may cast a shadow over the project, and the complexity of its SPAC listing also adds uncertainty.

Semler Scientific: The Invisible Vanguard of the Medical Industry

Semler Scientific, a California medical technology company focusing on chronic disease management devices, with a market value of only 300 million US dollars, seems to have nothing to do with the cyber world of Bitcoin. However, in April 2025, this small giant showed great courage. On April 15, the company planned to issue $500 million in securities, clearly stating that the funds would be mainly used to purchase Bitcoin. Subsequently, from April 25th to 29th, it increased its holdings by 165 Bitcoins, spending about $15.7 million, with a total holding reaching 3,467 coins, worth about $326 million.

Why is Semler betting on Bitcoin? Chief Financial Officer Doug Murphy-Chittran revealed at the shareholders’ meeting that the decentralized nature and anti-inflation properties of Bitcoin are in line with the company’s pursuit of long-term value. A deeper driving force comes from shareholders: some of Semler’s investors are hedge funds in the cryptocurrency field, and they hope to enhance returns through Bitcoin. Semler’s low-key execution - neither publicizing nor causing dramatic stock price fluctuations - demonstrates an emerging trend: small and medium-sized listed companies are quietly integrating Bitcoin into their strategies, rather than just chasing market trends.

GameStop: From Meme Stock to Bitcoin Pioneer

The story of GameStop is like a Hollywood script. The game retailer, founded in 1984, rose to fame in 2021 due to the ‘meme stock’ craze driven by the retail investor community. On March 27, 2025, GameStop announced the issuance of $1.3 billion in zero-coupon convertible bonds (maturing in 2030), with an additional $200 million in over-allotment options, raising a total of approximately $1.48 billion, earmarked for the purchase of Bitcoin. This move caused a stir in the market, with the retail investor community seeing it as the beginning of ‘GameStop 2.0’.

Under the leadership of CEO Ryan Cohen, GameStop is breaking free from its retail predicament. Bitcoin is not only a hedge asset but also a powerful tool for brand reshaping, aiming to attract young, tech-savvy consumers. The company also plans to launch crypto-related services, such as an NFT marketplace or a Bitcoin payment system. However, the controversial $1.5 billion investment has sparked debates: the volatility of Bitcoin may turn financial statements into roller coasters. Supporters see this as a victory for meme culture, while critics worry that the company may repeat the mistakes of aggressive expansion. Nevertheless, GameStop’s transformation is bound to become the focus of 2025.

Tesla: The Silent Coin Holder

Tesla, the global electric car dominator, with a market value exceeding $1 trillion, is led by Elon Musk. Every move in the cryptocurrency field has a significant impact on the market. In April 2025, Tesla disclosed holding 11,509 bitcoins, valued at approximately $951 million, unchanged from the previous quarter. Since purchasing bitcoins in 2021, Tesla briefly accepted bitcoin payments (later suspended due to environmental controversies), but never sold its holdings.

Tesla’s low-key is intriguing. Musk, as the ‘opinion leader’ of cryptocurrencies, has repeatedly expressed support for Bitcoin, calling it a ‘decentralized financial experiment.’ However, as a new energy giant, Tesla must balance environmental pressures with the returns of crypto investments. The energy controversy surrounding Bitcoin mining has made the company proceed with caution, but its insistence on holding it shows confidence in long-term value. Tesla’s silence, like the calm before the storm, suggests larger strategic possibilities brewing.

SBC Medical Group: Small but beautiful experimental field

SBC Medical Group, a small medical company focusing on beauty and health services, didn’t land on NASDAQ until 2024 with a market value of less than $100 million. On April 14, 2025, it purchased 5 bitcoins for $400,000, claiming that this move is a strategic way to ‘diversify assets and preserve value.’ Despite its small scale, this action reflects the diffusion of Bitcoin investment: even peripheral players are starting to dip their toes in digital gold.

The motivation of SBC may come from the executives’ belief in encryption or the push from shareholders. Although its attempts may not be conspicuous, they are like a seed, indicating that Bitcoin may take root and sprout in more small and medium-sized enterprises. This trickle-down effect may have more long-term significance than the big players’ bold bets.

Japan: Asia’s Bitcoin experimental field

Japan, with its open encryption policy and tech DNA, has become fertile ground for Bitcoin investment in Asia. In April 2025, the moves of two companies ignited market enthusiasm.

Metaplanet: Japan’s “cyber samurai”

Metaplanet, a Tokyo-listed company founded in 2004, operates in the hotel, real estate, and technology investment sectors. In 2024, it announced a ‘Bitcoin-first’ strategy, earning the title of ‘Asia’s MicroStrategy’. In April 2025, Metaplanet increased its Bitcoin holdings to a total of 4,525 coins (approximately $384 million), more than 10 times the 400 coins held in September 2024. The company aims to hold 10,000 coins by the end of 2025 and rename its hotels to ‘Bitcoin Hotels’ in an attempt to attract the global crypto community.

Metaplanet CEO Simon Jerassi said that Bitcoin is a “nuclear weapon” to deal with the depreciation of the yen (which hit a 34-year low in 2024) and global economic uncertainty. Japan’s tax reforms in 2024 (exempting unrealized gains tax on corporate-held crypto assets) paved the way for this strategy. More notably, Metaplanet’s attempt to integrate Bitcoin with the real economy - the “Bitcoin Hotel” is not just a marketing gimmick, but also plans to accept Bitcoin payments. This brand innovation may inspire more Asian enterprises to follow suit.

SoftBank (through 21 Capital): The Global Bitcoin Gamble

SoftBank, the giant of Japanese technology investment, invested $9 billion in the 21 Capital project, accounting for 25% of the total investment. Founder Masayoshi Son is known for his bold investments, always aiming for the future, from Alibaba to WeWork. In 2017, his personal investment in Bitcoin resulted in a loss of $130 million, becoming a joke. However, by 2025, SoftBank has become more sophisticated, diversifying risks in collaboration with Cantor Fitzgerald and Tether. SoftBank not only provides funding, but also promotes the institutional adoption of Bitcoin through its global investment network. Its involvement indicates that Asian tech giants are treating Bitcoin as the new language of global capital through cross-border cooperation.

Other regions: Bitcoin’s global ripples

Although the United States and Japan are the main battlegrounds, actions in other regions are equally eye-catching.

Real Bedford F.C. (UK): The Bitcoin Experiment in the Sports World

Real Bedford F.C., a non-professional football club in the UK, announced on April 30, 2025 that it will adopt Bitcoin as its primary reserve asset, with an estimated holding of 50-100 coins (approximately $4.7-9.4 million). The club’s chairman, Peter McCormack, a well-known crypto podcast host, drove this strategy. He believes that Bitcoin can break the geographical limitations of sports and attract global fans. The club is exploring a ‘Bitcoin + Brand’ model through Bitcoin sponsorship, ticket payments, and other innovations. Despite its small scale, this experiment may provide a template for small and medium-sized enterprises.

Motivation Decoding: Why are big companies betting on Bitcoin?

The motivation for large companies to purchase Bitcoin is intertwined with rationality and foresight:

• Inflation hedging: The depreciation of fiat currencies such as the US dollar and the Japanese yen (US CPI reached 3.5% in 2024, with the yen falling to 160:1), making Bitcoin’s fixed supply a safe-haven asset.
• Asset diversification: The low interest rate environment (2.5% yield on the 10-year US Treasury bond in 2024) has made cash reserves less attractive, and Bitcoin provides a high-risk, high-return option.
• Brand innovation: GameStop, Metaplanet attract young consumers through Bitcoin, reshaping the brand.
• Policy dividend: The new FASB regulations in the United States, tax reform in Japan, and Trump’s pro-encryption policy have reduced investment barriers.
• Shareholder pressure: The influence of crypto hedge funds and high-net-worth investors is driving actions by companies like Semler and SBC.

Potential buying orders: A frenzy of digital gold?

Revealed buying orders

Bitcoin purchase plan total scale from April to May 2025:

• MicroStrategy: $22.616 billion (25,370 coins) + $210 billion (301,335 coins) = $232.616 billion (326,705 coins).
• GameStop: $1.48 billion (about 15,745 coins).
• Semler Scientific: 5 billion dollars (planned) + 15.7 million dollars (165 pieces) = 5.157 billion dollars (approximately 5,485 pieces).
• SBC Medical: $400k (5 coins).
• 21 Capital: 36 billion US dollars (42,000 coins).
• Metaplanet: Add about 5,475 coins (about $5.15 billion).
• Total: about 293.723 billion US dollars (about 395,435 coins, accounting for 1.88% of the total supply).

Potential buying forecast

• Unlisted public companies: MicroStrategy’s success may inspire 100-200 public companies (market value exceeding $1 billion) to each invest $1-5 billion, totaling $100-500 billion (approximately 106,380-531,900 coins).
• Institutional ETF: BlackRock iShares Bitcoin Trust (IBIT) attracts institutional funds, if more foundations join, new buying pressure of 50-100 billion US dollars (about 53,190-106,380 coins) will be added.
• National reserves: If the United States were to convert 1% of its foreign exchange reserves (approximately $60 billion) into Bitcoin, it would be equivalent to 638,300 coins. Potential policies from countries like China and Russia may contribute $20-30 billion.
• Crypto industry: Companies like Tether may increase holdings by 20-30 billion US dollars (approximately 21,280-31,920 coins).

Short-term forecast (2025 Q2-Q3): disclosed buy orders (293.723 billion US dollars) + undisclosed corporations (50 billion US dollars) + ETF inflows (20 billion US dollars) = approximately 363.723 billion US dollars (approximately 387,025 coins, accounting for 1.84% of the total supply).

Medium-term forecast (Q4 2025-Q1 2026): If the national reserve policy is implemented, buying pressure may reach 800-1200 billion US dollars (approximately 850,000-1,275,000 coins, accounting for 4.05%-6.07% of the total supply).

Price impact: The circulation supply of Bitcoin is about 19.7 million coins, with a 1% increase in demand potentially pushing prices up by 15%-30%. The price by the end of 2025 may reach $115,000-130,000.

Epilogue: Revolution or Fanaticism?

In 2025, Bitcoin moved from the cyber utopia to the corporate reality. MicroStrategy’s bold move, GameStop’s transformation, Semler’s low-key attempts, 21 Capital’s multinational alliance, and Metaplanet’s brand innovation together depict a revolution of ‘digital gold.’ This is a struggle against inflation and fiat currency, as well as a strategic bet on the future. However, amidst the storm, there are hidden currents: price roller coasters, regulatory shadows, and market frenzy, which may lead this revolution off course.

For us, this is a window to glimpse into the future. Will Bitcoin become the corporate ‘cyber safe’ or another tulip fever? The answer may be hidden in the next financial report, the next board meeting, or the next market wave. Regardless of the outcome, this revolution has already rewritten the rules of finance.

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