It looks like a new wave of corporate Bitcoin adoption is on the horizon.

As digital asset adoption continues to rise, a new trend in corporate Bitcoin (BTC) integration appears to be taking shape, with more publicly traded companies following MicroStrategy’s lead by adding Bitcoin to their balance sheets. MicroStrategy, which made waves in 2020 by adopting Bitcoin as a Treasury asset, has seen its stock price soar nearly 2,500% since then. Over the years, the company has expanded its Bitcoin holdings through various means, including cash purchases, equity offerings, and convertible debt.

In 2024, several companies have followed suit, adopting similar Bitcoin treasury strategies. Notable examples include Metaplanet (3350), Semler Scientific (SMLR), and MARA Holdings (MARA), along with numerous publicly traded mining companies that have seen considerable success.

The most recent company to join the wave is KULR Technology Group (KULR), which announced a $21 million Bitcoin purchase on Monday, raising its total holdings to 430 BTC at an average price of $98,393 per token. To fund this acquisition, KULR utilized a combination of an ATM equity program and surplus cash. Additionally, the company has adopted a BTC yield strategy, which yielded 93.7% from December 2024 to January 2025. Since November 19, KULR’s share price has surged by 847%.

While some companies have embraced Bitcoin treasury strategies, many have yet to make actual Bitcoin acquisitions. For instance, Acurx Pharmaceuticals (ACXP), listed on the Nasdaq, received board approval on November 20 for a $1 million Bitcoin purchase. While its share price has declined by 35% since November 19, it has increased by 30% year-to-date.

Similarly, Hoth Therapeutics (HOTH), also listed on the Nasdaq, approved a $1 million Bitcoin purchase on November 20 but has not yet made the acquisition. Despite this, its share price has risen by 2% since November 19.

LQR House (YHC), another Nasdaq-listed company, approved a $1 million Bitcoin strategy on November 19, which includes accepting cryptocurrency payments and holding up to $10 million in Bitcoin. Since the announcement, the company’s share price has jumped by 56%.

SOS Limited (SOS), which is listed on the NYSE, approved a $50 million Bitcoin purchase on November 27, when Bitcoin was valued at $93,000 per token. However, since the announcement, the company’s share price has fallen by 30%.

Lastly, Enlivex Therapeutics (ENLV), also listed on the Nasdaq, approved a $1 million Bitcoin purchase for its treasury on November 20, and its share price has seen an 18% increase since then.

KULR Technology Group has emerged as the standout performer in this second wave of corporate Bitcoin adoption, with its impressive share price growth, driven by the actual purchase of Bitcoin alongside the announcement, setting it apart from other companies that have yet to make acquisitions despite approving Bitcoin strategies.