Bitcoin Becomes Corporate Gold as MicroStrategy and MARA Double Down

Corporate adoption of Bitcoin as a reserve asset continues to accelerate, driven by MicroStrategy’s BTC accumulation strategy.

On Dec. 2, MicroStrategy announced it had acquired an additional 15,400 Bitcoin for $1.5 billion at an average price of $95,976 per BTC. The purchase, made between Nov. 25 and Dec. 1, was funded through the sale of Class A common stock.

The price of BTC last changed hands for $95,100, according to The Defiant’s crypto price feeds.

MicroStrategy began accumulating Bitcoin in 2020 and has since emerged as the largest corporate Bitcoin holder globally. The company now holds 402,100 BTC worth roughly $39 billion and purchased at an average price of $58,263 each.

MicroStrategy used both convertible notes and stock offerings to finance its Bitcoin acquisitions. Convertible notes are debt instruments that allow companies to borrow funds, which can later be converted into equity or cash.

The move followed MicroStrategy completing a $3 billion offering of 0% convertible senior notes due December 2029 on Nov. 22.

MARA Holdings begins buying Bitcoin

MARA, a major Bitcoin mining company formerly known as Marathon Digital Holdings, has recently taken inspiration from MicroStrategy and begun issuing corporate debt to bolster its Bitcoin reserves.

On Dec. 2, MARA announced a $700 million zero-coupon convertible note offering to acquire additional Bitcoin and repurchase existing notes.

MARA plans to use $50 million of the net proceeds to repurchase a portion of its existing convertible notes due in 2026. The remaining funds will be allocated for general corporate purposes and the purchase of additional Bitcoin.

On Nov. 27, MARA announced it had acquired 6,474 Bitcoin using proceeds from its recent $1 billion 0% convertible note offering.

MARA now holds 34,959 BTC, valued at $3.3 billion, making it the largest Bitcoin holder among public miners.

Asian investment firms embrace Bitcoin

A growing number of Asian firms are also moving to accumulate Bitcoin.

Hong Kong-based Boyaa Interactive, an online gaming firm, overtook Japan’s Metaplanet to become Asia’s largest corporate Bitcoin holder on Nov. 29.

The milestone came after the company disclosed a treasury reallocation comprising the sale of 14,200 Ethereum (ETH) for $49 million to acquire 515 Bitcoin. This transaction, executed between Nov. 19 and Nov. 28, brings Boyaa’s total Bitcoin holdings to 3,183 BTC ($299.55 million).

Japan’s Metaplanet has steadily expanded its Bitcoin reserves through a structured treasury strategy. Metaplanet announced plans on Nov. 29 to raise $62 million via stock acquisition rights, with the proceeds earmarked for additional Bitcoin purchases.

“The majority of the funds raised this time will be strategically allocated for the purchase of additional Bitcoin,” Metaplanet wrote in an announcement. “We have made it clear that we intend to utilize debt and periodic stock issuance to systematically increase our Bitcoin holdings while reducing exposure to a depreciating yen.”

In October, Metaplanet concluded a $66 million fundraising round, which also contributed to growing its BTC reserves.

On Dec. 2, Sora Ventures, a Taiwan-based venture capital firm, launched a $150 million fund aimed at advancing Bitcoin-first treasury strategies for listed companies across Asia.

The fund will target firms in Japan, Hong Kong, Thailand, Taiwan, and South Korea, helping them optimize financial strategies leveraging Bitcoin as a primary reserve asset.

The surge in interest in Bitcoin coincides with the cryptocurrency reaching an all-time high of $99,645.39 on Nov. 22. Currently, BTC is trading at $95,498, down 4% from its peak. Over the past 30 days, BTC has climbed 40%, driven by optimism surrounding regulatory easing in the U.S. under President-elect Donald Trump, who is expected to adopt a more crypto-friendly stance.