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What does the ragtag group including a fitness equipment maker, biopharmaceutical company and producer of battery materials have in common?

Bitcoin, of course.

As the cryptocurrency skyrockets to unheard-of levels this month, at least 12 publicly traded companies that previously had nothing to do with crypto announced they plan to buy bitcoin (BTC), choosing it as a modern — and, lately, quite profitable — place to park spare cash. It’s a path illuminated by Michael Saylor’s laser eyes since 2020, when he began converting his sleepy software maker MicroStrategy into a corporate vault for bitcoin.

That’s turned MicroStrategy into a massive stock market success — up roughly 30 times in value since Saylor began buying bitcoin for the company, amassing a massive stockpile now worth about $38 billion. Just this month, its shares have nearly doubled in price since Donald Trump was elected U.S. president after pledging to embrace crypto. (Other crypto stocks have jumped, too. Coinbase, the exchange operator, is up nearly 70% since the day before the election.)

Others are trying to duplicate that success. On Friday, a biotech company, Anixa Biosciences (ANIX), said its board of directors approved buying an undisclosed amount of bitcoin to diversify the company’s treasury reserves. The stock rallied as much as 19% but settled for a 5% advance by the end of the day. Meanwhile, on Thursday, fitness equipment company Interactive Strength (TRNR) said it plans to buy up to $5 million of bitcoin after its board approved the cryptocurrency as a treasury reserve asset. Following the announcement, its stock soared more than 80% at one point before settling for « only » a full-day gain of 11%.

Earlier last week, biopharma company Hoth Therapeutics (HOTH) announced a $1 million bitcoin buying plan, triggering an up to 25% surge in its stock — though nearly the entire rally fizzled by the end of the day. Similarly, companies including LQR House (LQR), Cosmos Health (COSM), Nano Labs (NA), Gaxos (GXAI), Solidion Technology (STI) and Genius Group (GNS) saw momentary spikes in their stock prices after revealing bitcoin treasury plans in November. Only one company fell after its announcement: Acurx Pharma (ACXP).

« The recent bitcoin boom, coupled with MicroStrategy’s 500+% stock surge in 2024, has inspired a wave of companies — particularly microcaps — to announce bitcoin buying strategies, » said Youwei Yang, chief economist at BIT Mining (BTCM).

Whether these newcomers to the Saylor playbook will ever see Saylor-like benefits remains a very open question. « This behavior could end the same way [as previous bull markets]: unsustainable hype followed by sharp corrections as the market realizes many of these announcements lack substance, » Yang said.

And whether the recent entrants ever follow through is also technically unknown. So far, only artificial intelligence firm Genius Group is known to have actually bought any bitcoin.

But who can blame them for trying? Investors who invested early in MicroStrategy are getting ridiculously rich, and even recent investors are making easy money. Saylor largely funds MicroStrategy’s bitcoin purchases with money raised from stock and debt sales. The copycats might gain access to capital markets that they wouldn’t otherwise have had. Traders are following the old adage, « Never fight the tape » — meaning follow the market’s direction no matter the fundamentals, while companies are providing what the market wants. Nobody wants to be « that » person or company telling their bosses, shareholders or anybody else that they underperformed the market because they didn’t follow MicroStrategy’s footsteps.

« Only a few years ago, it was almost too risky to buy bitcoin. Now, however, the risk increasingly seems to be the opposite — not buying is actually the risk, » said Brian D. Evans, the CEO and founder of BDE Ventures, adding that « there’s real pain in not having exposure. »

To the hopefuls, this sudden corporate scramble might be a sign that mainstream bitcoin adoption is finally arriving, especially in an environment where President-elect Trump has said he wants the U.S. government to stockpile bitcoin, too.

« For BTC proponents, the expectation is that a combination of macro factors such as inflation and new-found regulatory friendliness will spur further examples of the asset being placed on corporate balance sheets, » Toronto-based crypto platform FRNT Financial said in a report.

Also, a bitcoin buying strategy could open up capital markets for companies, like it did for MicroStrategy and miner MARA Digital (MARA). Both were able to raise money recently through convertible debt that pays no interest to investors, meaning those investors are willing to forego current income in exchange for the ability to eventually convert the debt to equity, thus gaining bitcoin exposure.

Saying they plan to buy bitcoin « is a useful way for companies to raise capital, not unlike the way MicroStrategy has done over the last few years, » said BDE’s Evans.

However, to cynical ears, it all sounds a bit like the passing fad in the late 2010s that involved companies that previously had nothing to do with crypto adding the word « Blockchain » to their corporate name.

The most famous example of this was little-known beverage maker Long Island Iced Tea renaming itself Long Blockchain, with an explosive result, at least initially: Its share price nearly tripled in a single day after the crypto-rechristening. The gains didn’t stick and the stock was later delisted by Nasdaq. (And three people were accused of insider trading by the U.S. Securities and Exchange Commission.)

There have been other magic words. In the 2021 crypto bull market, big-name companies touted their Web3, metaverse and non-fungible token (NFT) initiatives — trying to hitch their shares to crypto and related hype. Facebook even changed its name to Meta to focus on the metaverse business, which subsequently faced massive losses. Meanwhile, companies with languishing share prices and no connection to crypto dipped their toes into bitcoin mining, a then extremely profitable business.

The brutal bear market that followed turned crypto terminology into dirty words that few wanted to use.

Though MicroStrategy has been able to raise billions from capital markets to fund bitcoin purchases, such a strategy, if pursued by others, could backfire for smaller companies, said Yang. « For microcaps, it risks being seen as a short-term gimmick, deterring serious investors. If bitcoin’s price stabilizes or declines, the stocks’ speculative appeal may fade, leaving these firms vulnerable to investor skepticism and regulatory scrutiny. »

Echoing this sentiment, David Siemer, co-founder and CEO of Wave Digital Assets, said, « While this approach may yield short-term gains in a bullish market, it carries significant risks. Unlike straightforward asset holding, leverage amplifies potential losses during market corrections, underscoring its inherent danger, » he said, pointing to firms that are leveraging the hype around bitcoin to add debt to their balance sheet.

Regardless of who is right, with bitcoin repeatedly smashing all-time highs after Trump’s U.S. election win, magic remains in the air: Announce a Saylor-like bitcoin plan and see your stock take off.

« It’s almost as though we are at a point where a lot of companies feel compelled to do this, » BDE’s Evans said.

Welcome to the new crypto bull market.

What does the ragtag group including a fitness equipment maker, biopharmaceutical company and producer of battery materials have in common?

Bitcoin, of course.

As the cryptocurrency skyrockets to unheard-of levels this month, at least 12 publicly traded companies that previously had nothing to do with crypto announced they plan to buy bitcoin (BTC), choosing it as a modern — and, lately, quite profitable — place to park spare cash. It’s a path illuminated by Michael Saylor’s laser eyes since 2020, when he began converting his sleepy software maker MicroStrategy into a corporate vault for bitcoin.

That’s turned MicroStrategy into a massive stock market success — up roughly 30 times in value since Saylor began buying bitcoin for the company, amassing a massive stockpile now worth about $38 billion. Just this month, its shares have nearly doubled in price since Donald Trump was elected U.S. president after pledging to embrace crypto. (Other crypto stocks have jumped, too. Coinbase, the exchange operator, is up nearly 70% since the day before the election.)

Others are trying to duplicate that success. On Friday, a biotech company, Anixa Biosciences (ANIX), said its board of directors approved buying an undisclosed amount of bitcoin to diversify the company’s treasury reserves. The stock rallied as much as 19% but settled for a 5% advance by the end of the day. Meanwhile, on Thursday, fitness equipment company Interactive Strength (TRNR) said it plans to buy up to $5 million of bitcoin after its board approved the cryptocurrency as a treasury reserve asset. Following the announcement, its stock soared more than 80% at one point before settling for « only » a full-day gain of 11%.

Earlier last week, biopharma company Hoth Therapeutics (HOTH) announced a $1 million bitcoin buying plan, triggering an up to 25% surge in its stock — though nearly the entire rally fizzled by the end of the day. Similarly, companies including LQR House (LQR), Cosmos Health (COSM), Nano Labs (NA), Gaxos (GXAI), Solidion Technology (STI) and Genius Group (GNS) saw momentary spikes in their stock prices after revealing bitcoin treasury plans in November. Only one company fell after its announcement: Acurx Pharma (ACXP).

« The recent bitcoin boom, coupled with MicroStrategy’s 500+% stock surge in 2024, has inspired a wave of companies — particularly microcaps — to announce bitcoin buying strategies, » said Youwei Yang, chief economist at BIT Mining (BTCM).

Whether these newcomers to the Saylor playbook will ever see Saylor-like benefits remains a very open question. « This behavior could end the same way [as previous bull markets]: unsustainable hype followed by sharp corrections as the market realizes many of these announcements lack substance, » Yang said.

And whether the recent entrants ever follow through is also technically unknown. So far, only artificial intelligence firm Genius Group is known to have actually bought any bitcoin.

But who can blame them for trying? Investors who invested early in MicroStrategy are getting ridiculously rich, and even recent investors are making easy money. Saylor largely funds MicroStrategy’s bitcoin purchases with money raised from stock and debt sales. The copycats might gain access to capital markets that they wouldn’t otherwise have had. Traders are following the old adage, « Never fight the tape » — meaning follow the market’s direction no matter the fundamentals, while companies are providing what the market wants. Nobody wants to be « that » person or company telling their bosses, shareholders or anybody else that they underperformed the market because they didn’t follow MicroStrategy’s footsteps.

« Only a few years ago, it was almost too risky to buy bitcoin. Now, however, the risk increasingly seems to be the opposite — not buying is actually the risk, » said Brian D. Evans, the CEO and founder of BDE Ventures, adding that « there’s real pain in not having exposure. »

To the hopefuls, this sudden corporate scramble might be a sign that mainstream bitcoin adoption is finally arriving, especially in an environment where President-elect Trump has said he wants the U.S. government to stockpile bitcoin, too.

« For BTC proponents, the expectation is that a combination of macro factors such as inflation and new-found regulatory friendliness will spur further examples of the asset being placed on corporate balance sheets, » Toronto-based crypto platform FRNT Financial said in a report.

Also, a bitcoin buying strategy could open up capital markets for companies, like it did for MicroStrategy and miner MARA Digital (MARA). Both were able to raise money recently through convertible debt that pays no interest to investors, meaning those investors are willing to forego current income in exchange for the ability to eventually convert the debt to equity, thus gaining bitcoin exposure.

Saying they plan to buy bitcoin « is a useful way for companies to raise capital, not unlike the way MicroStrategy has done over the last few years, » said BDE’s Evans.

However, to cynical ears, it all sounds a bit like the passing fad in the late 2010s that involved companies that previously had nothing to do with crypto adding the word « Blockchain » to their corporate name.

The most famous example of this was little-known beverage maker Long Island Iced Tea renaming itself Long Blockchain, with an explosive result, at least initially: Its share price nearly tripled in a single day after the crypto-rechristening. The gains didn’t stick and the stock was later delisted by Nasdaq. (And three people were accused of insider trading by the U.S. Securities and Exchange Commission.)

There have been other magic words. In the 2021 crypto bull market, big-name companies touted their Web3, metaverse and non-fungible token (NFT) initiatives — trying to hitch their shares to crypto and related hype. Facebook even changed its name to Meta to focus on the metaverse business, which subsequently faced massive losses. Meanwhile, companies with languishing share prices and no connection to crypto dipped their toes into bitcoin mining, a then extremely profitable business.

The brutal bear market that followed turned crypto terminology into dirty words that few wanted to use.

Though MicroStrategy has been able to raise billions from capital markets to fund bitcoin purchases, such a strategy, if pursued by others, could backfire for smaller companies, said Yang. « For microcaps, it risks being seen as a short-term gimmick, deterring serious investors. If bitcoin’s price stabilizes or declines, the stocks’ speculative appeal may fade, leaving these firms vulnerable to investor skepticism and regulatory scrutiny. »

Echoing this sentiment, David Siemer, co-founder and CEO of Wave Digital Assets, said, « While this approach may yield short-term gains in a bullish market, it carries significant risks. Unlike straightforward asset holding, leverage amplifies potential losses during market corrections, underscoring its inherent danger, » he said, pointing to firms that are leveraging the hype around bitcoin to add debt to their balance sheet.

Regardless of who is right, with bitcoin repeatedly smashing all-time highs after Trump’s U.S. election win, magic remains in the air: Announce a Saylor-like bitcoin plan and see your stock take off.

« It’s almost as though we are at a point where a lot of companies feel compelled to do this, » BDE’s Evans said.

Welcome to the new crypto bull market.

What does the ragtag group including a fitness equipment maker, biopharmaceutical company and producer of battery materials have in common?

Bitcoin, of course.

As the cryptocurrency skyrockets to unheard-of levels this month, at least 12 publicly traded companies that previously had nothing to do with crypto announced they plan to buy bitcoin (BTC), choosing it as a modern — and, lately, quite profitable — place to park spare cash. It’s a path illuminated by Michael Saylor’s laser eyes since 2020, when he began converting his sleepy software maker MicroStrategy into a corporate vault for bitcoin.

That’s turned MicroStrategy into a massive stock market success — up roughly 30 times in value since Saylor began buying bitcoin for the company, amassing a massive stockpile now worth about $38 billion. Just this month, its shares have nearly doubled in price since Donald Trump was elected U.S. president after pledging to embrace crypto. (Other crypto stocks have jumped, too. Coinbase, the exchange operator, is up nearly 70% since the day before the election.)

Others are trying to duplicate that success. On Friday, a biotech company, Anixa Biosciences (ANIX), said its board of directors approved buying an undisclosed amount of bitcoin to diversify the company’s treasury reserves. The stock rallied as much as 19% but settled for a 5% advance by the end of the day. Meanwhile, on Thursday, fitness equipment company Interactive Strength (TRNR) said it plans to buy up to $5 million of bitcoin after its board approved the cryptocurrency as a treasury reserve asset. Following the announcement, its stock soared more than 80% at one point before settling for « only » a full-day gain of 11%.

Earlier last week, biopharma company Hoth Therapeutics (HOTH) announced a $1 million bitcoin buying plan, triggering an up to 25% surge in its stock — though nearly the entire rally fizzled by the end of the day. Similarly, companies including LQR House (LQR), Cosmos Health (COSM), Nano Labs (NA), Gaxos (GXAI), Solidion Technology (STI) and Genius Group (GNS) saw momentary spikes in their stock prices after revealing bitcoin treasury plans in November. Only one company fell after its announcement: Acurx Pharma (ACXP).

« The recent bitcoin boom, coupled with MicroStrategy’s 500+% stock surge in 2024, has inspired a wave of companies — particularly microcaps — to announce bitcoin buying strategies, » said Youwei Yang, chief economist at BIT Mining (BTCM).

Whether these newcomers to the Saylor playbook will ever see Saylor-like benefits remains a very open question. « This behavior could end the same way [as previous bull markets]: unsustainable hype followed by sharp corrections as the market realizes many of these announcements lack substance, » Yang said.

And whether the recent entrants ever follow through is also technically unknown. So far, only artificial intelligence firm Genius Group is known to have actually bought any bitcoin.

But who can blame them for trying? Investors who invested early in MicroStrategy are getting ridiculously rich, and even recent investors are making easy money. Saylor largely funds MicroStrategy’s bitcoin purchases with money raised from stock and debt sales. The copycats might gain access to capital markets that they wouldn’t otherwise have had. Traders are following the old adage, « Never fight the tape » — meaning follow the market’s direction no matter the fundamentals, while companies are providing what the market wants. Nobody wants to be « that » person or company telling their bosses, shareholders or anybody else that they underperformed the market because they didn’t follow MicroStrategy’s footsteps.

« Only a few years ago, it was almost too risky to buy bitcoin. Now, however, the risk increasingly seems to be the opposite — not buying is actually the risk, » said Brian D. Evans, the CEO and founder of BDE Ventures, adding that « there’s real pain in not having exposure. »

To the hopefuls, this sudden corporate scramble might be a sign that mainstream bitcoin adoption is finally arriving, especially in an environment where President-elect Trump has said he wants the U.S. government to stockpile bitcoin, too.

« For BTC proponents, the expectation is that a combination of macro factors such as inflation and new-found regulatory friendliness will spur further examples of the asset being placed on corporate balance sheets, » Toronto-based crypto platform FRNT Financial said in a report.

Also, a bitcoin buying strategy could open up capital markets for companies, like it did for MicroStrategy and miner MARA Digital (MARA). Both were able to raise money recently through convertible debt that pays no interest to investors, meaning those investors are willing to forego current income in exchange for the ability to eventually convert the debt to equity, thus gaining bitcoin exposure.

Saying they plan to buy bitcoin « is a useful way for companies to raise capital, not unlike the way MicroStrategy has done over the last few years, » said BDE’s Evans.

However, to cynical ears, it all sounds a bit like the passing fad in the late 2010s that involved companies that previously had nothing to do with crypto adding the word « Blockchain » to their corporate name.

The most famous example of this was little-known beverage maker Long Island Iced Tea renaming itself Long Blockchain, with an explosive result, at least initially: Its share price nearly tripled in a single day after the crypto-rechristening. The gains didn’t stick and the stock was later delisted by Nasdaq. (And three people were accused of insider trading by the U.S. Securities and Exchange Commission.)

There have been other magic words. In the 2021 crypto bull market, big-name companies touted their Web3, metaverse and non-fungible token (NFT) initiatives — trying to hitch their shares to crypto and related hype. Facebook even changed its name to Meta to focus on the metaverse business, which subsequently faced massive losses. Meanwhile, companies with languishing share prices and no connection to crypto dipped their toes into bitcoin mining, a then extremely profitable business.

The brutal bear market that followed turned crypto terminology into dirty words that few wanted to use.

Though MicroStrategy has been able to raise billions from capital markets to fund bitcoin purchases, such a strategy, if pursued by others, could backfire for smaller companies, said Yang. « For microcaps, it risks being seen as a short-term gimmick, deterring serious investors. If bitcoin’s price stabilizes or declines, the stocks’ speculative appeal may fade, leaving these firms vulnerable to investor skepticism and regulatory scrutiny. »

Echoing this sentiment, David Siemer, co-founder and CEO of Wave Digital Assets, said, « While this approach may yield short-term gains in a bullish market, it carries significant risks. Unlike straightforward asset holding, leverage amplifies potential losses during market corrections, underscoring its inherent danger, » he said, pointing to firms that are leveraging the hype around bitcoin to add debt to their balance sheet.

Regardless of who is right, with bitcoin repeatedly smashing all-time highs after Trump’s U.S. election win, magic remains in the air: Announce a Saylor-like bitcoin plan and see your stock take off.

« It’s almost as though we are at a point where a lot of companies feel compelled to do this, » BDE’s Evans said.

Welcome to the new crypto bull market.

What does the ragtag group including a fitness equipment maker, biopharmaceutical company and producer of battery materials have in common?

Bitcoin, of course.

As the cryptocurrency skyrockets to unheard-of levels this month, at least 12 publicly traded companies that previously had nothing to do with crypto announced they plan to buy bitcoin (BTC), choosing it as a modern — and, lately, quite profitable — place to park spare cash. It’s a path illuminated by Michael Saylor’s laser eyes since 2020, when he began converting his sleepy software maker MicroStrategy into a corporate vault for bitcoin.

That’s turned MicroStrategy into a massive stock market success — up roughly 30 times in value since Saylor began buying bitcoin for the company, amassing a massive stockpile now worth about $38 billion. Just this month, its shares have nearly doubled in price since Donald Trump was elected U.S. president after pledging to embrace crypto. (Other crypto stocks have jumped, too. Coinbase, the exchange operator, is up nearly 70% since the day before the election.)

Others are trying to duplicate that success. On Friday, a biotech company, Anixa Biosciences (ANIX), said its board of directors approved buying an undisclosed amount of bitcoin to diversify the company’s treasury reserves. The stock rallied as much as 19% but settled for a 5% advance by the end of the day. Meanwhile, on Thursday, fitness equipment company Interactive Strength (TRNR) said it plans to buy up to $5 million of bitcoin after its board approved the cryptocurrency as a treasury reserve asset. Following the announcement, its stock soared more than 80% at one point before settling for « only » a full-day gain of 11%.

Earlier last week, biopharma company Hoth Therapeutics (HOTH) announced a $1 million bitcoin buying plan, triggering an up to 25% surge in its stock — though nearly the entire rally fizzled by the end of the day. Similarly, companies including LQR House (LQR), Cosmos Health (COSM), Nano Labs (NA), Gaxos (GXAI), Solidion Technology (STI) and Genius Group (GNS) saw momentary spikes in their stock prices after revealing bitcoin treasury plans in November. Only one company fell after its announcement: Acurx Pharma (ACXP).

« The recent bitcoin boom, coupled with MicroStrategy’s 500+% stock surge in 2024, has inspired a wave of companies — particularly microcaps — to announce bitcoin buying strategies, » said Youwei Yang, chief economist at BIT Mining (BTCM).

Whether these newcomers to the Saylor playbook will ever see Saylor-like benefits remains a very open question. « This behavior could end the same way [as previous bull markets]: unsustainable hype followed by sharp corrections as the market realizes many of these announcements lack substance, » Yang said.

And whether the recent entrants ever follow through is also technically unknown. So far, only artificial intelligence firm Genius Group is known to have actually bought any bitcoin.

But who can blame them for trying? Investors who invested early in MicroStrategy are getting ridiculously rich, and even recent investors are making easy money. Saylor largely funds MicroStrategy’s bitcoin purchases with money raised from stock and debt sales. The copycats might gain access to capital markets that they wouldn’t otherwise have had. Traders are following the old adage, « Never fight the tape » — meaning follow the market’s direction no matter the fundamentals, while companies are providing what the market wants. Nobody wants to be « that » person or company telling their bosses, shareholders or anybody else that they underperformed the market because they didn’t follow MicroStrategy’s footsteps.

« Only a few years ago, it was almost too risky to buy bitcoin. Now, however, the risk increasingly seems to be the opposite — not buying is actually the risk, » said Brian D. Evans, the CEO and founder of BDE Ventures, adding that « there’s real pain in not having exposure. »

To the hopefuls, this sudden corporate scramble might be a sign that mainstream bitcoin adoption is finally arriving, especially in an environment where President-elect Trump has said he wants the U.S. government to stockpile bitcoin, too.

« For BTC proponents, the expectation is that a combination of macro factors such as inflation and new-found regulatory friendliness will spur further examples of the asset being placed on corporate balance sheets, » Toronto-based crypto platform FRNT Financial said in a report.

Also, a bitcoin buying strategy could open up capital markets for companies, like it did for MicroStrategy and miner MARA Digital (MARA). Both were able to raise money recently through convertible debt that pays no interest to investors, meaning those investors are willing to forego current income in exchange for the ability to eventually convert the debt to equity, thus gaining bitcoin exposure.

Saying they plan to buy bitcoin « is a useful way for companies to raise capital, not unlike the way MicroStrategy has done over the last few years, » said BDE’s Evans.

However, to cynical ears, it all sounds a bit like the passing fad in the late 2010s that involved companies that previously had nothing to do with crypto adding the word « Blockchain » to their corporate name.

The most famous example of this was little-known beverage maker Long Island Iced Tea renaming itself Long Blockchain, with an explosive result, at least initially: Its share price nearly tripled in a single day after the crypto-rechristening. The gains didn’t stick and the stock was later delisted by Nasdaq. (And three people were accused of insider trading by the U.S. Securities and Exchange Commission.)

There have been other magic words. In the 2021 crypto bull market, big-name companies touted their Web3, metaverse and non-fungible token (NFT) initiatives — trying to hitch their shares to crypto and related hype. Facebook even changed its name to Meta to focus on the metaverse business, which subsequently faced massive losses. Meanwhile, companies with languishing share prices and no connection to crypto dipped their toes into bitcoin mining, a then extremely profitable business.

The brutal bear market that followed turned crypto terminology into dirty words that few wanted to use.

Though MicroStrategy has been able to raise billions from capital markets to fund bitcoin purchases, such a strategy, if pursued by others, could backfire for smaller companies, said Yang. « For microcaps, it risks being seen as a short-term gimmick, deterring serious investors. If bitcoin’s price stabilizes or declines, the stocks’ speculative appeal may fade, leaving these firms vulnerable to investor skepticism and regulatory scrutiny. »

Echoing this sentiment, David Siemer, co-founder and CEO of Wave Digital Assets, said, « While this approach may yield short-term gains in a bullish market, it carries significant risks. Unlike straightforward asset holding, leverage amplifies potential losses during market corrections, underscoring its inherent danger, » he said, pointing to firms that are leveraging the hype around bitcoin to add debt to their balance sheet.

Regardless of who is right, with bitcoin repeatedly smashing all-time highs after Trump’s U.S. election win, magic remains in the air: Announce a Saylor-like bitcoin plan and see your stock take off.

« It’s almost as though we are at a point where a lot of companies feel compelled to do this, » BDE’s Evans said.

Welcome to the new crypto bull market.

What does the ragtag group including a fitness equipment maker, biopharmaceutical company and producer of battery materials have in common?

Bitcoin, of course.

As the cryptocurrency skyrockets to unheard-of levels this month, at least 12 publicly traded companies that previously had nothing to do with crypto announced they plan to buy bitcoin (BTC), choosing it as a modern — and, lately, quite profitable — place to park spare cash. It’s a path illuminated by Michael Saylor’s laser eyes since 2020, when he began converting his sleepy software maker MicroStrategy into a corporate vault for bitcoin.

That’s turned MicroStrategy into a massive stock market success — up roughly 30 times in value since Saylor began buying bitcoin for the company, amassing a massive stockpile now worth about $38 billion. Just this month, its shares have nearly doubled in price since Donald Trump was elected U.S. president after pledging to embrace crypto. (Other crypto stocks have jumped, too. Coinbase, the exchange operator, is up nearly 70% since the day before the election.)

Others are trying to duplicate that success. On Friday, a biotech company, Anixa Biosciences (ANIX), said its board of directors approved buying an undisclosed amount of bitcoin to diversify the company’s treasury reserves. The stock rallied as much as 19% but settled for a 5% advance by the end of the day. Meanwhile, on Thursday, fitness equipment company Interactive Strength (TRNR) said it plans to buy up to $5 million of bitcoin after its board approved the cryptocurrency as a treasury reserve asset. Following the announcement, its stock soared more than 80% at one point before settling for « only » a full-day gain of 11%.

Earlier last week, biopharma company Hoth Therapeutics (HOTH) announced a $1 million bitcoin buying plan, triggering an up to 25% surge in its stock — though nearly the entire rally fizzled by the end of the day. Similarly, companies including LQR House (LQR), Cosmos Health (COSM), Nano Labs (NA), Gaxos (GXAI), Solidion Technology (STI) and Genius Group (GNS) saw momentary spikes in their stock prices after revealing bitcoin treasury plans in November. Only one company fell after its announcement: Acurx Pharma (ACXP).

« The recent bitcoin boom, coupled with MicroStrategy’s 500+% stock surge in 2024, has inspired a wave of companies — particularly microcaps — to announce bitcoin buying strategies, » said Youwei Yang, chief economist at BIT Mining (BTCM).

Whether these newcomers to the Saylor playbook will ever see Saylor-like benefits remains a very open question. « This behavior could end the same way [as previous bull markets]: unsustainable hype followed by sharp corrections as the market realizes many of these announcements lack substance, » Yang said.

And whether the recent entrants ever follow through is also technically unknown. So far, only artificial intelligence firm Genius Group is known to have actually bought any bitcoin.

But who can blame them for trying? Investors who invested early in MicroStrategy are getting ridiculously rich, and even recent investors are making easy money. Saylor largely funds MicroStrategy’s bitcoin purchases with money raised from stock and debt sales. The copycats might gain access to capital markets that they wouldn’t otherwise have had. Traders are following the old adage, « Never fight the tape » — meaning follow the market’s direction no matter the fundamentals, while companies are providing what the market wants. Nobody wants to be « that » person or company telling their bosses, shareholders or anybody else that they underperformed the market because they didn’t follow MicroStrategy’s footsteps.

« Only a few years ago, it was almost too risky to buy bitcoin. Now, however, the risk increasingly seems to be the opposite — not buying is actually the risk, » said Brian D. Evans, the CEO and founder of BDE Ventures, adding that « there’s real pain in not having exposure. »

To the hopefuls, this sudden corporate scramble might be a sign that mainstream bitcoin adoption is finally arriving, especially in an environment where President-elect Trump has said he wants the U.S. government to stockpile bitcoin, too.

« For BTC proponents, the expectation is that a combination of macro factors such as inflation and new-found regulatory friendliness will spur further examples of the asset being placed on corporate balance sheets, » Toronto-based crypto platform FRNT Financial said in a report.

Also, a bitcoin buying strategy could open up capital markets for companies, like it did for MicroStrategy and miner MARA Digital (MARA). Both were able to raise money recently through convertible debt that pays no interest to investors, meaning those investors are willing to forego current income in exchange for the ability to eventually convert the debt to equity, thus gaining bitcoin exposure.

Saying they plan to buy bitcoin « is a useful way for companies to raise capital, not unlike the way MicroStrategy has done over the last few years, » said BDE’s Evans.

However, to cynical ears, it all sounds a bit like the passing fad in the late 2010s that involved companies that previously had nothing to do with crypto adding the word « Blockchain » to their corporate name.

The most famous example of this was little-known beverage maker Long Island Iced Tea renaming itself Long Blockchain, with an explosive result, at least initially: Its share price nearly tripled in a single day after the crypto-rechristening. The gains didn’t stick and the stock was later delisted by Nasdaq. (And three people were accused of insider trading by the U.S. Securities and Exchange Commission.)

There have been other magic words. In the 2021 crypto bull market, big-name companies touted their Web3, metaverse and non-fungible token (NFT) initiatives — trying to hitch their shares to crypto and related hype. Facebook even changed its name to Meta to focus on the metaverse business, which subsequently faced massive losses. Meanwhile, companies with languishing share prices and no connection to crypto dipped their toes into bitcoin mining, a then extremely profitable business.

The brutal bear market that followed turned crypto terminology into dirty words that few wanted to use.

Though MicroStrategy has been able to raise billions from capital markets to fund bitcoin purchases, such a strategy, if pursued by others, could backfire for smaller companies, said Yang. « For microcaps, it risks being seen as a short-term gimmick, deterring serious investors. If bitcoin’s price stabilizes or declines, the stocks’ speculative appeal may fade, leaving these firms vulnerable to investor skepticism and regulatory scrutiny. »

Echoing this sentiment, David Siemer, co-founder and CEO of Wave Digital Assets, said, « While this approach may yield short-term gains in a bullish market, it carries significant risks. Unlike straightforward asset holding, leverage amplifies potential losses during market corrections, underscoring its inherent danger, » he said, pointing to firms that are leveraging the hype around bitcoin to add debt to their balance sheet.

Regardless of who is right, with bitcoin repeatedly smashing all-time highs after Trump’s U.S. election win, magic remains in the air: Announce a Saylor-like bitcoin plan and see your stock take off.

« It’s almost as though we are at a point where a lot of companies feel compelled to do this, » BDE’s Evans said.

Welcome to the new crypto bull market.

What does the ragtag group including a fitness equipment maker, biopharmaceutical company and producer of battery materials have in common?

Bitcoin, of course.

As the cryptocurrency skyrockets to unheard-of levels this month, at least 12 publicly traded companies that previously had nothing to do with crypto announced they plan to buy bitcoin (BTC), choosing it as a modern — and, lately, quite profitable — place to park spare cash. It’s a path illuminated by Michael Saylor’s laser eyes since 2020, when he began converting his sleepy software maker MicroStrategy into a corporate vault for bitcoin.

That’s turned MicroStrategy into a massive stock market success — up roughly 30 times in value since Saylor began buying bitcoin for the company, amassing a massive stockpile now worth about $38 billion. Just this month, its shares have nearly doubled in price since Donald Trump was elected U.S. president after pledging to embrace crypto. (Other crypto stocks have jumped, too. Coinbase, the exchange operator, is up nearly 70% since the day before the election.)

Others are trying to duplicate that success. On Friday, a biotech company, Anixa Biosciences (ANIX), said its board of directors approved buying an undisclosed amount of bitcoin to diversify the company’s treasury reserves. The stock rallied as much as 19% but settled for a 5% advance by the end of the day. Meanwhile, on Thursday, fitness equipment company Interactive Strength (TRNR) said it plans to buy up to $5 million of bitcoin after its board approved the cryptocurrency as a treasury reserve asset. Following the announcement, its stock soared more than 80% at one point before settling for « only » a full-day gain of 11%.

Earlier last week, biopharma company Hoth Therapeutics (HOTH) announced a $1 million bitcoin buying plan, triggering an up to 25% surge in its stock — though nearly the entire rally fizzled by the end of the day. Similarly, companies including LQR House (LQR), Cosmos Health (COSM), Nano Labs (NA), Gaxos (GXAI), Solidion Technology (STI) and Genius Group (GNS) saw momentary spikes in their stock prices after revealing bitcoin treasury plans in November. Only one company fell after its announcement: Acurx Pharma (ACXP).

« The recent bitcoin boom, coupled with MicroStrategy’s 500+% stock surge in 2024, has inspired a wave of companies — particularly microcaps — to announce bitcoin buying strategies, » said Youwei Yang, chief economist at BIT Mining (BTCM).

Whether these newcomers to the Saylor playbook will ever see Saylor-like benefits remains a very open question. « This behavior could end the same way [as previous bull markets]: unsustainable hype followed by sharp corrections as the market realizes many of these announcements lack substance, » Yang said.

And whether the recent entrants ever follow through is also technically unknown. So far, only artificial intelligence firm Genius Group is known to have actually bought any bitcoin.

But who can blame them for trying? Investors who invested early in MicroStrategy are getting ridiculously rich, and even recent investors are making easy money. Saylor largely funds MicroStrategy’s bitcoin purchases with money raised from stock and debt sales. The copycats might gain access to capital markets that they wouldn’t otherwise have had. Traders are following the old adage, « Never fight the tape » — meaning follow the market’s direction no matter the fundamentals, while companies are providing what the market wants. Nobody wants to be « that » person or company telling their bosses, shareholders or anybody else that they underperformed the market because they didn’t follow MicroStrategy’s footsteps.

« Only a few years ago, it was almost too risky to buy bitcoin. Now, however, the risk increasingly seems to be the opposite — not buying is actually the risk, » said Brian D. Evans, the CEO and founder of BDE Ventures, adding that « there’s real pain in not having exposure. »

To the hopefuls, this sudden corporate scramble might be a sign that mainstream bitcoin adoption is finally arriving, especially in an environment where President-elect Trump has said he wants the U.S. government to stockpile bitcoin, too.

« For BTC proponents, the expectation is that a combination of macro factors such as inflation and new-found regulatory friendliness will spur further examples of the asset being placed on corporate balance sheets, » Toronto-based crypto platform FRNT Financial said in a report.

Also, a bitcoin buying strategy could open up capital markets for companies, like it did for MicroStrategy and miner MARA Digital (MARA). Both were able to raise money recently through convertible debt that pays no interest to investors, meaning those investors are willing to forego current income in exchange for the ability to eventually convert the debt to equity, thus gaining bitcoin exposure.

Saying they plan to buy bitcoin « is a useful way for companies to raise capital, not unlike the way MicroStrategy has done over the last few years, » said BDE’s Evans.

However, to cynical ears, it all sounds a bit like the passing fad in the late 2010s that involved companies that previously had nothing to do with crypto adding the word « Blockchain » to their corporate name.

The most famous example of this was little-known beverage maker Long Island Iced Tea renaming itself Long Blockchain, with an explosive result, at least initially: Its share price nearly tripled in a single day after the crypto-rechristening. The gains didn’t stick and the stock was later delisted by Nasdaq. (And three people were accused of insider trading by the U.S. Securities and Exchange Commission.)

There have been other magic words. In the 2021 crypto bull market, big-name companies touted their Web3, metaverse and non-fungible token (NFT) initiatives — trying to hitch their shares to crypto and related hype. Facebook even changed its name to Meta to focus on the metaverse business, which subsequently faced massive losses. Meanwhile, companies with languishing share prices and no connection to crypto dipped their toes into bitcoin mining, a then extremely profitable business.

The brutal bear market that followed turned crypto terminology into dirty words that few wanted to use.

Though MicroStrategy has been able to raise billions from capital markets to fund bitcoin purchases, such a strategy, if pursued by others, could backfire for smaller companies, said Yang. « For microcaps, it risks being seen as a short-term gimmick, deterring serious investors. If bitcoin’s price stabilizes or declines, the stocks’ speculative appeal may fade, leaving these firms vulnerable to investor skepticism and regulatory scrutiny. »

Echoing this sentiment, David Siemer, co-founder and CEO of Wave Digital Assets, said, « While this approach may yield short-term gains in a bullish market, it carries significant risks. Unlike straightforward asset holding, leverage amplifies potential losses during market corrections, underscoring its inherent danger, » he said, pointing to firms that are leveraging the hype around bitcoin to add debt to their balance sheet.

Regardless of who is right, with bitcoin repeatedly smashing all-time highs after Trump’s U.S. election win, magic remains in the air: Announce a Saylor-like bitcoin plan and see your stock take off.

« It’s almost as though we are at a point where a lot of companies feel compelled to do this, » BDE’s Evans said.

Welcome to the new crypto bull market.

What does the ragtag group including a fitness equipment maker, biopharmaceutical company and producer of battery materials have in common?

Bitcoin, of course.

As the cryptocurrency skyrockets to unheard-of levels this month, at least 12 publicly traded companies that previously had nothing to do with crypto announced they plan to buy bitcoin (BTC), choosing it as a modern — and, lately, quite profitable — place to park spare cash. It’s a path illuminated by Michael Saylor’s laser eyes since 2020, when he began converting his sleepy software maker MicroStrategy into a corporate vault for bitcoin.

That’s turned MicroStrategy into a massive stock market success — up roughly 30 times in value since Saylor began buying bitcoin for the company, amassing a massive stockpile now worth about $38 billion. Just this month, its shares have nearly doubled in price since Donald Trump was elected U.S. president after pledging to embrace crypto. (Other crypto stocks have jumped, too. Coinbase, the exchange operator, is up nearly 70% since the day before the election.)

Others are trying to duplicate that success. On Friday, a biotech company, Anixa Biosciences (ANIX), said its board of directors approved buying an undisclosed amount of bitcoin to diversify the company’s treasury reserves. The stock rallied as much as 19% but settled for a 5% advance by the end of the day. Meanwhile, on Thursday, fitness equipment company Interactive Strength (TRNR) said it plans to buy up to $5 million of bitcoin after its board approved the cryptocurrency as a treasury reserve asset. Following the announcement, its stock soared more than 80% at one point before settling for « only » a full-day gain of 11%.

Earlier last week, biopharma company Hoth Therapeutics (HOTH) announced a $1 million bitcoin buying plan, triggering an up to 25% surge in its stock — though nearly the entire rally fizzled by the end of the day. Similarly, companies including LQR House (LQR), Cosmos Health (COSM), Nano Labs (NA), Gaxos (GXAI), Solidion Technology (STI) and Genius Group (GNS) saw momentary spikes in their stock prices after revealing bitcoin treasury plans in November. Only one company fell after its announcement: Acurx Pharma (ACXP).

« The recent bitcoin boom, coupled with MicroStrategy’s 500+% stock surge in 2024, has inspired a wave of companies — particularly microcaps — to announce bitcoin buying strategies, » said Youwei Yang, chief economist at BIT Mining (BTCM).

Whether these newcomers to the Saylor playbook will ever see Saylor-like benefits remains a very open question. « This behavior could end the same way [as previous bull markets]: unsustainable hype followed by sharp corrections as the market realizes many of these announcements lack substance, » Yang said.

And whether the recent entrants ever follow through is also technically unknown. So far, only artificial intelligence firm Genius Group is known to have actually bought any bitcoin.

But who can blame them for trying? Investors who invested early in MicroStrategy are getting ridiculously rich, and even recent investors are making easy money. Saylor largely funds MicroStrategy’s bitcoin purchases with money raised from stock and debt sales. The copycats might gain access to capital markets that they wouldn’t otherwise have had. Traders are following the old adage, « Never fight the tape » — meaning follow the market’s direction no matter the fundamentals, while companies are providing what the market wants. Nobody wants to be « that » person or company telling their bosses, shareholders or anybody else that they underperformed the market because they didn’t follow MicroStrategy’s footsteps.

« Only a few years ago, it was almost too risky to buy bitcoin. Now, however, the risk increasingly seems to be the opposite — not buying is actually the risk, » said Brian D. Evans, the CEO and founder of BDE Ventures, adding that « there’s real pain in not having exposure. »

To the hopefuls, this sudden corporate scramble might be a sign that mainstream bitcoin adoption is finally arriving, especially in an environment where President-elect Trump has said he wants the U.S. government to stockpile bitcoin, too.

« For BTC proponents, the expectation is that a combination of macro factors such as inflation and new-found regulatory friendliness will spur further examples of the asset being placed on corporate balance sheets, » Toronto-based crypto platform FRNT Financial said in a report.

Also, a bitcoin buying strategy could open up capital markets for companies, like it did for MicroStrategy and miner MARA Digital (MARA). Both were able to raise money recently through convertible debt that pays no interest to investors, meaning those investors are willing to forego current income in exchange for the ability to eventually convert the debt to equity, thus gaining bitcoin exposure.

Saying they plan to buy bitcoin « is a useful way for companies to raise capital, not unlike the way MicroStrategy has done over the last few years, » said BDE’s Evans.

However, to cynical ears, it all sounds a bit like the passing fad in the late 2010s that involved companies that previously had nothing to do with crypto adding the word « Blockchain » to their corporate name.

The most famous example of this was little-known beverage maker Long Island Iced Tea renaming itself Long Blockchain, with an explosive result, at least initially: Its share price nearly tripled in a single day after the crypto-rechristening. The gains didn’t stick and the stock was later delisted by Nasdaq. (And three people were accused of insider trading by the U.S. Securities and Exchange Commission.)

There have been other magic words. In the 2021 crypto bull market, big-name companies touted their Web3, metaverse and non-fungible token (NFT) initiatives — trying to hitch their shares to crypto and related hype. Facebook even changed its name to Meta to focus on the metaverse business, which subsequently faced massive losses. Meanwhile, companies with languishing share prices and no connection to crypto dipped their toes into bitcoin mining, a then extremely profitable business.

The brutal bear market that followed turned crypto terminology into dirty words that few wanted to use.

Though MicroStrategy has been able to raise billions from capital markets to fund bitcoin purchases, such a strategy, if pursued by others, could backfire for smaller companies, said Yang. « For microcaps, it risks being seen as a short-term gimmick, deterring serious investors. If bitcoin’s price stabilizes or declines, the stocks’ speculative appeal may fade, leaving these firms vulnerable to investor skepticism and regulatory scrutiny. »

Echoing this sentiment, David Siemer, co-founder and CEO of Wave Digital Assets, said, « While this approach may yield short-term gains in a bullish market, it carries significant risks. Unlike straightforward asset holding, leverage amplifies potential losses during market corrections, underscoring its inherent danger, » he said, pointing to firms that are leveraging the hype around bitcoin to add debt to their balance sheet.

Regardless of who is right, with bitcoin repeatedly smashing all-time highs after Trump’s U.S. election win, magic remains in the air: Announce a Saylor-like bitcoin plan and see your stock take off.

« It’s almost as though we are at a point where a lot of companies feel compelled to do this, » BDE’s Evans said.

Welcome to the new crypto bull market.

What does the ragtag group including a fitness equipment maker, biopharmaceutical company and producer of battery materials have in common?

Bitcoin, of course.

As the cryptocurrency skyrockets to unheard-of levels this month, at least 12 publicly traded companies that previously had nothing to do with crypto announced they plan to buy bitcoin (BTC), choosing it as a modern — and, lately, quite profitable — place to park spare cash. It’s a path illuminated by Michael Saylor’s laser eyes since 2020, when he began converting his sleepy software maker MicroStrategy into a corporate vault for bitcoin.

That’s turned MicroStrategy into a massive stock market success — up roughly 30 times in value since Saylor began buying bitcoin for the company, amassing a massive stockpile now worth about $38 billion. Just this month, its shares have nearly doubled in price since Donald Trump was elected U.S. president after pledging to embrace crypto. (Other crypto stocks have jumped, too. Coinbase, the exchange operator, is up nearly 70% since the day before the election.)

Others are trying to duplicate that success. On Friday, a biotech company, Anixa Biosciences (ANIX), said its board of directors approved buying an undisclosed amount of bitcoin to diversify the company’s treasury reserves. The stock rallied as much as 19% but settled for a 5% advance by the end of the day. Meanwhile, on Thursday, fitness equipment company Interactive Strength (TRNR) said it plans to buy up to $5 million of bitcoin after its board approved the cryptocurrency as a treasury reserve asset. Following the announcement, its stock soared more than 80% at one point before settling for « only » a full-day gain of 11%.

Earlier last week, biopharma company Hoth Therapeutics (HOTH) announced a $1 million bitcoin buying plan, triggering an up to 25% surge in its stock — though nearly the entire rally fizzled by the end of the day. Similarly, companies including LQR House (LQR), Cosmos Health (COSM), Nano Labs (NA), Gaxos (GXAI), Solidion Technology (STI) and Genius Group (GNS) saw momentary spikes in their stock prices after revealing bitcoin treasury plans in November. Only one company fell after its announcement: Acurx Pharma (ACXP).

« The recent bitcoin boom, coupled with MicroStrategy’s 500+% stock surge in 2024, has inspired a wave of companies — particularly microcaps — to announce bitcoin buying strategies, » said Youwei Yang, chief economist at BIT Mining (BTCM).

Whether these newcomers to the Saylor playbook will ever see Saylor-like benefits remains a very open question. « This behavior could end the same way [as previous bull markets]: unsustainable hype followed by sharp corrections as the market realizes many of these announcements lack substance, » Yang said.

And whether the recent entrants ever follow through is also technically unknown. So far, only artificial intelligence firm Genius Group is known to have actually bought any bitcoin.

But who can blame them for trying? Investors who invested early in MicroStrategy are getting ridiculously rich, and even recent investors are making easy money. Saylor largely funds MicroStrategy’s bitcoin purchases with money raised from stock and debt sales. The copycats might gain access to capital markets that they wouldn’t otherwise have had. Traders are following the old adage, « Never fight the tape » — meaning follow the market’s direction no matter the fundamentals, while companies are providing what the market wants. Nobody wants to be « that » person or company telling their bosses, shareholders or anybody else that they underperformed the market because they didn’t follow MicroStrategy’s footsteps.

« Only a few years ago, it was almost too risky to buy bitcoin. Now, however, the risk increasingly seems to be the opposite — not buying is actually the risk, » said Brian D. Evans, the CEO and founder of BDE Ventures, adding that « there’s real pain in not having exposure. »

To the hopefuls, this sudden corporate scramble might be a sign that mainstream bitcoin adoption is finally arriving, especially in an environment where President-elect Trump has said he wants the U.S. government to stockpile bitcoin, too.

« For BTC proponents, the expectation is that a combination of macro factors such as inflation and new-found regulatory friendliness will spur further examples of the asset being placed on corporate balance sheets, » Toronto-based crypto platform FRNT Financial said in a report.

Also, a bitcoin buying strategy could open up capital markets for companies, like it did for MicroStrategy and miner MARA Digital (MARA). Both were able to raise money recently through convertible debt that pays no interest to investors, meaning those investors are willing to forego current income in exchange for the ability to eventually convert the debt to equity, thus gaining bitcoin exposure.

Saying they plan to buy bitcoin « is a useful way for companies to raise capital, not unlike the way MicroStrategy has done over the last few years, » said BDE’s Evans.

However, to cynical ears, it all sounds a bit like the passing fad in the late 2010s that involved companies that previously had nothing to do with crypto adding the word « Blockchain » to their corporate name.

The most famous example of this was little-known beverage maker Long Island Iced Tea renaming itself Long Blockchain, with an explosive result, at least initially: Its share price nearly tripled in a single day after the crypto-rechristening. The gains didn’t stick and the stock was later delisted by Nasdaq. (And three people were accused of insider trading by the U.S. Securities and Exchange Commission.)

There have been other magic words. In the 2021 crypto bull market, big-name companies touted their Web3, metaverse and non-fungible token (NFT) initiatives — trying to hitch their shares to crypto and related hype. Facebook even changed its name to Meta to focus on the metaverse business, which subsequently faced massive losses. Meanwhile, companies with languishing share prices and no connection to crypto dipped their toes into bitcoin mining, a then extremely profitable business.

The brutal bear market that followed turned crypto terminology into dirty words that few wanted to use.

Though MicroStrategy has been able to raise billions from capital markets to fund bitcoin purchases, such a strategy, if pursued by others, could backfire for smaller companies, said Yang. « For microcaps, it risks being seen as a short-term gimmick, deterring serious investors. If bitcoin’s price stabilizes or declines, the stocks’ speculative appeal may fade, leaving these firms vulnerable to investor skepticism and regulatory scrutiny. »

Echoing this sentiment, David Siemer, co-founder and CEO of Wave Digital Assets, said, « While this approach may yield short-term gains in a bullish market, it carries significant risks. Unlike straightforward asset holding, leverage amplifies potential losses during market corrections, underscoring its inherent danger, » he said, pointing to firms that are leveraging the hype around bitcoin to add debt to their balance sheet.

Regardless of who is right, with bitcoin repeatedly smashing all-time highs after Trump’s U.S. election win, magic remains in the air: Announce a Saylor-like bitcoin plan and see your stock take off.

« It’s almost as though we are at a point where a lot of companies feel compelled to do this, » BDE’s Evans said.

Welcome to the new crypto bull market.

Le retour des NFT ? Lors du précédent bullrun, les NFT étaient au cœur de l’attention. À la mi-2022, alors que le BTC allait atteindre son niveau le plus bas du bearmarket, le volume d’échange des NFT avait chuté de 75%. Depuis, ils ne sont jamais revenus à des niveaux observés lors du précédent bullrun. Mais cela pourrait bien changer.

568 millions de dollars : les volumes repartent à la hausse sur les NFT

Face à l’essor des memecoins et autres Agents IA, les NFT sont loin d’être à la mode dans ce nouveau bullrun.

Toutefois, ils ne sont pas oubliés pour autant. Malgré des volumes bien loin des maximums enregistrés en 2021, les NFT semblent faire leur retour.

En effet, d’après les données compilées par CryptoSlam, les marchés NFT ont enregistré un volume de plus de 568 millions de dollars au cours des 30 derniers jours.

En tête, nous retrouvons Ethereum avec 179 millions de dollars de volume. Suivi par Bitcoin et Solana qui ont respectivement enregistré 154 et 84 millions de dollars de volume.

Top 10 des blockchains en fonction du volume sur les NFT – Source : CryptoSlam.

Pendant la semaine du 18 au 24 novembre, les NFT ont enregistré un volume de 158 millions de dollars. À titre de comparaison, pendant la première semaine de novembre, les marchés avaient enregistré un volume de 93 millions de dollars. Cela représente une hausse de 69% en l’espace de quelques semaines.

C’est dans les vieux pots qu’on fait les meilleures soupes

Du côté des collections en vogue, rien de bien nouveau. Ainsi, nous retrouvons plusieurs collections bien connues tels que les CryptoPunks, les Bored Ape Yacht Club (BAYC) ou encore les Bitcoin Puppets.

Toutefois, la collection « $?? BRC-20 NFTs » qui évolue sur Bitcoin a fait une entrée fracassante. Ainsi, elle a vu son volume mensuel atteindre 60 millions de dollars, enregistrant une hausse de 1517%.

Lancée en mars 2023, cette collection a enregistré un léger pic de volume au début de l’année 2024, puis un second en mars. Finalement, en parallèle de l’explosion du cours du Bitcoin, les volumes ont également explosé sur cette collection.

Reste maintenant à savoir si ces collections arriveront bel et bien à renaître de leurs cendres. En effet, un rapport publié par NFT Evening en septembre dernier dévoilait que 96 % des collections de NFT sont considérées comme mortes.

L’article NFT : renaissance ou simple illusion ? Plus de 560 millions de dollars échangés est apparu en premier sur Journal du Coin.

Ternoa est un layer 1 historique développé par la société française Capsule Corp. Depuis ses premiers galops et les innovations NFT qui l’ont rendue célèbre, l’équipe a su prolonger son évolution dans une approche beaucoup plus écosystémique, élargissant son champ d’action. C’est aujourd’hui pour sa sécurité que les grands acteurs convoitent cette technologie. L’intérêt est évident, les partenariats s’enchainent (Polygon, Intel …). Mais ces grosses infrastructures tardent à franchir le cap, handicapées par une lenteur décisionnelle relative à leur taille. Qu’à cela ne tienne ! Avec l’intégration de Ternoa Integrity Proof (TIP), le projet made in FR prend les devant pour sécuriser tous les protocoles que sa communauté va lui désigner, sans leur demander leur avis. Quand ça ? Dès aujourd’hui !

Le Journal du Coin vous propose cet article promotionnel en collaboration avec Ternoa.

Blockchain : l’illusion de la décentralisation

Les réseaux blockchain sont trop souvent présentés comme intrinsèquement décentralisées. C’est en réalité assez rarement le cas. En effet, de nombreux pans de leur fonctionnement restent encore fortement centralisés entre les mains de quelques acteurs clés.

C’est par exemple souvent le cas des services comme les indexeurs, les explorateurs de blocs ou encore les séquenceurs de la plupart des L2. Nous pouvons également citer Infura, un protocole qui est devenu indispensable au bon fonctionnement du réseau Ethereum. Si bien que lorsqu’en 2020, une défaillance d’Infura a engendré une panne généralisée sur Ethereum.

« À mesure que l’écosystème évoluait, certains composants sont devenus de plus en plus centralisés, sapant ainsi l’éthique fondamentale de la blockchain. Il est temps de relever ce défi et de rendre la blockchain à nouveau décentralisée. »

Mikaël Canu, CEO de Ternoa

Désormais, Ternoa souhaite pallier ce problème avec son nouvel outil, le Ternoa Integrity Proof (TIP). Ce système adopte une approche qui vise à protéger l’exécution des Dapps via des enclaves sécurisées.

Et plutôt que d’attendre que les protocoles tiers le lui demande, l’équipe a décidé de prendre l’initiative en demandant à sa communauté quels sont les réseaux qu’ils souhaitent sécuriser, afin de déployer leur solution en amont, et prouver leur efficacité.

Qu’est-ce que le Ternoa Integrity Proof ?

En pratique, TIP est basé sur des enclaves sécurisées appelées TEE (Trusted Execution Environment) comme Intel SGX. Pour rappel, ces enclaves fonctionnent comme des zones d’exécution isolées au sein d’un processeur. Ainsi, elles permettent de garantir la sécurité et l’intégrité des opérations qui se déroulent dans l’enclave. Et ce, même si le reste du système est compromis.

« Les TEE tels que SGX fournissent un environnement d’exécution fiable qui garantit la confidentialité et l’intégrité des processus qu’ils exécutent. Des fonctionnalités telles que l’attestation à distance et la sécurité au niveau du matériel garantissent qu’aucune partie externe – même le propriétaire du SGX – ne peut altérer le code. »

Mikaël Canu, CEO de Ternoa

L’idée principale derrière le TIP est d’assurer que les services critiques de la blockchain respectent les principes fondamentaux de la décentralisation. 

De nombreux protocoles tels que Polygon ou Avail sont entrain d’intégrer l’innovation Ternoa

Dans les faits, TIP assure plusieurs fonctionnalités. D’abord, TIP propose une fonctionnalité de vérification du code. Ainsi, les développeurs de services peuvent soumettre leur code open-source. Ce code est ensuite exécuté et vérifié dans les enclaves sécurisées pour garantir qu’il respecte les spécifications initiales et qu’il n’a pas été altéré.

D’autre part, TIP propose un réseau de prouveurs décentralisés. Ces derniers surveillent en continu l’intégrité des services pour détecter toute tentative de manipulation ou d’altération. Une prouesse technique qui neutralise toute tentative malveillante pouvant même émaner d’acteurs introduits au sein même du protocole concerné.

Ainsi, en utilisant des mécanismes d’attestation tels que le RMI et la validation matérielle, le TIP crée un environnement privé et décentralisé au sein duquel pourront être exécutées tous types de requêtes, sans dépendre d’aucune entité externe pour fonctionner.

Une enclave sécurisée, inviolable, inaltérable, et pouvant être déployée pour n’importe quelle infrastructure Web3. Un havre de paix dans un écosystème toujours en proie aux menaces qui viennent parfois même de l’intérieur. Pour dormir tranquilles, n’hésitez pas à partir à la découverte de cette pépite française qui a tout d’une grande, et même bien plus.

L’article Ternoa Integrity Proof (TIP): la sécurité décentralisée du web3 est apparu en premier sur Journal du Coin.