In recent months, a new wave of public companies has been making headlines by aggressively adding Bitcoin to their corporate treasuries. Firms like ProCap, GameStop, and Metaplanet have announced major financing deals and substantial BTC acquisitions, signaling a growing trend among corporates to diversify their balance sheets with digital assets. Yet, despite this surge in buying activity, Bitcoin’s price has shown little reaction, raising questions about the real impact of these strategies on the broader crypto market.
Corporate Bitcoin Buying: The Latest Moves
• ProCap recently acquired 1,208 BTC, investing around $128 million at an average price of $105,977 per coin. This purchase brings ProCap’s total holdings to 4,932 BTC, following a previous buy of 3,724 BTC just days earlier. The company’s ambitious $1 billion Bitcoin treasury plan coincides with its move to go public, mirroring strategies popularized by industry leaders like Strategy (formerly MicroStrategy) .
• GameStop has also entered the Bitcoin treasury arena, securing $450 million through a convertible notes offering, with plans to allocate part of these funds to its new BTC holdings. The company now holds 4,710 BTC, using proceeds from its $2,7 billion financing to support both general operations and strategic investments .
• Metaplanet, a Japanese firm, raised $515 million to expand its Bitcoin reserves, aiming to reach 1% of Bitcoin’s total supply by 2027. The company currently holds 11,111 BTC and is actively raising additional capital through share issuances .
Why Isn’t Bitcoin’s Price Responding?
Despite these high-profile purchases, Bitcoin’s price has remained relatively stable, trading around $107,600 with only modest gains. According to K33 Research, the correlation between 30-day flows from public company purchases and Bitcoin’s 30-day returns is weak, with an R² of just 0,18. The main reason: many of these acquisitions are made “in-kind,” where large Bitcoin holders swap their coins for company shares, rather than buying directly on the open market. This structure reduces the immediate supply impact and dampens any upward price pressure .
“With the massive momentum in BTC treasury companies of late, more investors are attracted to this trade and may seek to sell BTC spot to participate in ATM offerings or fund enterprises directly in-kind. These structures weaken the supply impact of treasury company purchases and may explain the soft R² of 0,18 between 30-day treasury flows and BTC returns.” — K33 Research
The Bigger Picture: Risks and Rewards
The rise of Bitcoin treasury companies is reshaping how public firms manage capital and interact with digital assets. By converting significant portions of their balance sheets into Bitcoin, these companies are betting on the long-term value of crypto while offering investors new ways to gain exposure . However, this strategy is not without risks. If Bitcoin’s price drops significantly, companies with large BTC reserves could face capital erosion, and smaller firms may be especially vulnerable to market volatility .
For now, the trend highlights both the growing institutional interest in Bitcoin and the complex dynamics at play in the crypto market. As more companies adopt Bitcoin treasury strategies, investors and analysts will be watching closely to see if—and when—these moves start to influence price action in a more meaningful way.
