MicroStrategy’s adoption of Bitcoin as a primary treasury asset has increased the company's enterprise value from $600 million to over $6 billion since 2020. This strategy significantly outperformed traditional benchmarks like the S&P 500 and gold, leveraging an asset with an annual appreciation rate exceeding 50% while traditional sovereign debt yielded near-zero returns. Beyond capital appreciation, the company’s stock serves as a regulated institutional on-ramp, allowing investors to gain Bitcoin exposure through a NASDAQ-listed security without the custodial and regulatory hurdles of holding commodities directly. Future corporate adoption of digital assets depends on several looming regulatory milestones, most notably the FASB’s transition to fair value accounting. The emergence of Bitcoin spot ETFs and clearer SEC guidance for exchange compliance and bank custody will further lower barriers, likely triggering a broader wave of public companies integrating Bitcoin into their balance sheets.
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