The rise of Bitcoin Treasury Companies, dubbed Suitcoins: strategy, risks and contradictions of the new financial trend.

In recent months there has been a real rush by listed companies to include bitcoin in their balance sheets. The pioneer was Strategy (formerly MicroStrategy), which had already purchased the first $250 million of bitcoin in August 2020. Over time, Strategy has become the world’s largest Bitcoin Treasury Company. Its bitcoin reserves have grown to exceed 600,000 BTC.

Many companies have followed Strategy’s example. Current data from Bitcointreasuries.net indicates that 155 listed companies collectively hold more than 860,000 BTC.

For example, American biotech Semler Scientific has issued convertible bonds (explained later, ed.) and used the proceeds to buy bitcoin, bringing its total reserves to 4,846 BTC. In Japan MetaPlanet has become the reference Bitcoin Treasury Company, almost completely abandoning its own business – the hotel business – and announcing an ambitious acquisition plan of 210,000 BTC by 2027. Other companies have also announced similar strategies: historic video game chain GameStop has updated its investment policy to include BTC as a treasury asset, purchasing 4,710 BTC through a convertible bond offering. Also in the United States, Twenty One Capital, a SPAC launched with support from Tether and SoftBank, has raised $585 million with the goal of accumulating BTC. Even in Europe the phenomenon is spreading: The Blockchain Group, a company listed in Paris, has issued convertible bonds to purchase bitcoin, funds that have allowed it to reach a total of 1,955 BTC.

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