Bitcoin’s institutional adoption has surged in 2024, with the cryptocurrency’s value increasing by nearly 130% and breaking record highs multiple times. It’s now close to the $100,000 mark. ETFs approved in January have seen net inflows of $36 billion and have amassed over 1 million BTC. The trend of companies adding bitcoin to their treasuries, which began with MicroStrategy in 2020, has gained momentum. KULR Technology recently bought 217.18 BTC for $21 million, planning to allocate up to 90% of surplus cash to BTC. Bitwise Asset Management has applied for an ETF that tracks companies holding at least 1,000 BTC, with specific market cap and liquidity requirements. Strive Asset Management, co-founded by Vivek Ramaswamy, filed for the Bitcoin Bond ETF, aiming to provide exposure through MicroStrategy’s convertible securities. These bonds have been a massive success, with the 0% coupon bond maturing in 2027 priced at 150% above par, outperforming bitcoin since inception.
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