In the spring of 2025, the global financial market is quietly brewing a revolution. Bitcoin, once ridiculed as a "geek fantasy," now proudly takes center stage in corporate board strategies. From Wall Street financial giants to Silicon Valley tech pioneers, from Tokyo's investment stars to British football clubs, listed companies and institutions are incorporating Bitcoin into their balance sheets at an astonishing speed. This is not a speculative frenzy, but a well-considered bet on value storage, brand reinvention, and the future of finance.

United States: Bitcoin's "Wall Street Moment"

As the beacon of global finance and technology, the United States is the pioneer of corporate Bitcoin investment. From April to May 2025, listed companies have embraced Bitcoin with an eye-opening scale and speed, driven by both wariness of inflation and a desire for brand innovation.

MicroStrategy: The Standard-Bearer of Digital Gold

MicroStrategy, a business intelligence software company founded in 1989, is no longer a traditional tech enterprise. Under the leadership of founder Michael Saylor, it has transformed into the world's largest "Bitcoin investment company". In April 2025, MicroStrategy's actions were nothing short of epic: the company purchased 25,370 Bitcoins in three batches, totaling approximately $2.2616 billion (April 7-13: 3,459 Bitcoins, $285.8 million; April 14-20: 6,556 Bitcoins, $555.8 million; April 21-27: 15,355 Bitcoins, $1.42 billion). By the end of April, its holdings reached 553,555 Bitcoins, with a cost of about $37.9 billion. Even more stunning was the company's record $21 billion At-The-Market (ATM) stock issuance, adding 301,335 Bitcoins, effectively reshaping its asset landscape.

Saylor's logic is simple yet radical: the long-term devaluation of the US dollar makes cash reserves melt like snow, while Bitcoin's fixed supply (21 million coins) makes it "cyber gold". He not only bet the company's fate on this but also became a Bitcoin evangelist on social media, attracting global attention. What's less known is that MicroStrategy's success benefited from an invisible enabler: in 2023, the US Financial Accounting Standards Board allowed companies to measure Bitcoin at fair value, greatly reducing accounting complexity. This policy dividend was like opening Pandora's box, encouraging more companies to follow suit.

Twenty One Capital: The Superalliance of Finance and Crypto

Twenty One Capital (abbreviated as "21 Capital") is the "super newcomer" of Bitcoin investment in 2025. This new company plans to go public through a SPAC merger with Cantor Equity Partners, crafted by four giants:

· Cantor Fitzgerald, a Wall Street investment bank founded in 1945, with annual revenue over $2 billion, collaborating with Tether to manage its Treasury assets.

· SoftBank, a Japanese tech investment giant managing over $200 billion in assets, with an investment portfolio including Alibaba and Uber.

· Tether, the issuer of the world's largest stablecoin USDT, with profits of about $13 billion in 2024.

· Bitfinex, a leading crypto trading platform with daily trading volumes exceeding $1 billion.

On April 23, 2025, 21 Capital announced raising $360 million through a SPAC merger, initially holding 42,000 Bitcoins (about $3.9 billion). Funding sources included $150 million from Tether (later revised to $160 million), $900 million from SoftBank, $600 million from Bitfinex, and $585 million in debt and equity financing. The project was led by Cantor Fitzgerald Chairman Brandon Luttig, with Strike founder Jack Mallers as CEO. 21 Capital introduced "Bitcoin per Share" (BPS) and "Bitcoin Return Rate" (BRR) indicators, aiming to maximize shareholders' Bitcoin exposure.

21 Capital's birth is a historic handshake between traditional finance and the crypto industry. Cantor Fitzgerald's endorsement brings Bitcoin into the Wall Street core; SoftBank's involvement marks Masayoshi Son's strong comeback from the 2017 Bitcoin investment failure; Tether and Bitfinex's financial strength inject rocket fuel into the project. This is more than an investment; it's a declaration about the future of finance. However, Tether's regulatory controversies (2021 US settlement) may cast a shadow on the project, and the complexity of its SPAC listing adds uncertainty.

Semler Scientific: The Hidden Pioneer of the Medical Industry

Semler Scientific, a California medical technology company focusing on chronic disease management devices, with a market value of only $300 million, seemingly has nothing to do with the cyber world of Bitcoin. However, in April 2025, this small giant showed great boldness. On April 15, the company planned to issue $500 million in securities, explicitly stating that funds would primarily be used to purchase Bitcoin. Subsequently, from April 25-29, it added 165 Bitcoins, spending about $15.7 million, with total holdings reaching 3,467 Bitcoins, valued at approximately $326 million.

Why is Semler betting on Bitcoin? CFO Doug Murphy-Chutorian previously revealed at a shareholders' meeting that Bitcoin's decentralized nature and anti-inflationary attributes align with the company's pursuit of long-term value. A deeper driver comes from shareholders: some of Semler's investors are crypto hedge funds hoping to enhance returns through Bitcoin. Semler's low-key execution—neither boasting nor causing stock price volatility—demonstrates an emerging model where small and medium-sized listed companies are quietly integrating Bitcoin into their strategies, rather than merely chasing market trends.

GameStop: From Meme Stock to Bitcoin Pioneer

GameStop's story is like a Hollywood script. This game retail company founded in 1984 became famous due to the 2021 "meme stock" frenzy driven by retail investor communities. On March 27, 2025, GameStop announced issuing $1.3 billion in zero-coupon convertible bonds (maturing in 2030), with a $200 million additional issuance option, totaling about $1.48 billion, directly aimed at Bitcoin purchases. This move stunned the market, with the retail community viewing it as the beginning of "GameStop 2.0".

Under CEO Ryan Cohen's leadership, GameStop is breaking out of retail difficulties. Bitcoin is not just an asset hedging tool but a brand reinvention weapon aimed at attracting young, tech-friendly consumers. The company also plans to launch crypto-related services like an NFT marketplace or Bitcoin payment system. However, the massive $1.5 billion investment has also sparked controversy: Bitcoin's volatility could make financial statements a roller coaster. Supporters see it as a victory of meme culture, while critics worry about repeating aggressive expansion mistakes. Regardless, GameStop's transformation is destined to be a 2025 focal point.

Tesla: The Silent Bitcoin Holder

Tesla, the global electric vehicle leader with a market value exceeding $1 trillion, led by Elon Musk, has every crypto move scrutinized by the market. In April 2025, Tesla disclosed holding 11,509 Bitcoins, valued at approximately $951 million, unchanged from the previous quarter. Since purchasing Bitcoin in 2021, Tesla briefly accepted Bitcoin payments (later suspended due to environmental concerns) but never sold its holdings.

Tesla's low-key approach is intriguing. Musk, as a crypto "opinion leader", has repeatedly expressed support for Bitcoin, calling it a "decentralized financial experiment". However, as a new energy giant, Tesla must balance environmental pressures with crypto investment returns. Bitcoin mining's energy controversy makes the company cautious, but its continued holding shows confidence in long-term value. Tesla's silence, like the calm before a storm, hints at potentially larger strategies brewing.

SBC Medical Group: A Small and Beautiful Experimental Field

SBC Medical Group, a small medical company focusing on beauty and health services, went public on NASDAQ in 2024 with a market value of less than $100 million. On April 14, 2025, it purchased 5 Bitcoins for $400,000, stating this move was a strategy to "diversify assets and preserve value". Despite its small scale, this action reflects the spread of Bitcoin investment: even marginal players are beginning to test the waters of digital gold.

SBC's motivation might come from executives' crypto beliefs or shareholder pressure. Although its attempt is not prominent, it is like a seed, suggesting that Bitcoin may take root in more small and medium-sized enterprises. This trickle effect may have more long-term significance than the bold bets of giants.

Japan: Asia's Bitcoin Experimental Ground

With its open crypto policies and technological genes, Japan has become fertile ground for Bitcoin investment in Asia. In April 2025, actions from two companies ignited market enthusiasm.

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