Which Stocks Are Following Michael Saylor’s Bitcoin-Buying Playbook?

More companies are investing in bitcoin to add value to their core business and shore up treasury assets, but is this a safe long-term bet?

Jun 10, 2025

Michael Saylor’s Strategy owns more than 580,000 bitcoin as of June 2025, tipping its market cap above $100bn.
Three other companies sinking significant funds into bitcoin include Alliance Resource Partners, Goodfood and Semler Scientific.
Meta shareholders have voted against investing in the cryptocurrency, while one expert cautions a fall in bitcoin below $90,000 could send companies’ treasury assets into the red.

In the almost five years since Michael Saylor started adding bitcoin to Strategy’s (formerly MicroStrategy) [MSTR] balance sheet, the company’s holding of the cryptocurrency has increased 27-fold. The first purchase of 21,454 bitcoin was made in August 2020 and the most recent purchase of 705 last week took the total number held to 580,955,^[1] as shown in the graph below, pushing Strategy’s market cap well past $100bn.

Strategy's Bitcoin Holdings, August 20-June 25

Seeing the success of Saylor’s bitcoin play, many listed companies are following suit.

At the end of May, Trump Media & Technology Group [DJT], the company that operates the social network Truth Social, raised $2.5bn to invest in bitcoin, describing the cryptocurrency as “an apex instrument of financial freedom”.^[2]

Struggling video games retailer GameStop [GME] disclosed that it had bought 4,710 bitcoin at the end of May,^[3] its first purchase since its board voted in favor of adopting bitcoin as a treasury reserve asset in March.

Here are a few other examples of companies adding bitcoin to their balance sheets.

Alliance Resource Partners [ARLP]

Alliance is the second-biggest coal producer in the eastern US. Back in 2020, the company decided to utilize the excess power from its coal mining activities in Kentucky to fuel cryptocurrency activities.

The number on its balance sheet was disclosed on its Q4 earnings call in February. As of December 31 2024, it held 482 bitcoin at a valuation of $45m. The increase in their market value added $22.4m to its full-year net income of $60.9m.^[4]

As of March 31, holdings had increased to 513, although the valuation had fallen slightly to $42m.^[5]

ARLP shares are up 3.12% in the year to June 6, and up 23.21% in the past 12 months.

Goodfood Market [GDDFF]

Goodfood is a Canadian meal kit provider experiencing a slump in sales as a result of a poor macroeconomic environment impacting consumer behavior and spending. Revenue was down 14% and 23% in Q1^[6] and Q2^[7] 2025, respectively.

The company’s CEO Jonathan Ferrari decided in January to turn to bitcoin as a treasury strategy to generate more liquidity and attract investors to its stock, as reported by Bloomberg.^[8]

“Accumulating bitcoin aligns with our long-term focus on value creation, protects against inflation and rising food costs, and leverages its potential as digital capital,” Ferrari said in a statement.^[9]

Goodfood held 22.3 bitcoin through an ETF as of the quarter that ended March 8.

GDDFF shares are down 60.11% in the year to June 6, and down 49.49% in the past 12 months.

Semler Scientific [SMLR]

Semler is a California-based medtech company whose key product, QuantaFlo, is used in the diagnosis of peripheral artery disease.

In April, Semler agreed to settle a claim with the US Department of Justice regarding the marketing of QuantaFlo for $29.75m. Bitcoin holdings will be used as collateral for a loan from Coinbase [COIN] to fund the settlement.^[10]

Semler has been acquiring bitcoin since May 2024. As of June 3, it held 4,449 for a combined purchase price of $410m. The current valuation is $472.9m, yielding 26.7% since January 1, according to a presentation given in the first week of June.^[11]

The company’s Chairman Eric Semler explained the rationale behind the bitcoin buying on the Q1 earnings call in May: “It cannot be tariffed. It does not issue earnings or guidance. It does not have counterparty risk, and it continues to trade at a huge discount to gold.”^[12]

SMLR shares are down 38.93% in the year to June 6, and up 10.41% in the past 12 months.

How These Three Bitcoin-Buying Stocks Compare

ARLP, GDDFF & SMLR Fundamentals Comparison

The common theme between the three stocks is that they are businesses struggling for healthy revenue growth and looking to create value for shareholders.

Semler has turned to bitcoin to generate extra cash as sales of QuantaFlo fluctuate and it develops further products.^[13]

Goodfood is a small-cap stock that has been grappling with a challenging consumer environment and is looking to “hedge against fiat currency depreciation and safeguard long-term value”.

Alliance operates in a cyclical and volatile industry and is mining bitcoin to ensure that excess electricity from its coal mining does not go to waste.

The three companies’ shares have also recorded radically different performances over the past 12 months, especially when compared with MSTR’s growth.

ARPL vs GDDFF vs MSTR vs SMLR Past 12 months performance

The Bitcoin Play: The Investment Case

Bull Case for Bitcoin on the Balance Sheet

The good news for bitcoin investors is that the Trump administration seems more supportive of bitcoin than former US President Joe Biden, who was keen to regulate cryptocurrency during his presidency. US President Donald Trump signed an executive order in March laying the groundwork for a national bitcoin reserve.^[14]

Saylor told CNBC at the Bitcoin 2025 conference in Las Vegas at the end of May that Trump Media’s bitcoin-buying plan is “courageous, aggressive and intelligent”.^[15] Companies are likely to view the move as a bullish signal for bitcoin treasury reserves.

Bear Case for Bitcoin on the Balance Sheet

Bitcoin treasury reserves can be rewarding, but the problem is that many of the new corporate buyers have been doubling their holdings over the past couple of months and their average cost-per-bitcoin has risen sharply. If the bitcoin price was to pull back below $90,000, then a number of these companies would see the valuation of their treasuries fall into the red, according to Geoffrey Kendrick, Head of Digital Assets Research at Standard Chartered.^[16]

Despite corporate enthusiasm, there is also caution. In early June, Meta [META] shareholders overwhelmingly rejected a bid to add bitcoin to its balance sheet — approximately 4.9 billion votes against versus 3.9 million for.^[17]

Conclusion

There is no denying bitcoin’s appeal as a treasury asset, especially during periods of economic and geopolitical uncertainty. It is certainly a strategy that can pay off and be highly profitable.

However, companies buying the cryptocurrency are depending on the bitcoin price heading higher. With the price trading above $100,000, adding bitcoin to the balance sheet at the current level could be considered a risky play, at least in the short term.

This is for informational purposes only. OPTO Markets does not recommend any specific securities or investment strategies. Investing involves risk and investments may lose value, including the loss of principal. Past performance does not guarantee future results.

^[1] https://www.strategy.com/purchases

^[2] https://ir.tmtgcorp.com/news-events/press-releases/#b2iLibScrollTo

^[3] https://news.gamestop.com/news-releases/news-details/2025/GameStop-Announces-Purchase-of-Bitcoin/default.aspx

^[4] https://uk.marketscreener.com/quote/stock/ALLIANCE-RESOURCE-PARTNER-8423/news/Transcript-Alliance-Resource-Partners-L-P-Q4-2024-Earnings-Call-Feb-03-2025-48940993/

^[5] https://www.marketscreener.com/quote/stock/ALLIANCE-RESOURCE-PARTNER-8423/news/Transcript-Alliance-Resource-Partners-L-P-Q1-2025-Earnings-Call-Apr-28-2025-49741780/

^[6] https://cdn.makegoodfood.ca/images/investors/docs/2025/news/Goodfood_FY25_Q1_Earnings_Press_Release_en.pdf

^[7] https://cdn.makegoodfood.ca/images/investors/docs/2025/q2/Goodfood_FY25_Q2_Earnings_Press_Release_en.pdf

^[8] https://www.bloomberg.com/news/articles/2025-02-19/michael-saylor-s-big-bet-on-bitcoin-is-inspiring-copycat-ceos

^[9] https://cdn.makegoodfood.ca/images/investors/docs/2025/news/Goodfood_Bitcoin_Investment_en.pdf

^[10] https://ir.semlerscientific.com/static-files/2a4c67d4-42e2-4438-83fb-c2b415263661

^[11] https://ir.semlerscientific.com/static-files/54929ff2-7d4f-47d0-8ca2-34cbb28d6208

^[12] https://www.marketscreener.com/quote/stock/SEMLER-SCIENTIFIC-INC-120795486/news/Transcript-Semler-Scientific-Inc-Q1-2025-Earnings-Call-May-13-2025-49936329/