What does the ragtag group including a fitness equipment maker, biopharmaceutical company and producer of battery materials have in common?

Bitcoin, of course.

As the cryptocurrency skyrockets to unheard-of levels this month, at least 12 publicly traded companies that previously had nothing to do with crypto announced they plan to buy bitcoin (BTC), choosing it as a modern — and, lately, quite profitable — place to park spare cash. It’s a path illuminated by Michael Saylor’s laser eyes since 2020, when he began converting his sleepy software maker MicroStrategy into a corporate vault for bitcoin.

That’s turned MicroStrategy into a massive stock market success — up roughly 30 times in value since Saylor began buying bitcoin for the company, amassing a massive stockpile now worth about $38 billion. Just this month, its shares have nearly doubled in price since Donald Trump was elected U.S. president after pledging to embrace crypto. (Other crypto stocks have jumped, too. Coinbase, the exchange operator, is up nearly 70% since the day before the election.)

Others are trying to duplicate that success. On Friday, a biotech compa

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Author: Aoyon Ashraf