Bitcoin (BTC) has emerged as a significant treasury asset for public companies, a trend catalyzed by MicroStrategy's (MSTR) decision to incorporate bitcoin into its corporate treasury in August 2020, resulting in an over 800% increase in its stock value. According to BitcoinTreasuries.net, public companies hold approximately 354,316 BTC, about 1.69% of the total bitcoin supply of 21 million.

This move has inspired a following, with several other companies adopting bitcoin to diversify and protect themselves from inflationary pressures. Notable among these are Metaplanet (3350), Semler Scientific (SMLR) and most recently, Cathedra Bitcoin (CBIT).

Cathedra Bitcoin, a publicly traded company on the TSX Venture Exchange in Canada, has made a strategic shift from focusing solely on bitcoin mining to developing and operating data centers. The change comes as the mining industry faces increasing challenges due to the bitcoin halving. The Hashrate index, which tracks bitcoin mining revenue, is at a relatively low 43 (petahash/second) PH/s, with an all-time low of 36 PH/s, causing many public miners to struggle in 2024.

Cathedra's goal is now to maximize bitcoin holdings per share by moving away from mining to create a more sustainable cash flow. This pivot allows the company to continuously acquire more bitcoin, focusing on long-term growth in bitcoin holdings rather than costly operational ventures.

"Going forward, we will make all capital allocation decisions with the intention of maximizing our shareholders’ per-share bitcoin holdings," the company said.

Also active in the bitcoin treasury arena is Metaplanet, led by CEO Simon Gerovich. Similar to Cathedra, Metaplanet is also prioritizing growth in its bitcoin holdings. Gerovich has emphasized the company's goal of boosting its holdings each month, a strategy that has led to significant gains. Year-to-date, Metaplanet's stock value has increased by 587%, reflecting the market's positive response to its strategic approach.

MicroStrategy remains a pioneer and the most significant participant in the bitcoin treasury space. Under Michael Saylor's leadership, the company continues to innovate and expand bitcoin adoption. On Sept. 18, it announced the pricing of a $875 million convertible senior notes offering, upsized from an initial $700 million.

The notes carry a 0.625% interest rate and mature in 2028. The proceeds will be used to redeem $500 million in high-interest 6.125% senior secured notes at a redemption price of 103.063% of the principal amount, reducing the company's interest payments. The remaining funds will be used to buy more bitcoin. The offering also includes an option for initial purchasers to buy up to an additional $135 million in notes.

In a recent 8-K filing, MicroStrategy introduced an innovative concept called "bitcoin yield," which measures the percentage change in the company's bitcoin holdings relative to its assumed diluted shares outstanding, including both Class A and Class B shares. From January 1 to Sept.12 the company's bitcoin yield was 17%, with a quarter-to-date yield of 4.4%.

According to the MSTR-tracker, the bitcoin per share ratio is currently about 0.0012. This metric suggests that long-term shareholders are experiencing accretive value in their bitcoin holdings.

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