Crypto companies are using stock offerings, debt sales, and ETFs to tap into the Bitcoin buying frenzy. As Bitcoin surges to record highs, firms from miners to Wall Street are raising billions to buy more BTC. From convertible bond deals to secondary share sales, companies are leveraging capital markets to feed the Bitcoin buying frenzy. This article explores the stock deals and debt issuances driving the crypto buying boom, backed by data and official statements.

Key Takeaways:

• Spot Bitcoin ETFs launched in 2024 pulled in $12.1B net in Q1 2024. Bitcoin’s price then jumped ~67% YTD in 2024, helping trigger the current buying frenzy.
• In 2024, publicly traded Bitcoin miners raised about $5.2B through convertible bonds (e.g. Marathon Digital, Core Scientific, etc.). These proceeds are used to acquire more BTC.
• MicroStrategy (now Strategy) sold $2.6B of new convertible debt in late 2024 to buy Bitcoin, and has raised roughly $8B via such notes. Other firms like Semler Scientific raised $100M in convertibles for BTC.
• Trump Media (DJT) plans a $2.5B stock-and-bond offering to build a Bitcoin reserve, and Paris-listed Blockchain Group issued a €63.3M BTC-denominated bond to add about 590 BTC to its treasury.
• These financings are part of a broader trend of firms tapping equity and debt markets to ride the Bitcoin buying frenzy as prices climb.

How Capital Markets Fuel the Bitcoin Buying Frenzy

As Bitcoin’s price climbs, companies are flocking to the capital markets to get in on the action. Since late 2024, supportive policies and record highs have sparked a Bitcoin buying frenzy. For example, Bitcoin surged ~60% after the Nov 2024 U.S. election (reaching about $111,000). 

Firms see rising prices and easier regulation (the new administration’s embrace of crypto) as a signal to add BTC to their balance sheets. Even Goldman Sachs analysts have noted a wave of filings and ETF approvals that has opened the floodgates for crypto fundraising.

Public markets have provided the ammunition. In early 2024, the debut of multiple spot-Bitcoin ETFs drew a rush of cash (about $12.1B by Q1 2024), which helped boost Bitcoin’s price. That ETF-fueled rally – roughly 67% jump in price by March 2024 – made the buy-and-hold strategy very lucrative.

Companies responded by issuing stock and bonds to buy more BTC. As Reuters notes, this is part of “a recent trend of public companies adding bitcoin… to capitalize on rising token prices”. In short, every rally in Bitcoin has driven a feeding frenzy, and capital markets have been the retailers of new chips in this game.

Convertible Debt and Equity Raises

Many crypto companies have embraced the strategy of raising cheap capital to bulk up their Bitcoin holdings. MicroStrategy (rebranded “Strategy”) is the poster child: between March and November 2024 it issued five convertible-bond deals explicitly to fund Bitcoin buys. 

In one late-2024 deal, MicroStrategy sold $2.6B of zero-coupon convertibles, with the company stating it will “acquire additional bitcoin” with the proceeds. In total, Strategy has raised on the order of $8B via convertible notes. These bonds often carry very high conversion premiums, reflecting the market’s view of Strategy’s valuable BTC reserves.

Bitcoin miners have followed suit. In fact, industry analysts note that seven publicly-traded Bitcoin miners and data center operators raised a combined $5.2B via convertible notes since mid-2024. Marathon Digital (MARA) alone closed an $850 million convertible offering in Dec 2024, netting about $835.1M after fees to buy more Bitcoin.

Core Scientific likewise upsized a convertible deal to $550M. These issuances – essentially selling bonds that convert into equity – gave these companies cash they could pour directly into Bitcoin purchases.

This trend is spreading beyond tech and mining. Semler Scientific, a medical-device firm, pivoted to a Bitcoin strategy and promptly raised $100M in convertible notes. Its stock jumped as investors bought into the new plan. 

Even entertainment and biotech firms are jumping on board: GameStop and “several biotech companies have tried to replicate” MicroStrategy’s move by announcing crypto reserve plans. In short, any company that emphasizes Bitcoin on its balance sheet has found it easier to borrow or issue stock – giving rise to more fundraising to feed the crypto treasury.

Spot Bitcoin ETFs Spark Demand

The rise of Bitcoin ETFs in early 2024 has also played a role in this frenzy. On January 10, 2024, the SEC approved multiple spot-Bitcoin ETFs in the US, and they quickly became hugely popular with investors. By the end of Q1 2024 the eleven approved funds had raked in roughly $12.1B of net inflows.

This influx of institutional money drove Bitcoin’s price upward (the ETFs enjoyed about a 67% YTD price gain in early 2024). As Bitcoin climbed, companies saw an opportunity to capitalize. 

ETFs made it easy for institutions to speculate on Bitcoin’s upside, validating the asset and giving corporate treasurers confidence to raise money and buy BTC. In effect, ETF inflows helped amplify the Bitcoin buying frenzy, tightening the feedback loop between price gains and capital raises.

Major Corporate Moves

High-profile announcements have underscored the trend. In May 2025, Trump Media & Technology Group (parent of Truth Social) revealed plans to raise about $2.5B to invest in Bitcoin. The company will sell $1.5B of stock at market price and $1.0B of convertible bonds (at a premium) to build a “Bitcoin reserve.” 

Anchoring the story, Trump Media’s CEO hailed Bitcoin as a key to financial freedom. Similarly, in Europe the Blockchain Group (Euronext: ALTBG) – a Paris-listed “Bitcoin Treasury” Company”—launched a €63.3M convertible bond (denominated in BTC) for the same purpose. This deal alone enables roughly 590 BTC of new buying.

Beyond those, specialized vehicles have sprung up. Cantor Fitzgerald teamed with Tether and SoftBank to form “Twenty One Capital,” a blank-check vehicle worth $3.6B aimed at buying Bitcoin. Even niche players like record labels and gaming firms are announcing Bitcoin strategies. 

These examples show that the Bitcoin buying frenzy is now drawing a wide range of companies into public markets. By issuing shares or debt, they tap investor cash to buy and hold Bitcoin – effectively using capital markets as the fuel tank for Bitcoin accumulation.

Conclusion: Riding the Bitcoin Buying Frenzy

The Bitcoin buying frenzy is in overdrive, and capital markets are the engine. From miners and tech firms to media companies and beyond, businesses are discovering that selling equity or debt can rapidly fund large Bitcoin purchases. The data is clear: companies raised billions this cycle to bulk up their BTC treasuries. As long as Bitcoin’s rally continues, this dynamic is likely to accelerate.