The relationship between traditional finance (TradFi) and Bitcoin is evolving as 34 public corporations collectively hold 699,387 BTC, valued at over $72 billion, with MicroStrategy leading the pack with 555,450 BTC. While adding Bitcoin to a company's balance sheet can be seen as a positive move, the actual impact on stock performance varies. Some companies like Metaplanet have seen their stock surge over 3,000% since acquiring BTC, while others have experienced more modest gains or even losses.

Metaplanet, a Japanese company that originally focused on hotel operations, has shifted its business model to become heavily Bitcoin-focused, with a majority of its revenue now coming from Bitcoin option premium harvesting. Since incorporating Bitcoin into its balance sheet in 2024, the company's stock has skyrocketed, attracting significant investor interest. Despite short-term valuation fluctuations due to Bitcoin price changes, Metaplanet has shown strong confidence in its long-term crypto strategy.

In contrast, Nexon, a Japanese gaming company that added Bitcoin to its balance sheet in 2021, has not seen a positive impact on its stock performance, with shares dropping by almost 29% post-acquisition. The company's value is more closely tied to the success of its gaming titles rather than its crypto holdings.

Semler Scientific, after purchasing Bitcoin in 2024, has seen its stock rise by over 55%. Though smaller in scale compared to other crypto holders, Semler's aggressive accumulation has positioned it as a notable player in the corporate adoption of Bitcoin narrative. While it reported a drop in revenue in Q1 2025 due to healthcare segment declines, the company remains committed to expanding its Bitcoin investments.

Tesla, led by Elon Musk, has had a turbulent relationship with Bitcoin since adding it to its balance sheet in 2021. Despite market volatility, Tesla's early crypto exposure has positioned it as a key player in institutional crypto adoption. However, the company posted disappointing Q1 2025 earnings, with declining revenue and profits due to various challenges in the automotive sector.

Block Inc., founded by Jack Dorsey, holds Bitcoin worth around $881 million after adding it to its balance sheet in 2022. Despite its early involvement in Bitcoin and crypto integration via Cash App, Block's stock performance has been moderately volatile. Its Q1 2025 earnings missed expectations, and while Cash App's gross profit increased, the company's guidance was lowered due to macroeconomic uncertainties. Investors are cautious as Block prepares to launch its first Bitcoin mining chips later this year.