Does it make sense for a company to hold a huge pile of cash on its balance sheet? Theoretically, no — it’s better to give the money back to shareholders and let them decide what to do with it. In reality, companies like Apple and Berkshire Hathaway have become enormous piggy banks, and investors seem fine with it.
Some companies are taking this anomaly and running with it — by holding bitcoin rather than dollars. Presidential family business Trump Media & Technology Group has raised $2.5bn for this purpose. It joins libertarian streaming platform Rumble, meme-stock favourite GameStop and Elon Musk’s carmaker Tesla. The granddaddy of crypto treasuries is Strategy — previously known as MicroStrategy — which owns $64bn of bitcoin.
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