Never mind the products: our new business model is to hold crypto and forget the risk

Struggling companies the world over are praying that a risky cryptocurrency strategy is the answer to their problems

- Patricia Clarke

In June, shares in a little-known London-listed medical devices company, TruSpine, were at an all-time low. For 11 years the business had been promising to develop spinal implants, but they somehow never reached the market, and all the while losses, fines and investor mistrust accumulated. Then a new management team prescribed an unexpected cure: bitcoin.

In a note to shareholders dated 25 June, Geoff Miller, TruSpine's chair since last year, said the company would raise money to buy and hold the cryptocurrency. On the day of the announcement, the firm's stock jumped 300% to £1.60. Investors approved the strategy at a general meeting on Friday.

TruSpine is not alone. Globally, at the latest count, 169 publicly traded companies hold bitcoin. A handful of those are bitcoin miners and exchanges, but most are so-called "crypto treasuries" - ordinary firms that have begun treating cryptocurrency as a reserve asset. This new business model emerged five years ago, but the trend accelerated in recent months as the price of bitcoin soared to new highs.

This may seem a brilliant idea for small, loss-making companies desperate to attract investor attention and so rally their share prices. But it may prove to be a speculative gamble on digital snake oil that echoes past bubbles, from dotcom hype to memestock mania.

The majority of these "crypto treasuries" are American, many spurred by President Donald Trump's sweeping deregulation of the sector. But since May, a motley crew of London-listed companies - from one hitherto producing helium to an "agentic AI" startup - have announced bitcoin pivots.