An increasing number of KOSDAQ-listed companies are adopting a strategy of acquiring Bitcoin financed by convertible bond (CB) issuance, sparking comparisons to “Korea’s MicroStrategy.” This mirrors the U.S.-based MicroStrategy, which famously leveraged debt to build a massive Bitcoin reserve and attract global market attention.
Bitmax is a prominent example. The company raised approximately KRW 100 billion through a CB offering, allocating about KRW 90 billion to purchase Bitcoin. As a result, its holdings grew to over 300 BTC, while its share price soared 276% in a short period, despite the absence of major improvements in revenue or new proven businesses. The move quickly turned Bitmax into a flagship “Bitcoin theme stock,” attracting speculative trading volumes.
Bridge Biotherapeutics, a biotech firm struggling with stalled clinical trials, announced plans to pivot into digital assets by partnering with a crypto-focused investment group. It aims to raise KRW 20 billion in equity and KRW 5 billion via CBs. Following this disclosure, its stock hit daily upper price limits for several sessions.
Initek declared plans to enter the stablecoin payments market and is securing funding for the project. Apt Neuroscience also revealed it will amend its corporate charter to formally include cryptocurrency operations as part of its core business. For companies facing chronic losses or stagnant growth, embracing a crypto narrative has become a way to secure liquidity and renew investor interest.
Market reactions are divided. Some analysts see these strategies as innovative diversification, using digital assets to strengthen balance sheets and unlock new valuation potential. Others caution that hype without clear fundamentals could expose retail investors to severe volatility and financial risk.
Regulatory uncertainty remains significant. Financial authorities are preparing detailed guidelines to clarify how listed companies can hold and manage crypto assets. If Bitcoin holdings exceed certain thresholds, companies will face stricter disclosure and compliance obligations.
Even so, the “Bitcoin CB strategy” is rapidly gaining traction as an alternative financing approach in Korea’s stock market. Whether these firms can build sustainable revenue models or are simply riding a temporary wave of speculation remains to be seen.
