Polish companies bet on Bitcoin – Following in MicroStrategy’s footsteps

Two small gaming firms from Poland plan to adopt a bitcoin treasury strategy, joining a growing global trend among public companies.

More and more companies around the world are adding bitcoin to their balance sheets as a long-term strategy to increase value. The pioneer of this trend is U.S.-based MicroStrategy, which now holds over 628,000 BTC worth nearly $72 billion, far surpassing its annual software revenue of $463 million.

MicroStrategy kicked off its bitcoin buying spree back in 2020 as a hedge against inflation, and many companies have followed. Japanese investment firm Metaplanet has acquired over 17,500 BTC, while Trump Media & Technology recently purchased 18,430 BTC for over $2.1 billion after raising capital through stock and bond issues. Other major holders include Coinbase, Riot Platforms, Tesla, and more.

Inspired by this trend, two publicly listed Polish gaming companies, Ice Code Games and Immersion Games, have announced plans to shift their financial reserve strategy to bitcoin. Ice Code Games secured a €1 million investment to begin building its BTC reserves. The company, which has been operating at a loss for years, hopes to use bitcoin as a foundation for a new business direction.

Immersion Games, which hasn’t turned a profit since its 2021 stock debut, also plans to abandon game development and pivot to blockchain. The company aims to invest €1–1.5 million in bitcoin in the initial phase and eventually grow its holdings to €50–100 million, funded by convertible bonds. It plans to hold the assets long-term, using cold storage solutions provided by trusted custodians like Coinbase Prime and Fidelity.

There are risks. Buying bitcoin at high prices can lead to major losses if the market turns. And financing these purchases with debt or new shares increases the pressure if bitcoin's value drops. There are also concerns around security, such as losing private keys or facing cyberattacks, and changing crypto regulations in Poland and the EU.

On the upside, this approach offers investors exposure to bitcoin without needing to hold the crypto themselves. It may also come with tax advantages, since capital gains from stock trading can be offset by losses, unlike with direct crypto holdings. That said, ETFs like the upcoming Polish BETA ETF or funds from PZU will offer similar exposure—but with management fees.

The bitcoin treasury strategy only works when BTC is rising. When bitcoin fell by 30% earlier this year, MicroStrategy posted an unrealized loss of $5.9 billion. It rebounded with a $10 billion gain the following quarter, but these are paper profits and don’t affect cash flow unless the bitcoins are sold.

If the market cools and capital becomes harder to raise, even large companies could be forced to sell at a loss. For small Polish firms, the strategy could either rescue their business or push them deeper into trouble. It's a bold experiment with high risk and potentially high reward, but only if the bull market continues.

MicroStrategy says over 70 companies worldwide have now adopted this strategy or begun diversifying reserves into bitcoin. This includes firms from India, Brazil, China, France, Norway, Sweden, the UK—and soon, possibly Poland too.