Price data from Decrypt’s Art, Fashion, and Entertainment Hub shows some exciting movement in the Bitcoin market this week. Two public companies have made significant purchases of the cryptocurrency, following in the footsteps of MicroStrategy's model.

First up, Thumzup Media, a social media marketing company based in Los Angeles, announced on Tuesday that it bought about $1 million worth of Bitcoin. This marks their first major investment in the digital asset.

On the other hand, KULR Technology Group, a San Diego firm focused on energy storage solutions for aerospace and defense, revealed that it purchased $21 million in Bitcoin. This brings their total Bitcoin holdings to $42 million. They made their first purchase less than two weeks ago.

Both companies aim to keep up to 90% of their liquid assets in Bitcoin. Thumzup even plans to start paying contractors in Bitcoin soon.

After the Bitcoin announcement, Thumzup's stock price held steady at around $4. However, it did see a 7% drop over the last 24 hours. Meanwhile, KULR's stock was priced at $2.78, down 27% since they announced their increased Bitcoin holdings.

These firms are the latest to take inspiration from MicroStrategy, led by Michael Saylor. MicroStrategy has seen the value of its Bitcoin holdings, now worth $42 billion, soar in recent months due to ongoing purchases and market increases.

Bitcoin hit an all-time high of over $108,000 in mid-December. Although it has since dropped to around $95,000, according to CoinGecko, this hasn’t stopped companies from investing in it.

Last year, three publicly traded biotech companies—Acurx Pharmaceuticals, Hoth Therapeutics, and Enlivex Therapeutics—announced plans to invest up to $1 million each in Bitcoin. They want to align themselves with well-known holders like Tesla and Coinbase. These biotech firms noted growing support for Bitcoin among investors and politicians as a key reason for their investments.

Notably, BlackRock, the largest asset manager globally, has joined the ranks of Bitcoin supporters. They launched their first spot Bitcoin ETF in the U.S. last year. Even President-elect Donald Trump has shown support for the crypto industry.

Additionally, Japanese investment firm Metaplanet made its largest Bitcoin purchase ever last month, aiming to build a reserve of 10,000 Bitcoins. Around the same time, Hong Kong-based gaming company Boyaa Interactive announced it would exchange nearly $50 million in Ethereum for Bitcoin as part of a strategic shift.