Bitcoin-holders MicroStrategy and Galaxy Digital soared last week after Tesla bought $1.5 billion. Will other companies now follow suit?

Bitcoin-holders MicroStrategy and Galaxy Digital soared last week after Tesla bought $1.5 billion. Will other companies now follow suit?

Companies that hold bitcoin on their balance sheet soared on the stock market last week, after Elon Musk's Tesla announced it had bought $1.5 billion of the cryptocurrency, sending the price to an all-time high of above $48,000.

Business intelligence company MicroStrategy had risen around 25% for the week as of Thursday close. Mobile payments firm Square was up around 12% over the same period, and investment group Galaxy Digital had jumped roughly 36%.

Tesla's bitcoin purchase not only sent the digital currency's price skyrocketing, but turned a spotlight on firms that already hold it in their virtual vaults.

Then BNY Mellon and Mastercard lent more credibility to bitcoin and cryptocurrencies on Thursday. Mastercard announced it will allow merchants to accept select cryptocurrencies on its network starting later this year. And Bank of New York Mellon said it will issue, hold, and transfer bitcoin for clients in the future.

"You're going to see every company in America" adding bitcoin to their balance sheets, Galaxy Digital boss Michael Novogratz told Bloomberg TV on Monday. His company holds around 16,400 bitcoin in its treasury, Forbes reported, worth around $760 million on Friday morning.

The question investors, analysts and company treasurers asked themselves last week was: is Novogratz