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Table 1 Weekly return of bitcoin, verified 5 days before each investment or acceptance as means of payment event

From: Store of value or speculative investment? Market reaction to corporate announcements of cryptocurrency acquisition

Company

Prior BTC return

Company

Prior BTC return

Company

Prior BTC return (%)

AT&T

24%

JP Morgan

4%

Mercado_Livre (2)

− 1

Xiaomi

21%

Tesla

4%

Visa

− 2

Mastercard

21%

BlackRock

3%

Metromile

− 3

Meitu

17%

Chipotle

3%

AMC

− 3

Rakuten

16%

Microstrategy

3%

Paypal

− 4

Overstock

15%

FRMO

2%

Newegg

− 4

Ruffer

13%

Mercado Livre

2%

Starbucks

− 6

Phunware

6%

RBI Inc

1%

Nexon

− 12

BMW

6%

Microsoft

0%

Aker ASA

− 19

Brook

5%

Oracle

− 1%

Meliuz

− 22

Square

5%

Townsquare

− 1%

Globant

− 28

Positive returns

20

Negative returns

13

  
  1. Sample excludes divestment announcements (N = 2)
  2. Source: Authors' elaboration