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7 December 2023
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Corporations Now Own $30 Billion in Bitcoin as Bull Run Pays Off

  • This year, companies around the world chose to invest in Bitcoin and hold it in their treasuries.
  • The price of the cryptocurrency has boomed—making their investments worthwhile.
  • The total amount of Bitcoin that companies around the world now own is worth over $30 billion.

A select few companies around the globe now hold a total of 1.15 million Bitcoin in their treasuries. That’s over $30 billion-worth of the cryptocurrency—thanks to the cryptocurrency’s latest price boom (which is in part due to major companies snapping up the asset.)

The figures, released by Bitcoin Treasuries, shows that 29 companies own 5.48% of Bitcoin’s total supply in their treasuries.

Business intelligence firm, MicroStrategy, with over 70,000—or $1.8 billion-worth of the cryptocurrency. Of all the companies listed, the US business intelligence firm owns the most.

This is because its CEO, Michael Saylor, is now a Bitcoin evangelist who believes the asset is better than gold and is buying up the cryptocurrency like there is no tomorrow.

On December 21, the company bought 29,646 Bitcoin—today worth over $800 million.

Other public companies on the list holding serious Bitcoin include investment firm Galaxy Digital, with $448 million; payments company Square, with over $126 million; and mining company, Hut 8, which has $79 million.

Private companies include the former exchange, MTGOX K.K., which holds $3.8 billion-worth of Bitcoin, and asset management company, Stone Ridge Holdings Group, which owns $292-million after investing in October.

Bitcoin Treasuries also lists “ETF-like” companies such as the Grayscale Bitcoin Trust ($15.6 billion) and CoinShares ($1.9 billion).

But despite the $30 billion figure sounding like a lot, the vast majority of companies on the list are cryptocurrency-related. We’ve still got a while before hedge funds around the world start holding the currency.

That said, several are talking about it constantly and some are investing, so perhaps they’ll start holding it in their treasuries sooner than expected.

News Source

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