More and more public companies own Bitcoin (BTC). There are likely a number of reasons. Until a few years ago, the decision was based on being a differentiator with its competitors. Another reason was that the commissions were lower.
Sure enough, as Bitcoin continues to grow, we’ll take a look at the largest public companies that own Bitcoin.
Public companies that own Bitcoin
Certainly, both official bodies and famous companies are already working with cryptocurrencies. Here we will meet some of these public companies that own Bitcoin.
Grayscale Investments, is perhaps one of the biggest names.
Through its Bitcoin Trust Fund, which owns and tracks the price of Bitcoin, the New York-based firm now owns 481,711 BTC. Specifically, valued at $ 5.1 billion today, and which represent 2.14% of the total supply of Bitcoin.
2. CoinShares Ltd
It is certainly a UK based mutual fund. Which is primarily focused on direct and indirect exposure to Bitcoin and other cryptocurrencies.
Basically, the company manages more than $ 1 billion in cryptocurrencies. In fact, Bitcoin accounts for almost 80% of this. CoinShares today has a total of 69,730 BTC. Which are currently worth just over $ 1 billion, according to bitcointreasuries.org.
In this regard, Jean-Marie Mognetti, the CEO of CoinShares said: «We see this billion dollar level as a validation of our belief that Bitcoin and other digital currencies have a very important role to play.».
When MicroStrategy Inc. bought $ 425 million of Bitcoins in the past two months, the decision became a major institutional seal of approval for major cryptocurrency credentials as a safe asset.
The American tech firm had just made Bitcoin its main reserve asset. Mainly, to protect against fiat inflation.
It is also true, that the billion dollar US firm now has a total of 38,250 BTC. At the current exchange rate, the wallet is worth more than $ 500 million in BTC.
Notably, MicroStrategy CEO Michael Saylor said: “This investment reflects our belief that Bitcoin is a reliable store of value and an attractive investment asset with more potential for long-term appreciation than holding cash.».
Indeed, Michael Saylor has made public that he personally owns a total of 17,732 BTC. Currently worth more than $ 270 million.
4. Galaxy Digital Holdings
Likewise, Galaxy owns 16,651 BTC, according to bitcointreasuries.org. Valued at just over $ 257 million at current prices.
In these circumstances, Michael Novogratz, noted that the stimulus measures announced in response to the Coronavirus pandemic were boosting interest in cryptocurrencies. Calling it the Bitcoin moment.
It should be noted that it owns 8,295 BTC, worth a little more than $ 128 million. According to bitcointreasuries.org.
Specifically, 3iQ’s Bitcoin fund was listed on the Toronto Stock Exchange (TSX) in April 2020. This allowed Canadians to invest in Bitcoin through its regulated investment managers.
3iQ is also behind a Canadian dollar-backed stablecoin called QCAD. Which was launched in February 2020.
6. ETC Group
It should be added, that the London-based ETC Group has accumulated 5,215 BTC. For a value of just over $ 80 million.
Incidentally, in its September 2020 report, the ETC Group noted that, ‘With the current Nasdaq and Bitcoin-like big-tech stock price action in 2017, now more tech investors are looking to Bitcoin.».
7. Square Inc.
By the way, Square, an online payments app, is another popular company that embraces Bitcoin.
Corporate adoption may not be considered a trend yet. But, the news that Jack Dorsey moved one percent of his total assets to Bitcoin suggests that something may be growing.
On October 8, the mobile payments firm listed on the New York Stock Exchange announced that it spent $ 50 million buying 4,709 BTC.
Additionally, as part of Dorsey’s plans to make Bitcoin more intuitive for the masses, Square Crypto, a Square subsidiary, is offering grants to anyone who can help develop the user experience. Also, the privacy, security and more of Bitcoin.
To conclude, Bitcoin (BTC) is reaching more and more corners with each passing day. Hopefully more public companies will buy it.
I say goodbye with this phrase from Charlie Munger: «People do a lot of calculations, but think little».