Top 5 publicly traded corporations that keep Bitcoin (BTC) as a reserve asset
A growing number of companies now keep Bitcoin as part of its capital allocation strategy.
Mon, 12 Oct 2020, 15:24 pm UTC
Cryptocurrency has finally made its way into mainstream finance with an increasing number of banks starting to offer Bitcoin custodial services. Various companies are also starting to view BTC as a dependable store of value and have included the crypto as part of their capital allocation strategy.
Even large publicly traded companies have joined the trend. Bitcointreasuries.org compiled a list of the top 13 corporations that hold a sizable amount of BTC as part of their reserve asset. Collectively the 13 firms own 598,237 BTC, which is 2.85 percent of the total maximum Bitcoin supply of 21 million tokens.
Grayscale Investments, through its Bitcoin Trust, has the largest holding in the list with 449,596 BTC, worth around $5.1 billion and representing 2.14 percent of the token’s supply. The New York-based firm bought around 70 percent of all newly mined Bitcoin in 2020 which almost doubled its portfolio, according to Bitcoin.com.
U.K.-based investment fund Coinshares Ltd has the second-largest Bitcoin holding among publicly-listed firms. The company, through its subsidiary XBT Provider, holds 69,730 BTC valued at $790 million or around 0.33 percent of the token’s supply. Aside from BTC, the company also holds Ethereum (ETH).
MicroStrategy Inc. occupies that third spot with its 38,250 BTC worth around $433 million. The Nasdaq-listed mobile software developer was recently in the spotlight after it bought around $425 million worth of Bitcoin in August and September, which makes the crypto its main reserve asset.
“This investment reflects our belief that bitcoin, as the world’s most widely adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash,” Microstrategy CEO Michael Saylor explained the company’s acquisition.
Galaxy Digital Holdings has the fourth-largest Bitcoin holdings with its 16,651 BTC worth around $188 million. The TSX-listed firm, which is headed by Mike Novogratz, offers advisory, investing, trading, and asset management services.
Canadian firm 3iQ, through its Bitcoin Fund, owns 8,295 BTC valued at around $93 million. The company recently made headlines with the listing of its BTC fund on the Gibraltar Stock Exchange.
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