Support for the Bitcoin exchange rate: companies have already bought for 30 billion
At least 1.15 million Bitcoin of the total 21 million are currently in the hands of corporations. The current surge in the price is almost certainly due to the awakening of corporate interest.
The website Bitcointreasuries.org has compiled an interesting list. The list shows companies that have invested parts of their capital in Bitcoin (BTC).
Which companies invest in Bitcoin?
On the list, the companies are divided into equity companies, private companies and ETF-like ventures. Major equity companies include MicroStrategy Inc, Galaxy Digital Holdings and Square Inc. The largest player in this space is Crypto Bull MicroStrategy, with 70,400 Bitcoin now valued at over $1.9 billion.
Purely private companies also hold a lot of Bitcoin. The former crypto exchange MTGOX K. K. from Japan, for example, still has more than 141,000 Bitcoin and thus leads this part of the list. It is followed by Block.one and „The Tezos Foundation“.
The giant among all and leader of the ETF part is Grayscale Bitcoin Trust, which manages more than 572,000 Bitcoin. Grayscale Investments offers cryptocurrency funds. This is followed by CoinShares / XBT Provider with a considerable 69,730 Bitcoin and Ruffer Investment Company with 45,000 Coins.
Although the numbers may sound astronomical to retail investors, all the companies on the list „only“ hold about 1.1 million of the total 21 million minable Bitcoin. According to Bitcointreasuries.org, that would be 5.48% of the total. Arithmetically, according to the current exchange rate, this results in a value of these Bitcoin of over 31 billion USD.
Is the strategy working?
As things stand, the companies that have invested in Bitcoin have made huge profits. For example, long-time, highly successful CEO Michael Saylor stated in an interview that he saw Bitcoin as a hedge against rampant inflation. In December, at his instigation, his company invested its reserves in Bitcoin, paying a total of $450 million. Meanwhile, the bitcoin purchased are worth a combined USD 800,442,000. The investment has more than paid off.
What are the Bitcoin prospects?
In the last few days, an unprecedented bull market has developed for Bitcoin, dragging the other altcoins up with it (exception: Ripple XRP). Considering that there are still a number of much larger players in the market, such as hedge funds and pension funds, one can be more than hopeful about the Bitcoin future. As soon as these giants get on board, there will be no stopping them.