- Public companies now own more than ₿600,000, equating to 2.86% of the total supply
- These companies have a combined $6.9 billion of asset value tied up in Bitcoin
- The shift is down to Bitcoin’s growing recognition as a hedge to fiat currencies
It’s been widely accepted that the 2017 cryptocurrency bull run was driven by retail investors, since when corporations and institutional investors have claimed a bigger stake. The public perception of Bitcoin has also shifted hugely in that time, and this is reflected in the fact that public corporate ownership of Bitcoin has now crossed ₿600,000. This means that, quietly, public companies have amassed 2.86% of all Bitcoin worth a staggering $6.9 billion, and the trend doesn’t look like slowing down.
Corporate Bitcoin Ownership Worth $6.9 Billion
The list of public corporate Bitcoin ownership is populated by entities that many familiar with the space will recognize, such as Galaxy Digital Holdings and Coinshares, with new entrants MicroStrategy and Square also taking their place in the 15-strong list:
Despite MicroStrategy’s huge ₿38,250 purchase last month they are only in third place, with CoinShares/XBT Provider owning close to double this at ₿69,730. However, both these companies are dwarfed by Grayscale’s Incredible Haul of ₿449,596, representing over 2% of the entire Bitcoin supply.
This includes a recent purchase of ₿17,100 worth $182 million at the time.
Sentiment Change Behind Shift
The fact that public companies own almost $7 billion worth of Bitcoin shows how much the sentiment toward the cryptocurrency has shifted over the years. Naturally many of the companies on the list are blockchain or cryptocurrency companies, but the presence of MicroStrategy and Square in the top half shows that the allure of holding Bitcoin as a hedge to traditional currencies is on the increase.
With corporate Bitcoin ownership now suddenly in the public eye, and discussions over another multi-trillion dollar bailout seemingly back on the table, the pattern that has been increasing since 2017 could well continue in the coming years.