According to the Bitcoin Treasuries website, there are 13 publicly-traded companies like Microstrategy and Square which have adopted Bitcoin as a reserve asset. Recent additions to the list are CoinShares, Grayscale, and 3iQ.
Topping the list in terms of the number of bitcoins held is Grayscale, followed by CoinShares. Microstrategy, and Galaxy Digital. Let us review these companies.
Microstrategy – $425M BTC
Microstrategy Inc. is the biggest independent publicly-traded business intelligence firm with the leading enterprise analytics platform. The firm has bought $425 million worth of Bitcoin in the last two months, as mentioned in a tweet by the firm’s CEO Michael J. Saylor.
Our investment in Bitcoin is part of our new capital allocation strategy, which seeks to maximize long-term value for our shareholders.
Galaxy Digital Holdings – $134M BTC
Galaxy Digital Holdings is a merchant banking institution for the crypto and blockchain technology sector. The company has invested over $154 million on the crypto assets from which $134 million are only on Bitcoin.
Galaxy Digital CEO and Founder Mike Novogratz explained about the market impact on the Microstrategy adoption on Bitcoin. “When this public company buys $250 million worth and puts them in their Treasury,” Novogratz pointed out, “most likely they were not selling those in the next few weeks.”
Square Inc. – $50M BTC
Square, a payment company, announced that it has bought 4,709 bitcoins, which are worth about $50 million. The investment represents approximately one percent of Square’s total assets as of Q2 2020.
Cryptocurrency is an instrument of economic empowerment and provides a way to participate in [the] global monetary system, which aligns with the company’s purpose.
Many other publicly traded companies are listed on the bitcoin treasuries website. Those include CoinShares, a UK based firm, Hut 8 Mining, which trades on the Toronto Stock Exchange (TSX), and Argo Blockchain.
CoinShares has purchased 69,730 BTC for $770 million. It offers two globally traded exchange-traded notes (ETNs) in BTC and ETH: Bitcoin Tracker One and BTC Tracker Euro, and Ether Tracker One and ETH Tracker Euro, respectively.
At the end of June, Hut 8 held 2,954 BTC while Argo Blockchain had 126 BTC by September end. Another mining company, Riot Blockchain, Inc had 1,053 bitcoin in its reserves in June. Voyager Digital Ltd, Cypherpunk Holdings, and DigitalX hold bitcoin as a hedge against fiat inflation.