According to the web portal bitcointreasuries.org, more than 1.1 million bitcoin or more than $ 30 billion in cryptocurrency is owned by a large number of companies. The huge stock of bitcoin reserves of well-known companies started to swell after the multi-billion dollar company Microstrategy bought $ 250 million worth of bitcoin in August. Now there are 29 companies holding the cryptocurrency in place of traditional reserves such as stocks and cash.
There has been a new trend lately as a large number of leading companies have decided to take advantage of bitcoin (BTC) for reserves instead of holding traditionally held assets. The trend started to gain ground after Microstrategy Bought $ 250 million worth of BTC and soon after, the company continued to buy even more bitcoin. After a few purchases, Microstrategy has increased its stake to 70,470 BTC or 0.336% of the supply. After the purchase of Microstrategy, companies like Square Inc.. and Ruffer investment company Joined the bitcoin buying trend.
To date, a total of 29 companies are listed on the website bitcointreasuries.org, a site that brings together all businesses in three different sections; listed, private and ETF-style holders.
There are 15 listed companies in total, including Microstrategy Inc., Galaxy Digital Holdings, Square Inc., Hut 8 Mining Corp, Voyager Digital LTD, Riot Blockchain, Inc., Bit Digital, Inc., Coin Citadel Inc., Advanced Bitcoin Technologies AG, Digitalx, Hive Blockchain, Cypherpunk Holdings Inc., Bigg Digital Assets Inc., Argo Blockchain, and Frmo Corp. All 15 of these listed companies have approximately 100,003 BTC worth
The private companies section of bitcoin treasuries includes four private companies, including Mtgox kk, Block.one, Tezos Foundation, and Stone Ridge Holdings Group. The private companies have more than the public companies by a longshot with 317,383 BTC value – in all four of the company’s reserves.
There are nine ETF-style holders at the bottom of the bitcointreasuries.org list of funds such as the Grayscale Bitcoin Trust, Coinshares, Ruffer Investment, 3iq The Bitcoin Fund, Grayscale Digital Large Cap, Bitwise 10 Crypto Index Fund, WisdomTree Bitcoin, 21shares AG, and AND SO ON Bitcoin ETP group.
The bitcoin (BTC) the stock of the nine funds is approximately 734,232 BTC worth it – using current exchange rates. Of all 29 companies, the Grayscale Bitcoin Trust is by far the largest BTC holder with 572,644 BTC. Other notable holders include the Mtgox kk Holdings, Block.one’s stock, Microstrategy’s reserves, and Coinshares’ holdings. The bitcointreasuries.org webpage doesn’t list a few other companies that have replaced traditional assets in their treasuries with bitcoin.
This also applies to the Canadian Tahini’s restaurant chain, and Canadian graphics software company Snappa. Tahini’s restaurant chain revealed that the company had traded in all of its cash reserves BTC, while Snappa said the company traded 40% cash reserves for bitcoin.
The listed Canadian company Mogo also simply announced invests 1.5% of the company’s reserves in bitcoin and plans to buy more next year. When Tahini decided to tell its financial advisor that it bought bitcoin right after, he suggested gold. The restaurateurs said the years when the precious metal gold was a reliable safe haven are numbered.
“We looked our financial advisor in the eye and told him that bitcoin will turn gold into a scam,” the company said. tweeted. “He laughed and came back condescendingly with the 6,000-year argument,” added Tahini.
What do you think of all the companies that have bought bitcoin for reserves? Let us know what you think about this topic in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, bitcointreasuries.org,
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