Public Companies Now Hold Almost $7 Billion Worth Of Bitcoin

Jack Alan Beavers  Oct 13, 2020 12:05  UTC 04:05

2 Min Read

At the time of writing, there is almost $7 billion of Bitcoin currently held by 13 publicly listed companies. Companies including Grayscale, Galaxy Digital, Microstrategy, and Square, are among the largest holders of cryptocurrency, as businesses react to a change in sentiment towards Bitcoin and other cryptocurrencies.

Several high profile influential figures that have previously cast doubt upon cryptocurrency are now also changing their tune, as blockchain technology becomes an undeniable force for innovation.

Gold has historically been the go-to as a hedge against economic uncertainty, but the rise in adoption of Bitcoin has grown exponentially throughout the last decade, drawing the attention of some of the biggest names in tech.

Jack Dorsey, CEO of Twitter and payments processing service Square, publicly tweeted that Square had invested $50 million of the company's holdings into Bitcoin, along with details of how other publicly traded companies could do it too.

Grayscale has been stacking huge amounts of Bitcoin on behalf of clients over the past year, with a total of 449,596 BTC under management in its BTC trust.

Software giant Microstrategy currently holds 38,250 BTC, the second-largest holding of cryptocurrency than any publicly traded investor, other than Grayscale. The holdings also mean that an array of shareholders are also indirectly exposed to cryptocurrency as Bitcoin makes the company’s balance sheet.

Interestingly, the government of Norway holds a 2% stake in Microstrategy, meaning that all Norwegians are now also exposed to Bitcoin indirectly.

Investments by the publicly traded companies on this list are proving to be a catalyst for the demand of Bitcoin on an enterprise level, and we can expect to see this list keep growing.

Image source: Shutterstock

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