When Microstrategy Inc. bought $425 million bitcoin in the last two months, the decision became an important stamp of institutional approval of the top crypto’s credentials as a mature, safe-haven asset. The American technology firm had just made bitcoin its primary reserve asset to hedge against fiat inflation. Now, it appears major global companies are following Microstrategy’s bitcoin strategy.
The website bitcointreasuries.org is curating bitcoin treasures held in reserve by publicly traded companies from across the world. At the time of writing, 13 companies with a combined total 598,237 BTC, or 2.85% of circulating supply, are listed on the page. News.Bitcoin.com reviews some of the entities.
Grayscale Bitcoin Trust — 2.14%
Grayscale Investments is, perhaps, an unsurprising pacesetter in this regard. Through its Bitcoin Trust Fund (GBTC), which owns and tracks the price of bitcoin, the New York-based firm now holds 449,596 BTC, valued at $5.1 billion currently, and representing 2.14% of the digital asset’s total circulating supply. Listed on the OTCQX market, the Trust has snapped up 70% of all newly minted bitcoin in 2020, almost doubling its portfolio in the process.
It is noteworthy that Gbtc holds this BTC on behalf of accredited corporate investors, who typically value privacy and bitcoin’s store of value credentials while calculatively reluctant to gain direct exposure to the asset. Grayscale’s bitcoin trust “became the first publicly quoted securities solely invested in, and deriving value from, the price of bitcoin” when it launched in 2013. The company operates ten crypto investment products focused on institutional investors. Funds cover ethereum (ETH), bitcoin cash (BCH), zcash, XRP, and more.
Microstrategy Inc. — 0.18%
Grayscale may be a pioneer, but it is Microstrategy that’s grabbed all the headlines in recent weeks. The Nasdaq-listed company, which develops mobile software as well as provide cloud-based services, bought $425…