In the past few months, there have been reports that major institutional investors have poured into Bitcoin (BTC), which has exacerbated the biggest cryptocurrency bull market since 2017.
Some large companies have collectively purchased hundreds of millions of dollars in Bitcoin, and Tesla’s investment of 1.5 billion dollars in Bitcoin has pushed the price of BTC to a new historical high.
According to data from the asset management company CoinShares, by January 2021, the inflow of Bitcoin and other crypto investment products will reach $1.3 billion.
Most publicly traded companies that hold Bitcoin on their balance sheets are in the United States or Canada, with U.S. listed companies accounting for about half of the list. Therefore, we mainly introduce the US listed companies.
The well-known business analysis platform MicroStrategy has adopted Bitcoin as its main reserve asset.
In February 2021, the company (which produces mobile software and cloud-based services) continued to purchase 295 BTC; it now has 71,079 BTC, which is equivalent to more than $3 billion. MicroStrategy CEO Michael Saylor once stated that he buys $1,000 in Bitcoin every second.
Unlike other CEOs who are generally unwilling to discuss personal investments, Saylor publicly announced that he personally holds 17,732 BTC, which is currently worth more than $831 million.
According to BitInfoCharts, this makes Saylor one of the top 100 Bitcoin owners-assuming they are all stored in one address. For MicroStrategy CEO, this is a fleeting thing, he claimed in 2013 that the days of Bitcoin are over.
On New Year’s Eve 2020, Morgan Stanley revealed that it has purchased 10.9% of MicroStrategy. MicroStrategy hopes to allow other companies to invest in Bitcoin. Saylor expects a large number of companies to convert their balance sheets to Bitcoin next year.
Thaler spoke at Binance Blockchain Week, explaining why he chose Bitcoin instead of gold as a reserve asset. Saylor said: “Gold’s returns do not seem to be as compelling as Bitcoin. If you are looking for a non-statutory derivative value storehouse in an inflationary environment, then you should designate Bitcoin as digital gold.”
2. Tesla (TSLA)
Electric car manufacturer Tesla has joined the ranks of companies holding Bitcoin, and a SEC document shows that the company has invested “a total of $1.5 billion” in the cryptocurrency. As of the fourth quarter of 2020, this investment accounted for approximately 7.7% of Tesla’s $19.384 billion cash holdings.
According to the US Securities and Exchange Commission (SEC) documents, Tesla’s purchase of Bitcoin reflects an updated investment policy aimed at diversifying its cash on hand and achieving maximum returns. The document states: “We may invest some of this cash in certain alternative reserve assets, including digital assets, gold bars, gold exchange-traded funds and other assets.”
Tesla also revealed that it expects to start accepting Bitcoin as payment for its products in the “near future”. The question is whether it will liquidate or continue to hold the cryptocurrency after receiving the payment.
The company’s Bitcoin transaction went through months of speculation when CEO Elon Musk went to Twitter to discuss the cryptocurrency. At the end of 2020, Saylor of MicroStrategy proposed to share his Bitcoin investment “script” with Musk. Previously, he believed that entering Bitcoin would give Tesla shareholders “$100 billion in favor.”
Soon thereafter, in January 2021, Musk changed his Twitter profile to the hashtag #Bitcoin; it seemed to imply Tesla’s interest in cryptocurrencies.
3, 4, 5Marathon Patent Group$(MARA)$, Riot Blockchain$(RIOT)$, Argo Blockchain$(ARBKF)$
Let’s put the three together. The first two of Marathon Patent Group, Riot Blockchain and Argo Blockchain are listed on the Nasdaq. Argo Blockchain is traded on the London Stock Exchange and the U.S. stock market. Like Hut 8 Mining, these companies hold The reason for BTC is simple-the main business is mining.
Square is a company that supports Bitcoin in many ways. For example, Cash App provides the ability to buy Bitcoin, and Square Crypto is an independent team that contributes to Bitcoin from an open source perspective.
It has already invested in Bitcoin for its internal funds: it recently purchased about 4,700 BTC for $50 million, on the grounds that “cryptocurrency is an economic empowerment tool that provides a way for the world to participate in the global monetary system. , In line with the purpose of the company.”
Jack Dorsey is undoubtedly one of Bitcoin’s most famous advocates. The founder of Twitter, Cash App, and Square openly expressed his interest in the benchmark cryptocurrency, and his Twitter profile simply reads “#Bitcoin”.
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.