Bitcoin assets of state-owned companies jumped in 2021

Bitcoin assets of state-owned companies jumped in 2021

The amount of Bitcoin (BTC) held by public companies has gained significant market share over that held in cash ETFs since MicroStrategy’s “Bitcoin for Corporations” conference in February 2021.

The amount of Bitcoin (BTC) held by public companies increased significantly in 2021, building on increases from the previous year.

Channel analyst Willy Woo said in a Monday tweet that state-owned companies with “large BTCs have gained market share through cash ETFs as a means of accessing BTC exposure on public stock markets ”.

This is most visible from MicroStrategy’s “Bitcoin for Corporations” conference on February 3-4, 2021. The webinar aimed to explain the legal considerations for companies looking to integrate Bitcoin into their operations and reserves.

Michael Saylor’s MicroStrategy is a leading business intelligence firm and is known to be particularly bullish on Bitcoin, owning nearly US $ 6 billion in crypto assets.

On Thursday, Saylor’s company bought an additional 1,914 BTC worth US $ 94 million. The company has made more than US $ 2.1 billion in profit since its initial purchase of Bitcoin in August 2020.

Woo referenced a chart of BTC holdings in exchange-traded funds (ETFs) and treasury of state-owned companies available for public ownership through the stock markets, based on Crowdsourced Corporate Treasury Database.

Spot ETFs hold BTC, as opposed to futures, in which companies buy exposure through contracts on the Chicago Mercantile Exchange futures market.

Data shows digital currency asset management firm Grayscale gained the highest market share by a landslide to 645,199 BTC at the end of 2021. This occupied 71% of the broad market as holdings of all ETFs and cash companies totaled 903,988 BTC according to the chart.

MicroStrategy is the largest investor, holding 124,391 BTC worth around US $ 5.8 billion, according to Bitcoin Treasuries. Tesla, second, holds around 43,200 BTC worth around US $ 2 billion at current prices.

In 2020, the amount of BTC held by state-owned companies jumped 400% in 12 months to reach US $ 3.6 billion.

By Keira Wright, Cointelegraph

Wright is passionate about making the cryptocurrency realm more accessible by bringing diverse voices into space. She previously worked as a journalist in Australia and Indonesia, for companies such as Reuters and Ticker NEWS, and has a degree in Professional Communication, specializing in journalism and international politics.

The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and trading move comes with risk, you should do your own research when making a decision.

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