The total amount of Bitcoins held by public and investment companies has reached 1 million. This event could indicate a growing interest in cryptocurrencies at the corporate level.
Reaching 1 million bitcoins
BitcoinTreasuries.NET confirmed that companies are accumulating Bitcoin, with their total reaching 1,000,698 BTC, worth over $111 billion.
Bitcoin accumulation strategies
Michael Saylor's company, MicroStrategy, was the first public entity to adopt a Bitcoin accumulation strategy in August 2020, currently holding 636,505 BTC. Financial methods such as equity offerings and debt financing allow companies to increase their Bitcoin reserves.
Global picture of corporate Bitcoin adoption
64 companies are based in the U.S., 34 in Canada, and 11 in the U.K. and Hong Kong, with further participation from companies in Mexico, South Africa, and Bahrain in accumulating Bitcoin. Public companies hold the least amount of Bitcoin compared to crypto exchanges and funds, which own 1.62 million BTC.
Corporate adoption of Bitcoin continues to gain popularity, which may impact the future of cryptocurrency. An increasing number of companies are opting for Bitcoin as a means to enhance their asset value.
