Corporate investments in Bitcoin in the second quarter of this year reached a record high, with increasing assets and new players entering the market.
Overview of Corporate Investments
In the second quarter of 2023, companies added a record 159,107 BTC to their balance sheets, currently valued at over $17.6 billion. This has raised the total corporate Bitcoin holdings to 847,000 BTC, which corresponds to approximately 4% of the total supply cap of 21 million BTC. By the end of Q2, the total value of corporate Bitcoin assets surged to $91 billion.
Startups and New Bitcoin Purchases
The number of public companies holding Bitcoin also sharply increased, with 46 new firms entering the market, raising the total to 125, a 58.23% increase quarter-on-quarter. The startup Twenty One launched with $685 million and quickly deployed over $450 million into Bitcoin.
Companies' Investment Strategies
The company Strategy, led by Michael Saylor, holds a substantial 597,325 BTC. It employs a Bitcoin accumulation strategy by issuing convertible notes and equity offerings to fund aggressive purchases. The second-largest corporate holder is MARA Holdings with 49,940 BTC. Meanwhile, GameStop has made headlines with its first Bitcoin purchase, adding 4,710 BTC to its balance sheet.
The surge in corporate investments in Bitcoin underscores the growing interest and trust in cryptocurrency from traditional financial institutions and new players.
