It was ridiculed for a long time that publicly traded companies might buy Bitcoin for their reserves. The most popular cryptocurrency was thought to be too risky and out there for serious businesses to use. That has been well and genuinely broken, with various major institutional financial backers purchasing up Bitcoin throughout recent years. When cloud software company MicroStrategy purchased $425 million worth of Bitcoin in August and September 2020, the floodgates first opened. Others followed suit, including Tesla and Block, a payment processor. Explore bitsoft360 to gain proper tips and tricks for bitcoin trading.
However, the crypto crash of 2022 occurred just as institutional adoption of Bitcoin appeared to be increasing. As a result, the value of businesses’ Bitcoin holdings was significantly diminished as a result of the simultaneous decline in the price of tech stocks and Bitcoin. Here are the top 8 companies with a large Bitcoin portfolio.
MicroStrategy, a business intelligence company, has the largest Bitcoin portfolio of any publicly traded organization. In August and September 2020, the organization purchased 21,454 Bitcoins at an aggregate price of $425 million. The current value of this investment is approximately $3.1 billion, making it one of the most profitable investments in history.
Payments company Square purchased 4,709 Bitcoins in October 2020 for $50 million, and its Bitcoin holdings are now worth approximately $367 million. The company is led by Jack Dorsey, who founded Twitter and publicly voiced his support for cryptocurrency.
3. Galaxy Digital Holdings
Galaxy Digital Holdings is a digital asset manager with Bitcoin, Ethereum and other crypto tokens holdings. The firm has publicly stated that it holds approximately $310 million worth of Bitcoin, which is up from an initial investment of $134 million.
Tesla purchased $1.5 billion worth of Bitcoin in February 2021, becoming the first major automaker to do so. The investment was highly profitable for the organization, as it has since sold some of its holdings and seen an increase in the value of its remaining coins. Tesla now holds approximately $2.5 billion worth of Bitcoin, according to its most recent earnings report.
5. Voyager Digital LTD
Voyager Digital LTD is a publicly traded cryptocurrency investment firm. The company has invested approximately $170 million in Bitcoin, which is currently worth over $1 billion due to the increase in value of Bitcoin.
6. Coinbase Global Inc
Coinbase Global Inc is a cryptocurrency exchange and wallet provider. The firm was listed on the Nasdaq in April 2021 and had approximately $1.2 billion worth of Bitcoin holdings.
BlockFi is a cryptocurrency financial services firm that provides interest-bearing accounts, crypto trading, and loan products. According to reports, the company has approximately $500 million worth of Bitcoin investments.
MassMutual, one of the oldest mutual insurance companies in the United States, purchased $100 million worth of Bitcoin in December 2020. The company’s holdings are now valued at $450 million due to the rise in the value of Bitcoin over time. MassMutual has since increased its exposure to cryptocurrencies by partnering with NYDIG, a digital asset investment and technology firm.
These additions have cemented their commitment to Bitcoin, showing that institutional investors are still attracted to the world’s most popular cryptocurrency.
The aforementioned companies are just a few examples of the many institutional financial backers that have purchased Bitcoin throughout the course of recent years. Their investments should serve as a testament to the credibility of Bitcoin and other digital assets, further legitimizing them in the eyes of investors. With increased adoption from institutions, it is likely that cryptocurrencies will become even more widely accepted — potentially becoming part of mainstream finance someday.
Therefore, it appears that now is an opportune time to invest in cryptocurrency — whether it be through buying coins directly or investing in stocks related to crypto markets. The future potential for this technology remains bright, despite some short-term volatility, so those looking to capitalize on its growth may want to consider getting involved soon.
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