Publicly traded businesses purchasing Bitcoin for their reserves was a far-fetched notion for many years. Businesses dismissed the most famous cryptocurrency as being either too volatile or too avant-garde to be taken seriously. Since last year, the COVID-19 pandemic’s economic repercussions have driven several prominent institutional investors’ purchases of Bitcoin; that taboo is apparent entirely. Investors who don’t want to acquire Bitcoin directly might get exposure to the asset by purchasing shares in public businesses that hold the digital currency. The website deals with the matter Bitcoin Buyer believes that MicroStrategy has become a de facto Bitcoin ETF due to the size of its Bitcoin acquisitions.
Riot Blockchain, Inc.
Among the top 10, Riot Blockchain, an American crypto mining company, comes in last with a holding of 2,243 BTC, or about $71 million at today’s exchange rates. The Nasdaq-listed business has recently been on an ambitious expansion push, with its valuation soaring from below $200 million in 2020 to highs of over $6 billion in 2021. Despite this, Riot’s stock price has taken a hit due to the current Bitcoin collapse. There were $48 in shares when Rockdale bought them; by July 2021, they were selling at about $28 per, a 41 percent decrease.
Hut 8 Mining Corp
According to bitcointreasuries.org, Hut 8, a Canadian crypto mining company, has 3,522 BTC worth $112 million. Another way it earns fiat revenue is through “yield account partnerships with prominent digital asset prime brokerages,” according to the firm. While China’s ban on Bitcoin mining makes it easier to mine, Hut 8 has set an ambitious target of mining 5,000 BTC by the end of the year. The firm believes that the “favorable geopolitical climate” would boost its mining operations in 2021.
Bitcoin Group SE
Bitcoin Group SE, a venture capital business located in Germany, owns 3,947 BTC, now worth $126 million at the current exchange rate. Bitcoin.de, a crypto exchange, and Futurum Bank, a German crypto bank to be formed in October 2020, are two of the company’s interests. In response to the German parliament’s vote, Bitcoin Group SE managing director Marco Bodewein announced the move, stressing the potential to expose the bank’s institutional clients to “high returns and safety characteristics” of crypto.
Coinbase Global, Inc.
Coinbase, the most well-known crypto company on this list, went public in April 2021 via a direct listing on the NASDAQ. The move was a watershed moment for the crypto sector, but the stock price decline of Coinbase hasn’t supported that claim. To prepare for its IPO, Coinbase disclosed in February 2021 that the company had $230 million in Bitcoin on hand; by July 2021, that figure had dwindled to $143 million (4,482 BTC). By July 2021, the price of COIN had fallen by a full third from its IPO price.
Square Inc.
When it comes to Bitcoin, the payments business hasn’t stopped. Tesla’s Bitcoin purchase and Square’s $50 million investment in Bitcoin in October 2020 sparked institutional interest in cryptocurrencies. In its Q4 2020 financial report, it revealed another $170 million in new Bitcoin investments. Given that CEO Jack Dorsey is a big proponent of Bitcoin (even running his Bitcoin node). A statement from Square stated that “the firm expects to review its aggregate investment in bitcoin concerning its other assets continuingly” at the time of the transaction.
Square’s stance on Bitcoin hasn’t shifted despite its current holdings of 8,207 BTC, worth $255 million at today’s rates. Square has also taken additional steps to expand the Bitcoin ecosystem, creating a $5 million fund to advance crypto education and supporting Bitcoin with a white paper defending the environmental effect of the cryptocurrency. The company revealed intentions to create a Bitcoin hardware wallet in July 2021, so perhaps it will move its holdings to that device shortly. Possibly.
Voyager Digital LTD
A cryptocurrency exchange According to bitcointreasuries.org, Voyager Digital has 12,260 BTC, which is equivalent to $390 million at the current exchange rate. As part of its mission, the company wants to be a one-stop shop for digital trading assets, and in May 2021, it announced quarterly sales of $60.4 million, an increase of 16 times over the previous quarter.
Galaxy Digital Holdings
The crypto-focused merchant bank Galaxy Digital Holdings, according to bitcointreasuries.org, has 16,400 BTC worth slightly over $522 million at current rates, making it the most significant institutional Bitcoin investor. Block. one and BlockFi have collaborated with the startup founded by Michael Novogratz in January 2018. Unsurprisingly, Novogratz is a strong supporter of Bitcoin. But Novogratz later in the year said that the volatility of cryptocurrencies meant that gold was a better investment, saying that, “I believe Bitcoin will beat gold in the long term, but I advise investors to keep far less than they would in gold. Because of the erratic nature of the market.”
