Data from CryptoTreasuries shows that 32 companies hold nearly $12 billion in BTC, while 11 companies hold about $470 million in ETH.
31 companies have joined Microstrategy along the way
On August 11, 2020, Microstrategy became the first company to buy Bitcoin as part of its capital allocation strategy. Data from Cryptotreasuries now shows that 31 companies have joined them by adding Bitcoin to their balance sheets. Together, the companies hold nearly $12 billion in BTC.
Block.One has the largest holdings with 140,000 Bitcoins. MicroStrategy and Tesla are the next two companies on the list. Michael Saylor is known to be very bullish on Bitcoin, as seen by its holdings of 90,859 BTC. MicroStrategy has seen a 50 percent return on its bitcoin investment. Tesla has been less fortunate with their investment and only has a 5% return on their bitcoin right now. Galaxy Digital Holdings and StoneRidge Holdings Group round out the top 5. Another big supporter of Bitcoin is Square the company holds 8,027 BTC. The company’s Cash App is a key entry point for potential investors, and bitcoin revenue became the company’s dominant revenue stream last year.
Some companies are more interested in Ethereum
The first company to buy Ethereum was Chinese app Meitu, which bought Ethereum for $40 million on March 7 this year. But another company that seems to be more focused on Ethereum is Galaxy Digital, as it is the company with the largest holdings with 98,892 ETH. The figure is worth about $275 million. Coinbase Global and pioneer Meitu follow with 31,787 and 15,00 ETH respectively.
It is certain that there is more belief in crypto now than a few years ago
Despite the fact that the first Bitcoin purchase took place in 2020, which wasn’t that long ago, the data tells us that the number of companies holding bitcoin has grown rapidly. It is certain that there is a lot more belief in crypto now than there was a few years ago. In the earlier days of Bitcoin companies didn’t even consider investing in the asset class. It’s also noticeable that it’s not just Bitcoin that’s getting attention from companies, but slowly other cryptocurrencies may become attractive as investments as the market matures.