Traded Companies Already Accumulate MoreT BRL 85 Billion in Bitcoin
The growth of the crypto actives market led by bitcoin and its adoption as a store of value has brought it with the interest of large companies in the sector and the volume of bitcoin allocated to the portfolios of publicly traded companies reached a new record this week.
Currently there are already more than 15 billion dollars Almost 85 billion in bitcoin in the vaults of companies listed on the stock exchange or more than 230 thousand bitcoins according to data from BeInCrypto.
Just over a year ago that number was almost zero and it started to grow with the investments of MicroStrategy led by Michael Saylor who today leads the list of publiclytraded companies that have the most bitcoin on their balance sheet The pioneer in investing in cryptocurrencies the software company has 114042 bitcoins.
Second place goes to Tesla which in February bought the equivalent of 15 billion dollars in cryptocurrency After some sales and a huge increase in the assets price the electric car maker led by Elon Musk adds 42902 bitcoins equivalent to 28 billion dollars or almost double the amount initially invested.
The list of companies whose shares are traded on the stock exchange and which have bitcoin on their balance sheets includes the broker Coinbase the manager Galaxy Digital and MercadoLibre among several others Fintech Square which is run by Twitter CEO Jack Dorsey initially bought 4709 bitcoins for 50 million Then I increased its exposure to 8027 bitcoins now valued at over 520 million.
Initially considered a controversial move the purchase of bitcoin by big companies has become increasingly common and the profit made by Tesla and Square and the appreciation of MicroStrategy whose shares jumped from 150 to more than 850 dollars show that the decision at least for the time being was right.
Despite the flashy numbers the total bitcoin held by publicly traded companies is still small compared to other asset classes common in companies balance sheets and even relative to the total bitcoin in circulation Today there are around 188 million bitcoin in circulation out of the maximum total of 21 million that could exist that is around 13 is held by companies listed on the stock exchange.
Its not just listed companies that have shown interest in bitcoin Banks management companies and brokerages have also created a series of products with cryptocurrency such as funds and ETFs which accumulate a much more significant amount of digital assets.
Grayscale alone with its Grayscale Bitcoin Trust GBTC fund which intends to transform itself into an ETF sums 654600 bitcoins it is the largest bitcoin custodian in the world BlockOne adds another 140000 bitcoins.
In Brazil cryptoactive funds and ETFs also accumulate large amounts of cryptocurrency QR Asset Management for example has 1218 bitcoins added to the exposures of its funds and QBTC11 ETF which is equivalent to almost 450 million reais Hashdex which recently passed the 1 billion mark in assets under its management has more than 4841 bitcoin in HASH11 alone.
ETF which invests 65 of its portfolio in bitcoin and the rest in other cryptocurrencies and is the second largest among all ETFs listed on B3 In addition to him the manager also has an ETF and bitcoin funds which considerably increases the number of cryptocurrencies in its possession.