Many public companies are now turning to a Bitcoin strategy, with many of them undergoing treasury changes. Notably, public companies holding Bitcoin on their balance sheets have seen their aggregate holdings surge past $113 billion in early September.
This balance shows not only strong institutional conviction in Bitcoin as a reserve asset but also the adoption of crypto‐treasury models among public companies, and here are the major stakeholders.
Major Stakeholders Of Bitcoin Treasury
Data shows that the total value of Bitcoin held by publicly traded companies in their treasury is now well over the $100 billion mark. The value of the total holdings, which is subject to the intensely volatile nature of Bitcoin’s price, is now fluctuating between $111.24 billion and $113 billion, according to data from BiTBO.
The center of this adoption is full of companies and founders that have made Bitcoin a cornerstone of their treasury strategy. At the top of the list is Strategy, which is holding hundreds of thousands of BTC and is often seen as the pioneer of corporate Bitcoin accumulation. According to data from BiTBO, Strategy is holding 638,460 BTC, which is worth about $73.63 billion. This translates to 64.27% of the BTC held by public companies and 3.04% of the total 21 million BTC created.
Following close behind are mining companies and firms explicitly structured around Bitcoin accumulation. MARA Holdings (Marathon Digital), for example, is the second-largest public company holding Bitcoin, with 52,477 BTC worth $6.05 billion in its coffers. Other names include XXI (Twenty-One Capital) with 37,229 BTC, Bullish with 24,340 BTC, and Riot Platforms with 19,309 BTC.
Interestingly, some non-mining or non-traditional companies have also carved out a strong strategy of Bitcoin treasury. For instance, MetaPlanet, which is currently holding 20,136 BTC, recently announced that it had expanded its shares offering from 180 million shares to 385 million shares in order to raise $1.4 billion in capital for its Bitcoin acquisition strategy.
Other companies like GameStop and EV manufacturer Tesla also have thousands of Bitcoins in their treasury reserves.
What’s Motivating The Bitcoin Accumulation?
There are many intersecting motivations behind these large Bitcoin treasury holdings. First, many leaders of these companies view Bitcoin as an inflation hedge, as it is commonly referred to as digital gold.
Second, there is the trend of shareholder appeal. For instance, MetaPlanet noted that its most recent upsizing was due to strong demand from investors. Companies that announce Bitcoin accumulation often witness stock price increases. According to a report from Animoca Brands, the stock price of corporate treasury companies increases by an average of 150% within 24 hours of announcing crypto adoption strategies.
Aside from publicly traded companies, institutional demand for Bitcoin through Spot Bitcoin ETFs is also growing at a strong pace. Spot Bitcoin ETFs in the US continue to attract inflows, with the latest numbers from SoSoValue showing $552.78 million entering these ETFs on September 11.
At the time of writing, Bitcoin is trading at $115,220, up by 0.9% in the past 24 hours.
Featured image from Pixabay, chart from Tradingview.com
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