As a vast number of prominent firms have chosen to leverage bitcoin for reserves rather than hold traditionally held assets, there has been a new trend lately. After Microstrategy bought $250 million worth of BTC, the trend began to gain ground and soon after, the company continued to buy even more Bitcoin. Microstrategy has raised its assets to 70,470 BTC, or .336% of the supply, following a few purchases. Businesses such as Square Inc. and Ruffer Investment Firm entered the bitcoin buying trend after Microstrategy’s purchase.
According to news.bitcoin.com, there are a total of 29 companies listed on the bitcointreasuries.org website to date, a website that tracks all companies in three separate sections; publicly traded, private, and ETF-like holders.
There’s a total of 15 publicly traded firms including Microstrategy Inc., Galaxy Digital Holdings, Square Inc., All 15 of these publicly traded firms have approximately 100,003 BTC worth and four private firms, including Mtgox k.k., Block.one, Tezos Foundation and Stone Ridge Holdings Group, comprise the section of private companies holding bitcoin treasuries. By a longshot of 317,383 BTC value in all four company reserves, private corporations have more than public companies.
The bitcoin (BTC) stash held by the nine funds is roughly 734,232 BTC worth — using today’s exchange rates. The Grayscale Bitcoin Trust is by far the biggest BTC holder with 572,644 BTC, out of all 29 corporations. Other notable holders include the Mtgox k.k. Holdings, the stash of Block.one, the reserves of Microstrategy and the holdings owned by Coinshares. The bitcointreasuries.org web page does not have a few other companies that have substituted bitcoin for traditional assets in their treasuries. This includes the restaurant chain Tahini’s in Canada, and the graphics software company Snappa in Canada. The restaurant chain of Tahini announced that the company swapped all of its cash reserves into BTC, while Snappa said the company sold bitcoin cash reserves for 40 percent. “We looked our financial advisor in the eye and told him gold will turn into a scam because of bitcoin,” the company tweeted. “He laughed and condescendingly came back with the 6,000 years argument,” Tahini’s added.