Bitcoin Treasuries Surpass 1 Million BTC in Holdings

TLDR

• Bitcoin treasuries now hold over 1 million BTC.
• 184 companies and multiple ETFs are documented as Bitcoin holders.
• Total investment in Bitcoin among public companies exceeds $111 billion.

This week, Bitcoin treasuries saw a significant increase in holdings, surpassing a milestone of over 1 million BTC. Corporate treasuries have collectively added nearly $1 billion worth of Bitcoin, now holding approximately 5% of the total supply. This development is significant for institutional adoption, confirmed through data from BitcoinTreasuries.net. Major participants in this accumulation include public companies and institutional investors.

Strategy, previously known as MicroStrategy, remains the largest holder with 636,505 BTC. Other key players such as MARA Holdings, XXI, Bitcoin Standard Treasury Company, Bullish exchange, and Metaplanet have contributed to this increase. Collectively, 184 companies and multiple ETFs are now documented as holding Bitcoin, as noted on the on-chain and audit-tracked data available.

Major Corporations Join the Bitcoin Accumulation

Strategy led by Michael Saylor initiated a trend of corporate Bitcoin acquisitions back in August 2020. MARA Holdings, a leading public miner, remains a longstanding major holder, while Jack Mallers of XXI and Strike has been instrumental in advocating for Bitcoin adoption among corporate entities. Andrew Webley, CEO of SWC, has also publicly advocated for using Bitcoin as a corporate reserve asset.

Recent additions were made by public companies from diverse sectors, including technology and mining from regions such as Canada, the UK, Hong Kong, and the US. These companies joined the list of prominent Bitcoin holders, reflecting a growing trend. Key figures behind these corporate activities continue to express support for Bitcoin as a strategic asset. Webley’s statement emphasized the long-term strategy of holding Bitcoin as a hedge against monetary instability.

Twitter Reactions and Statements

Jack Mallers, CEO of XXI, shared his views on the situation, highlighting the structural and persistent nature of corporate treasuries adopting Bitcoin. He termed this as a de-risking strategy for the next decade. Mallers supports the trend and expressed pride in leading the movement through his company XXI.

Additional reactions have surfaced from industry experts such as Dom Kwok, a former Goldman Sachs analyst. Kwok notes a divergence between the stock prices of digital asset companies and the corresponding cryptocurrency prices. This has led investors to reconsider the value and strategy of investing in these firms.

Funding and Institutional Involvement

The total investment in Bitcoin among public companies has reached over $111 billion. Recent acquisitions of Bitcoin were financed through various methods, including treasury cash, debt issuance, and new equity raises. In certain instances, SPAC mergers and listings also provided funding capabilities for these purchases.

Institutional contributions also come from ETF managers and trusts from nations like the US, Canada, and Europe, further channeling client and fund assets into Bitcoin. These movements demonstrate the increasing institutional trust in Bitcoin as an enduring asset class.

Impact on Bitcoin and Related Assets

The primary asset impacted by these developments is Bitcoin. The increased activity in Bitcoin treasuries has led to substantial inflows into wallets managed by corporations and ETFs. As a result, the circulating float of Bitcoin has decreased, likely affecting liquidity and pricing within public markets.

While Bitcoin remains the direct focal point, related assets such as Bitcoin-linked equities and crypto asset ETFs holding spot Bitcoin may experience correlated price movements. However, other cryptocurrencies like Ethereum and associated DeFi protocols remain largely unaffected, as this event is specific to Bitcoin.