Public Company Bitcoin Holdings Have Growed to $20 Billion in a Year
Date: 2024-08-29 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
Public company Bitcoin holdings have grown nearly 200% in a year, from $7.2 billion to $20 billion.
Bitbo data shows that 42 public companies hold 335,249 Bitcoins worth about $20 billion. According to investment manager Nickel Digital Asset Management, the amount of BTC public companies held a year ago was $7.2 billion, a 177.7% increase over the value of public company BTC holdings.
The trend began when business intelligence firm MicroStrategy bought more than 21,000 BTC in August 2020, making Bitcoin its primary treasury reserve asset. As of August 2024, the business intelligence firm had increased its holdings to 226,500 BTC.
As interest in storing BTC has increased among companies, Nickel Digital commissioned a survey to learn more about how institutions view the asset.
Institutional Survey Highlights Strong Belief in Holding Bitcoin
For the study, the researchers reached out to 200 institutional investors and asset managers in the US, UK, Germany, Singapore, Switzerland, Brazil, and the United Arab Emirates.
The results showed that 75% of institutions already invested in the crypto space believe that publicly listed companies should hold Bitcoin. Meanwhile, 26% of survey participants strongly supported the use of Bitcoin as a reserve asset.
Nickel Digital also highlighted that survey participants, who collectively manage $1.7 trillion in assets, expect stronger growth in the amount of Bitcoin held by publicly traded companies.
Of those surveyed, 58% believe that 10% or more of listed companies will hold BTC on their balance sheets over the next five years, while 8% of survey respondents predict that 25% or more of public companies will add Bitcoin to their balance sheets over the next five years.
Nickel Digital CEO and Founding Partner Anatoly Krachilov believes that the results show how institutional investors see the long-term value of BTC. He explained:
“Institutional investors and asset managers clearly see long-term value in listed companies initiating digital asset exposure as part of their reserve allocation, thereby helping to mitigate the risk of currency depreciation.”
The 335,249 BTC currently held by public companies represents just 1.6% of Bitcoin’s total supply, which is capped at 21 million.
