The amount of Bitcoin held by public companies has soared 400% in one year

Crypto analyst Kevin Rooke found that the value of Bitcoin held by listed companies has exceeded US$3.6 billion.

Rooke, who has been tracking Bitcoin holdings by public companies for the past two years, tweeted that the amount of Bitcoin held by public companies has surged 400% in the past 12 months.

He mentioned that last year, there were only 20,000 Bitcoins on the books of public companies. This number increased to 105,837 Bitcoins in 12 months.

He said, “Last year, public companies had less than 20,000 bitcoins on their balance sheets. Today, 19 public companies hold 105,837 bitcoins on their balance sheets, valued at more than $3.6 billion.”

MicroStrategy is the largest Bitcoin holder, holding 70,784 Bitcoins, followed by Galaxy Digital, which holds 16,400 Bitcoins, and Square, which has the highest market value among Bitcoin holders, holding about 4,700 Bitcoins.

The trend suggests that institutional demand for Bitcoin is growing rapidly, as evidenced by the surge in trading volumes at Greyscale’s Bitcoin Fund and the Chicago Mercantile Exchange (CME). Financial institutions are increasing their investments in Bitcoin as they expect it to eventually evolve into a gold alternative.

According to Bitpush data, in the past few months, Bitcoin, the cryptocurrency with the largest market value, has continued to rise and once exceeded US$40,000, but it has experienced a slight decline in the past two weeks.

Despite this, the market remains optimistic about the long-term prospects of Bitcoin, especially as supply continues to decrease, so the current decline in Bitcoin prices is a good opportunity to buy on dips.

Image source: pixabay

AuthorLiang Che

This article comes from Bitpush.News. Reprinting must indicate the source.