When it comes to interest in Bitcoin as an asset and a store of value, no public company has put more into the digital asset than Grayscale as they run their trust on BTC. However, the idea of public companies holding BTC, for numerous reasons, is growing, and challenging the top.
It has been found, by Coin98 Analytics, that 13 companies are investing in Bitcoin. Of this, Grayscale is indeed the biggest fish in the pond as the company holds 449,596 BTC ($5.14 billion) under its control, followed by CoinShares’ 69,730 BTC ($797 million).
However, the trend is growing, and more high profile companies are not only investing in the coin, but singing its praises as an alternative store of value in a time where traditional pathways are being viewed with moral skepticism.
There are obviously many companies that have invested in Bitcoin as it forms part of their service, such as Grayscale, but one company that made headlines recently is MicroStratergy, the business intelligence company that recently invested in Bitcoin, and then invested more, to sit on $471.1 millionworth of BTC.
This investment from MicroStrategy not only indicates the potential for the company to store its left over capital, it comes with a big endorsement from the head.
“This investment reflects our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash. Since its inception over a decade ago, Bitcoin has emerged as a significant addition to the global financial system, with characteristics that are useful to both individuals and institutions.
“MicroStrategy has recognized Bitcoin as a legitimate investment asset that can be superior to cash and accordingly has made Bitcoin the principal holding in its treasury reserve strategy,” the company’s CEO Michael Saylor said.
Changing the market
There is a feeling that these investments being made in cryptocurrency by major companies have a lot to do with the current state of the market and the desire for an alternative asset. Not many assets, except probably gold, operate in a correlation that is unlike traditional markets — until Bitcoin.
According to a comparison from Cointelegraph Markets and Digital Assets Data, it is stocks in the form of the S&P 500 and gold which now see increasing correlative patterns with BTC.
This has in turn boosted existing anticipation of a clean divergence away from traditional markets — a “decoupling” for Bitcoin paves the way for significant price gains, analysts argue.