Bitcoin adoption: top publicly traded companies
Many publicly traded companies in the United States and the world all over are beginning to increase Bitcoin adoption as a reserve asset because of the crypto’s top level credentials.
As at the last count, over a dozen publicly traded companies are holding 2.85% of circulating Bitcoin which roughly translates into 598,237BTC.
In this article, we would be looking and reviewing 3 of such companies:
Grayscale Bitcoin Trust pioneer Bitcoin adoption as a reserve asset
The first company to actually see bitcoin as a reserve asset is the Grayscale Investment. Grayscale has a Bitcoin Trust Fund, through which it is able to purchase, own and keep an eye on the price of the cryptocurrency. The trust fund which was opened in 2013 typically helps investors to hold Bitcoin as a reserve asset. The company currently has the largest holdings of Bitcoin as it currently has a Bitcoin holding that is believed to be worth as much as $5.1 billion.
Grayscale gained publicity when it bought 70% of new bitcoin in the market which resulted in doubling its holdings.
- Microstrategy Inc
Microstrategy is a mobile phone software developer company that also has its tentacles in cloud services. The company brought the limelight on how the corporate industry is beginning to see Bitcoin as a reserve asset when it purchased $425 million worth of bitcoin for between the months of August and September.
With that purchase, Bitcoin ranks as the company’s largest asset in reserve and according to the current market rate of the digital currency, it is now valued at $433 million.
- Square Inc
Twitter Founder, Jack Dorsey, made it known that his other technology based company which focuses on mobile payments, Square Inc, will be moving a percent of its total assets into Bitcoin. And truth to it, the company announced has spent $50 million on acquiring over 4,000 BTC. The company made it known that it would be actively learning and participating in Bitcoin adoption by the mainstream.