Bitcoin Assets of Listed Firms Surge to $20B in One Year

2 min read | August 29, 2024 05:32 PM AEST | By Team Kalkine Media

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Bitcoin Assets of Listed Firms Surge to $20B in One Year — Image source: shutterstock

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A recent survey has revealed that 26% of institutional investors and wealth managers support the use of Bitcoin as a reserve asset. This endorsement is reflected in the substantial increase in Bitcoin holdings among publicly listed companies, which have surged by nearly 200% over the past year.

According to Bitbo data, 42 publicly traded companies currently hold a total of 335,249 Bitcoin, valued at approximately $20 billion. This marks a significant rise from the $7.2 billion worth of Bitcoin held by these companies a year ago, representing a 177.7% increase. The trend towards accumulating {Bitcoin} (BTC) began with MicroStrategy, a business intelligence firm that first acquired over 21,000 BTC in August 2020 and subsequently made Bitcoin its primary treasury reserve asset. As of August 2024, MicroStrategy has expanded its holdings to 226,500 BTC.

In light of growing corporate interest, Nickel Digital Asset Management commissioned a survey of 200 institutional investors and wealth managers from the United States, United Kingdom, Germany, Singapore, Switzerland, Brazil, and the United Arab Emirates. The findings indicate that 75% of organizations already engaged in the cryptocurrency sector advocate for the inclusion of Bitcoin in the portfolios of publicly listed companies. Furthermore, 26% of the survey respondents strongly endorse Bitcoin’s role as a reserve asset.

Survey participants, who collectively manage $1.7 trillion in assets, anticipate further growth in Bitcoin holdings among public companies. Specifically, 58% of respondents foresee that 10% or more of listed companies will incorporate Bitcoin into their balance sheets within the next five years. Additionally, 8% of respondents that 25% or more of public firms will include Bitcoin on their balance sheets during the same period.

Currently, the 335,249 BTC held by public companies accounts for only 1.6% of Bitcoin’s total supply, which is capped at 21 million. This suggests substantial room for growth in corporate Bitcoin holdings as interest continues to build.

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