2 years ago
208 Data analysis confirmed that public companies holding a large sum of Bitcoin surged in 2021, building a notable increase from the previous year.
According to Willy Woo, a renowned on-chain analyst, public companies holding “significant amounts of BTCs have gained large market share from spot ETF as a way to access BTC exposure on public equity markets.” Woo shared his thoughts in a tweet on January 3.
The massive Bitcoin adoptions became more noticeable after a “Bitcoin For Corporations” conference hosted by MicroStrategy on February 3 and 4 in 2021. The online conference brought together many public companies, aiming to elaborate legal considerations for firms seeking to integrate Bitcoin in their businesses, balance sheets, or reserves.
Since MicroStrategy's "Bitcoin for Corporations" conference in Feb 2021, public companies* holding significant BTC have gained market share from spot ETFs** as a way to access BTC exposure on public equity markets.
* MicroStrategy & public mining companies
** Mainly Grayscale pic.twitter.com/e18OEfgiEW
— Willy Woo (@woonomic) January 2, 2022
MicroStrategy, a leading business intelligence firm owned by Michael Saylor, remained bullish on Bitcoin throughout the year, with the firm now holding almost $6 billion worth of Bitcoin.
A few days before New Year, Microstrategy bought a further 1,914 BTC worth $94 million. Interestingly, the company has made more than $2.1 billion gains since its initial BTC purchase in August 2021.
While computing his analysis, Woo referenced a chart of BTC holding inside ETFs and public company treasuries available for ownership through equity markets, according to corporate treasury data.
According to the chart, Grayscale, a global digital currency asset management firm, gained the highest market share at 645,199 BTC by the end of the year 2021. The accumulation represents 71% of the market holding of combined spot ETFs and corporations, which hold a total of 903,988 BTC.
According to Bitcoin Treasuries, MicroStrategy emerged as the leading corporate investor in Bitcoin, holding 124,391 BTC valued at around $5.8 billion. Space car manufacturer Tesla distantly followed at second place with around 43,200 BTC worth roughly $2 billion at current market prices.
In 2021, the number of Bitcoins held by public companies increased 400% in 12 months to reach $3.6 billion.
