The amount of Bitcoin held by big companies is quite a subject of conversation as these big investors bought quite a bit of the cryptocurrency in 2021.
Reporting by Keira Wright at Cointelegraph cites studies showing that 7% of total Bitcoin supply is in corporate or large investor hands.
Wright sites early adopters like Microstrategy, and in the financial services sector, Grayscale, a company whose Bitcoin trust is one of the top options for secondary investment.
Wright reports many companies use spot ETFs to acquire interest in the cryptocurrency.
“In a Monday tweet, on-chain analyst Willy Woo claimed that public companies holding ‘significant BTC have gained market share from spot ETFs as a way to access BTC exposure on public equity markets,’” she writes, relying on Woo’s understanding of crypto markets in analyzing these on-ramps.
At the same moment, as we wade into 2022, the defi world is abuzz with a new investment by none other than Microstrategy, the pioneer in BTC capital reserves.
Jonathan Ponciano at Forbes reports the company, which “owns more Bitcoin than any other corporation in the world,” bought around approximately 1,914 Bitcoins for about $94.2 million between December 9 and December 29.
Ponciano calls this a “staggering commitment” and a “doubling down” on the company’s previous BTC strategy.
“The company says it now holds approximately 124,391 Bitcoins, purchased for nearly $3.8 billion, or an average price of $30,159 per coin,” Ponciano writes. “MicroStrategy’s latest investment comes as the price of bitcoin struggles near a two-month low after a nearly 10% selloff on Tuesday tanked prices about 17% below levels at the end of last month, putting bitcoin on track for its worst monthly performance since May.”
Here and elsewhere, there’s a palpable nervousness about buying a lot more Bitcoin as the per-coin price wallows under $50K. Microstrategy, though, seems undeterred.
Keep an eye on BTC this month.