The amount of Bitcoin held by private firms increased considerably in 2021, building on the previous year’s gains.
Willy Woo, an on-chain specialist, stated in a tweet on January 3 that “large BTC have won market share from spot ETFs as a mechanism to access BTC exposure on public equities markets.”
This has been increasingly clear after MicroStrategy’s “Bitcoin for Corporations” conference on February 3 and 4, 2021. The purpose of the online event was to talk about the legal consequences for firms that want to incorporate Bitcoin into their operations and reserves.
MicroStrategy, a well-known business analytics organization established by Michael Saylor, is well-known for being a strong supporter of Bitcoin, with $6 billion in crypto assets under control.
Saylor’s firm paid $94 million for another 1,914 BTC on December 30. Since its initial bitcoin acquisition in August 2020, the corporation has profited more nearly $2.1 billion.
Woo used crowdsourced corporate treasury data to construct a chart of Bitcoin holdings in exchange-traded funds and public company treasuries that are available for public ownership via equity exchanges.
Unlike futures, which are purchased by companies through contracts on the CME futures market, BTC is held in Spot Exchange Traded Funds.
Grayscale, a digital currency asset management company, is expected to have a landslide market share of 645,199 BTC by the end of 2021. According to the graph, this accounted for 71% of the overall market, with total holdings of all spot ETFs and businesses totaling 903,988 BTC.
MicroStrategy is the largest corporate investor, according to BitcoinTreasuries, with 124,391 BTC worth around $5.8 billion.
Tesla is second, with over 43,200 coins worth nearly $2 billion at current prices. The amount of BTC held by public companies surged 400% in a year, reaching $3.6 billion in 2020.
