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Bitcoin Goes Mainstream With Massive Accumulations From Public Firms – Here’s How Many

With its recent powerful move to a new threshold, Bitcoin seems to be taking over the market, attracting a notable wave of investors, both institutional and retail investors. BTC’s presence at the institutional level has seen sharp growth as publicly traded companies acquire the crypto king at a massive scale.

Public Companies Embrace Bitcoin Strategy

Bitcoin has evolved from a mere digital asset to a highly sought-after mainstream asset in the cryptocurrency and financial sectors. Presently, BTC is taking over the spotlight as many well-known publicly traded companies have shown significant interest in the flagship asset.

What was previously the purview of early adopters and tech-savvy investors is now being adopted by corporate giants in an effort to gain a strategic advantage in the rapidly changing financial world. Brian Harrod of The Harrod Report has taken to the X platform to outline the number of public companies holding BTC in large chunks.

In the X post, Harrod shared a report from Bitwise, a leading asset manager, which shows that publicly traded companies that have now added BTC to their holdings have reached a total of 125. This growing wave of institutional adoption reflects a robust conviction in the crypto king, as businesses view BTC not just as a speculative asset, but a hedge against inflation and global printing.

Data shows that these prominent corporate firms have accumulated a cumulative supply of 847,000 BTC, valued at approximately $91 billion at current price levels. The significant accumulation of these companies underscores the expanding role of institutions in the broader market.

BTC’s price has responded notably to the ongoing development, surging to a new all-time high. According to Harrod, analysts believe that this rising demand among corporate giants, coupled with a more transparent regulatory environment, has been the main driver of BTC’s latest leg up. However, they also warned that the sharp price movements still present hazards for novice investors.

With many companies adding Bitcoin to their balance sheets, the flagship asset’s price and its market value have increased sharply, surpassing that of Amazon. BTC is now ranked the fifth-largest asset behind Gold, NVIDIA, Apple, and Microsoft, in the world by market cap after dethroning Amazon.

Strategy Still Leading The Charge

The chart shows that Michael Saylor’s Strategy is still leading the charge,  followed by MARA Holdings, Twenty One, Riot Platforms, and Mateplanet. Strategy’s position at the top underscores the company’s unwavering trust in Bitcoin’s long-term prospects.

Michael Saylor, the co-founder of Strategy, recently reemphasized his belief in BTC in a recent post on X. According to the chairman, the only thing better than Bitcoin in the past five years is more Bitcoin.

His audacious Bitcoin wager has turned out to be one of the most successful investments of the last five years. Saylor highlighted that the firm’s stock has seen a 3,588% return since adopting a BTC standard in 2020.

Bitcoin

from Bitcoinist.com https://ift.tt/69QpMit
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