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Technology researcher Kevin Rooke has been tracking the Bitcoin (BTC) holdings of public companies throughout the past two years. According to Rooke, public firms now hold over $3.6 billion worth of BTC.
In 2019, public companies had merely 20,000 BTC on their books. This figure has increased to 105,837 BTC in 12 months. Rooke said:
“Last year, public companies held fewer than 20,000 BTC on their balance sheets. Today, 19 public companies hold 105,837 BTC on their balance sheets, valued at over $3.6 billion.”
Today, MicroStrategy is the biggest Bitcoin holder with 70,784 BTC with GalaxyDigital Holdings a distant second with over 16,400 BTC. Square Inc., meanwhile, is the largest company by market cap among public company holders by with roughly 4,700 BTC.
Why is institutional demand for bitcoin surging?
In a year, public companies alone accumulated around 85,000 BTC, which is equivalent to $2.67 billion.
This trend is indicative of the rapidly growing institutional demand for Bitcoin, as portrayed by the surging trading activity on Grayscale and CME.