32 Institutions Hold Bitcoins Worth $12 billion June 8, 2021 June 8, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsJune 8, 2021 by Kelly Cromley

32 Institutions Hold Bitcoins Worth $12 billion

Following recent instances in which Bitcoin was chastised by environmental campaigners, it was assumed that most institutional investors would abandon the asset. Latest information, on the other hand, contradicts this. Bitcoin remains popular amongst institutional investors, as per Crypto Treasuries, with 32 firms owning 325,013 bitcoins.

This translates to $11.7 billion. Block. One of those investors appears to be the major Crypto holder at the moment, with 140,000 units. MicroStrategy currently holds 90,859 Bitcoins. They’ve been advocates of the digital asset for a long period of time and are adding much more their balance sheet. As per the article, the company’s Bitcoin investment has increased by 50% in the past few months.

With 38,300 BTC, 14,932 BTC, and 10,000 BTC, respectively, Tesla Inc, Galaxy Digital Holdings, and StoneRidge Holdings Group are the top Bitcoin investors. With 8,027 Bitcoins, Square comes in second. ETFs and assets under management are not included in this statistics, which may have resulted in a considerable increase in the figures.

Companies that hold cryptocurrency on their accounting records are not included in the data, nor are assets under management (AUM). Due to certain data not being publicly released by listed firms, some of the statistics displayed are only guesses and estimations. Companies have also shown considerable support for Ethereum, with 11 of them possessing 169,279 ETH worth around $470 million.

Galaxy Digital is a big supporter of the Ethereum platform, with 98,892 ETH valued about $275 million in its wallet. Coinbase Global has 31,787 ETH in hand, with China’s Meitu having 15,000 ETH, as per the statistics. The evidence suggests that Bitcoin has been recognized as genuine by institutions.

This is in contrast to past projections that the asset will be worthless in the future. The value of Bitcoin has been driven higher by institutional interest, according to Daniel Loeb, CEO and co-founder of hedge firm Third Point. Institutions are purchasing greater quantity of bitcoin every month than are generated, and there simply isn’t enough for all of us.

This is the most important reason that has recently pushed bitcoin’s price higher. After being obliged to diversify their portfolio by government rules, institutions flocked to Bitcoin in droves.

Bitcoin has been identified as an inflation hedge, and it is thought that this, together with the possibilities of DApps and DeFi, prompted institutions to enter the field. Bitcoin has not seen a substantial increase in the last several days. While trading between the $35,000 and $37,000 price zones, the price has struggled to push major resistance areas.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.