In recent months, several publicly-listed companies have aggressively increased their bitcoin holdings as the cryptocurrency’s value fluctuates. Notable among them is MicroStrategy, which has significantly dominated these purchases. Over the past few months, at least six companies, including MicroStrategy, Block, and soccer team Real Bedford FC, have acquired approximately 48,836 BTC, collectively spending around $3.09 billion. As a result, their investments have seen a slight increase to an estimated value of $3.1 billion today. MicroStrategy alone accounted for a staggering 97% of the total bitcoin bought by these firms, with other companies contributing about $92.7 million in total purchases.
The trend of publicly listed companies embracing bitcoin continues to gain momentum. Since MicroStrategy’s initial foray into bitcoin back in August 2020, at least fifteen different companies have invested in cryptocurrency, excluding those directly tied to bitcoin mining or asset management. Data from BitcoinTreasuries.net indicates their purchase timelines and cost basis, revealing the sustained commitment of these firms to the digital asset despite periodic market corrections.
Key takeaways
- At least six publicly listed companies bought roughly 48,836 BTC in recent months, spending about $3.09 billion.
- MicroStrategy accounted for 97% of that total, with all other companies combined contributing around $92.7 million.
- Since MicroStrategy's first purchase in August 2020, at least fifteen companies have bought Bitcoin, excluding miners and asset managers, with 32 corporate acquisitions recorded in 2024 alone.
- Block uses dollar-cost averaging, directing a share of Cash App profits into monthly Bitcoin purchases rather than buying in large blocks.
- The buyers include unusual entrants such as English soccer club Real Bedford FC.
Block has also adopted a dollar-cost averaging strategy specifically for its bitcoin investments, directing a percentage of its profits from Cash App into monthly BTC purchases. As the overall number of corporate bitcoin acquisitions rises—32 so far in 2024 alone—it’s clear that interest in requiring digital assets is garnering more traction among businesses beyond early adopters.
Meanwhile, the cryptocurrency market has demonstrated volatility with Bitcoin fluctuating below $65,000 as several altcoins show promising performance. Additionally, in the wake of Changpeng Zhao’s recent release from federal custody, he has hinted at transitioning to a new role focused on investing in blockchain and AI technology, alongside his philanthropic pursuits. Zhao’s future plans suggest that while he may not be at Binance in a managerial capacity, he remains committed to engaging with the crypto community in a new capacity.
On an international front, shifts in regulatory stance are considered in Japan, where authorities are reassessing crypto oversight rules. This potential reclassification could change how digital currencies are perceived, transitioning from payment methods to financial instruments, allowing for more innovative product development. Such movements reflect an evolving understanding of cryptocurrencies and signal that the global crypto landscape is maturing, catering to wider investor interests and institutional adoption.
Frequently asked questions
What is dollar-cost averaging and why use it here?
It means buying a fixed amount at regular intervals regardless of price, which smooths out the entry point over time. Block applies it to a percentage of Cash App profits, avoiding the timing risk of a single large purchase.
Does corporate buying mean broad adoption?
Not yet. One company accounted for 97% of the purchases in this period, so the aggregate figure reflects a single conviction buyer far more than a broad corporate shift.
What regulatory change was Japan considering?
Reclassifying digital currencies from payment methods to financial instruments. That reframing would change the rules they fall under and open the way to a wider range of investment products.
