Since Microstrategy’s “Bitcoin for Corporations” conference in February 2021, the quantity of BTC owned by public businesses has surpassed that held in spot ETFs by a substantial margin.
Willy Woo, an on-chain expert, stated in a Jan. 3 tweet that public businesses holding “large BTC have acquired market share from spot ETFs as a method to obtain BTC exposure on public equities markets.”
This has become increasingly apparent in the aftermath of MicroStrategy’s “Bitcoin for Corporations” conference on February 3 and 4, 2021. The online lecture was designed to educate companies interested in integrating Bitcoin into their operations and reserves about the legal implications.
MicroStrategy, founded by Michael Saylor, is a major business intelligence organisation that is extremely optimistic on Bitcoin, holding about $6 billion in crypto assets.
On Dec 30, Saylor’s business acquired an additional 1,914 BTC valued at $94 million. Since August 2020, the firm has earned more than $2.1 billion in profit.
Woo cited a chart showing Bitcoin holdings in exchange-traded funds and public company treasuries that are accessible for public ownership through equities markets, which was compiled using crowdsourced corporate treasury data.
Spot Exchange Traded Funds (ETFs) hold bitcoin, in contrast to futures, in which firms acquire exposure through CME futures contracts.
Since MicroStrategy’s “Bitcoin for Corporations” conference in February 2021, public companies* with substantial BTC holdings have gained market share from spot ETFs** as a means of gaining exposure to BTC on the public stock markets.
Grayscale, a digital currency asset management business, has a landslide market share of 645,199 BTC by the end of 2021, according to the statistics. This accounted for 71% of the whole market, as total holdings of all spot ETFs and businesses were 903,988 BTC, as seen in the graphic.
MicroStrategy is the biggest institutional investor, with 124,391 BTC valued at around $5.8 billion by BitcoinTreasuries. Tesla is second with over 43,200 tokens valued at almost $2 billion at current values. According to Cointelegraph, the quantity of BTC owned by public firms increased 400% in a year to $3.6 billion in 2020.
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