Companies with the most bitcoin on their balance sheets
MicroStrategy (MSTR) recently doubled down on bitcoin (BTC-US) by once more adding more of the cryptocurrency to its balance sheet. The analytics platform now owns the most bitcoin out of all publicly traded companies.
"Calling it a 'cloud services company' doesn't even feel fully accurate anymore," Daniel Roberts, editor in chief of Decrypt Media, told Yahoo Finance.
"Obviously some preexisting MicroStrategy shareholders from before Saylor went gaga for bitcoin probably don't love it, but when bitcoin goes up, he gets to show the returns and look like a winner," he added.
Investors who don't want to invest directly in bitcoin which is currently trading close to $50,000, can gain exposure to it via companies that hold the cryptocurrency on their balance sheets. Some of these are directly involved with crypto while others are involved in other businesses but keep bitcoin as an asset.
The analytics platform company holds the top place for a publicly traded firm owning the most bitcoin (BTC-US), adding to its position time and again.
The company bought 3,907 bitcoins since the beginning of its fiscal third quarter on July 1. Microstrategy holds about 108,992 bitcoins, bought at an average of about $26,769 each, according to Bloomberg data.
The electric vehicle giant invested in bitcoin earlier this year. Tesla's $1.5 billion initial investment in the cryptocurrency, revealed in an SEC filing on Feb. 8, sent prices higher. As of March 31 the company owned 42,902 bitcoins.
Galaxy Digital Holdings (BRPHF)
Michael Novogratz’s investment company focuses on digital currencies. As of March 31, Galaxy Digital held around $761 million worth of bitcoin.
Voyager Digital (VYGVF)
The crypto trading app owns 12,260, according to bitcoinworldwide.com, with a current value of about $590 million. In January, Voyager Digital's CEO Steve Ehrlich predicted this year crypto would go mainstream.
"We will see institutions, corporations, and public companies rush to hedge their cash reserves into bitcoin with more velocity," wrote Ehrlich in his 2021 predictions.
Square's founder and CEO Jack Dorsey is a longtime bitcoin bull. Earlier this year the digital payments company posted a white paper making the case for why bitcoin is key to a clean energy future. Square owns about 8,027 bitcoin with a current value of about $386 million.
Other companies that have bought bitcoin include Marathon Digital (MARA), Coinbase (COIN) and Mercado Libre (MELI), among others.
Ines is a markets reporter covering stocks from the floor of the New York Stock Exchange. Follow her on Twitter at @ines_ferre
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