- According to data, Bitcoin is still popular among institutional investors with 32 companies holding 325,013 of the asset. This is equivalent to $11.7 billion.
- Block.One appears as the largest holder of Bitcoin with 140,000 of the asset.
The recent reports subjecting Bitcoin to criticism by environmental activists created the notion that most of the institutional investors will give up on the asset. However, recent data shows otherwise. According to Crypto Treasuries, Bitcoin is still popular among institutional investors with 32 companies holding 325,013 of the asset. This is equivalent to $11.7 billion.
As of now, Block.One appears as the largest holder of Bitcoin with 140,000 of the asset. MicroStrategy has about 90,859 Bitcoins. They have been a long-term fan of the digital asset adding more of it to their portfolio. According to the report, the company is up by 50 percent on its Bitcoin investment.
Tesla Inc, Galaxy Digital Holdings, and StoneRidge Holdings Group follow as the largest Bitcoin investors with 38,300 BTC, 14,932 BTC, and 10,000 BTC respectively. Square is next with 8,027 Bitcoins. This data does not include ETFs and assets under managements which could have caused a significant rise in the numbers.
Data listed only includes companies that hold crypto on their balance sheets, not including Assets under management (AUM). Some data shown are just approximations and estimates due to some information not being officially disclosed by listed companies.
Ethereum also saw strong support from companies with 11 of them holding 169,279 ETH, roughly valued at $470 million. Galaxy Digital has shown a lot of support for the Ethereum project as it holds 98,892 ETH worth around $275 million. According to the data, Coinbase Global has 31,787 ETH at its disposal with China’s Meitu holding 15,000 ETH.
Bitcoin seen as legitimate
The data provides enough grounds to believe that Bitcoin has been found legitimate by institutions. This is contrary to the previous predictions that the asset has no future. Daniel Loeb, CEO and co-founder of hedge fund Third Point earlier disclosed how institutional interest has been driving up the Bitcoin price.
Institutions are buying up more bitcoin per month than the ones that are being mined, and there just isn’t enough for everybody. This is the biggest factor that has been driving bitcoin’s price up lately.
Institutions massively moved into Bitcoin after government regulations forced them to diversify their portfolio. Bitcoin has been spotted as a hedge against inflation, and so it is believed that this and the potential in DApps and DeFi influenced institutions to enter the space.
Over the past few days, Bitcoin has failed to record a significant rise. The price has failed to break key resistant points while moving between the $35,000 and the $37,000 price zone.