Bitcoin has been steadily gaining acceptance as a legitimate form of payment in recent years, and as a result, more and more companies are adding the cryptocurrency to their balance sheets. While it’s still not a mainstream investment option, there are a growing number of well-known firms that hold bitcoin in their portfolios. Here are some of the most notable companies that have invested in bitcoin.
Square
Square has been one of the most prominent companies to embrace bitcoin. The payment processing company started allowing users to buy and sell bitcoin in 2018 through its Cash App. In October 2020, Square announced that it had purchased $50 million worth of bitcoin, representing about 1% of its total assets. The company has said that it believes bitcoin has the potential to become a more ubiquitous form of currency in the future.
Tesla
In February 2021, Tesla announced that it had purchased $1.5 billion worth of bitcoin, representing about 5% of the company’s cash on hand. The move was seen as a sign of growing acceptance of bitcoin as a legitimate form of investment. However, Tesla’s investment in bitcoin has also been controversial, with some critics questioning whether it’s a wise use of the company’s resources.
MicroStrategy
MicroStrategy is a business intelligence firm that has been one of the most aggressive investors in bitcoin. In August 2020, the company announced that it had purchased $250 million worth of bitcoin, and it followed that up with additional purchases in September and December of the same year. As of February 2021, MicroStrategy had accumulated more than 90,000 bitcoins, representing a significant portion of the company’s total assets.
Square, Tesla, and MicroStrategy are just a few of the companies that hold bitcoin. Other notable firms include:
– PayPal: The payment processing company has allowed users to buy and sell bitcoin since October 2020, and it plans to expand its cryptocurrency offerings in the future.
– Grayscale Investments: This investment firm offers a variety of cryptocurrency-focused investment products, including a bitcoin investment trust.
– Marathon Patent Group: This technology company has invested heavily in bitcoin mining operations and has accumulated a significant amount of the cryptocurrency as a result.
– Galaxy Digital Holdings: This investment firm is focused on cryptocurrencies and blockchain technology, and it has invested in a variety of bitcoin-related ventures.
While the number of companies holding bitcoin is still relatively small, it’s clear that more and more firms are beginning to see the value in the cryptocurrency. As the acceptance of bitcoin continues to grow, it’s likely that more companies will follow suit and add the cryptocurrency to their balance sheets. However, investing in bitcoin is not without risks, and companies that choose to hold the cryptocurrency must be prepared for the volatility and uncertainty that comes with it.