MicroStrategy (MSTR) recently doubled on bitcoin (BTC-US) by once again adding more of the cryptocurrency to its balance sheet. The analytics platform now owns the most bitcoin of any publicly traded company.
“Calling it a ‘cloud services company’ doesn’t even feel quite right anymore,” said Daniel Roberts, editor-in-chief of Decode media, Yahoo Finance told.
“Obviously some pre-existing MicroStrategy stockholders from before Saylor went gaga for bitcoin probably don’t like it, but when bitcoin goes up it can show the returns and look like a winner,” he added.
Investors who don’t want to pay $50,000 per bitcoin still can getting exposure through companies that have the cryptocurrency on their balance sheets. Some of these are directly involved in crypto while others are involved in other businesses but retain bitcoin as an asset.
The analytics platform company holds the top spot for a publicly traded company that owns the most Bitcoin (BTC-US), adding to its position time and time again.
The company has bought 3,907 bitcoins since the start of its fiscal third quarter on July 1. Microstrategy owns about 108,992 bitcoins, bought for an average of about $26,769 each, according to data from Bloomberg.
The electric vehicle giant invested in bitcoin earlier this year. Tesla’s initial $1.5 billion investment in the crypto currency, revealed in an SEC filing on Feb. 8, drove prices higher. As of March 31, the company owned 42,902 Bitcoin.
Galaxy digital holdings (BRPHF)
Michael Novogratz’s investment company focuses on digital currencies. As of March 31, Galaxy Digital owned approximately $761 million worth of Bitcoin.
Voyager Digital (VYGVF)
The crypto trading app owns 12,260, according to bitcoinworldwide.com, with a current value of approximately $590 million. In January, Voyager Digital CEO Steve Erlich predicted that crypto would go mainstream this year.
“We will see institutions, corporations and public companies rush to hedge their cash reserves in bitcoin with more speed,” wrote Erlich in his predictions for 2021.
Square’s founder and CEO, Jack Dorsey, has been a bitcoin bull for a long time. Earlier this year, the digital payments company released a white paper arguing why bitcoin is key to a clean energy future. Square owns approximately 8,027 bitcoin with a current value of approximately $386 million.
Other companies that have bought bitcoin include Marathon Digital (MARA), Coinbase (CURRENCY) and Mercado Libre (MELI), among other things.
Ines is a market reporter who reports on stocks on the trading floor of the New York Stock Exchange. Follow her on Twitter on @ines_ferre
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