The weight behind Bitcoin by institutional entities has been disclosed by Crypto Treasuries. According to the data, 32 companies hold stakes that amount up to nearly $12 billion. The amount of Bitcoin in these coffers amounts to over 325,013 coins.
Although these figures are not essentially accurate, it reveals the rate of institutional adoption of cryptocurrencies. Also, over $470 million worth of Ethereum is held by 11 institutions. The approximate number of Ether sits at about 169,279.
Renowned world class companies hold large stakes in the largest cryptocurrency. The list of them is lead by Block with a stake of over 140,000 BTC. Following closely is MicroStrategy with a holding of $90,859 coins. Automobile manufacturer Tesla comes third, Galaxy Digital and StoneRidge Holdings make up the top five.
A remarkable belief in cryptocurrency is held by Michael Saylor, CEO of MicroStrategy. The company is estimated to have profited 50 percent in its holdings of BTC. Tesla’s story isn’t so rosy, courtesy of Musk’s cryptic tweets that are capable of inciting the crypto market.
Galaxy Digital appears to hold more favourable view of Ethereum. They are the largest institutional ETH holder with over 98,892 coins, worth approximately $275 million. Aside from the companies above, there are several others that hold cryptocurrencies including ETFs and asset managers.
Institutional Approval for Bitcoin?
The haze of recent Bitcoin criticisms has made it difficult for new institutional entrants to make a decision on the crypto. However, this doesn’t appear to have deterred determined entities from placing a stake on cryptocurrencies. Several pessimistic CEOs including MicroStrategy’s Michael Saylor and Goldman Sachs have turned to appreciate the innovation.
A lot other companies hold up BTC as an escape from inevitable inflation and global economic crisis. Some firms also happened to have made massive gains from Bitcoin, a notable example being Ruffer who made over in profits.
In a bid to resolve the energy consumption issues of Bitcoin, several stakeholders including Elon Musk and Michael Saylor are rallying for the application of renewable energy sources.