A number of companies have started to consider the idea of holding Bitcoin on their balance sheets for a variety of reasons.
In early August of 2020, MicroStrategy purchased its first Bitcoin for $250 million.
“Our investment in Bitcoin is part of our new capital allocation strategy, which seeks to maximize long-term value for our shareholders,” said Michael J.
While Tesla did sell some of its Bitcoin, its reasoning for the move looks to have been as a test of the cryptocurrency’s liquidity.
In October of 2020, Square announced that it would purchase $50 million worth of Bitcoin worth approximately 4,709 Bitcoins at the time of purchase.
Square has been involved in the cryptocurrency space since 2018, when it began allowing users of CashApp to buy, sell and hold Bitcoin and other cryptos.
According to its website, the company produces just over 55 Bitcoin a day with its over 103,000 miners and makes up 6.2% of Bitcoin’s global hash rate.
Coinbase currently holds 4,487 Bitcoin, which confused many, as it is the most prominent crypto exchange in the US, yet it holds less than non-crypto-related companies on this list.
The Coinbase website boasts 56 million verified users, $335 million in quarterly trade volume and $223 billion of assets on the platform.