Nickel: 38 listed companies hold around $21.7 billion worth of Bitcoin

May 23, 2024

New analysis by London-based Nickel Digital Asset Management (Nickel), Europe’s leading regulated and award-winning, digital assets hedge fund manager, reveals 38 listed companies with a combined market cap of $800 billion currently hold around $21.7 billion worth of Bitcoin. This represents a 196% increase in the value of their holdings compared to a year ago, when the corresponding figure was $7.2 billion.

Publicly traded companies have emerged as major players in the digital assets ecosystem after MicroStrategy pioneered the integration of Bitcoin into corporate treasuries when it purchased 21,454 BTC in August 2020. The company, which has increased its holdings almost tenfold (214,246 BTC to date) making it one of the largest institutional holders of Bitcoin, paved the way for other notable public companies, such as Tesla, to follow.

Collectively, listed companies have expanded the size of their holdings by 19% in the last year, following the purchase of a further 48,730 Bitcoins. As a result, they now hold 309,637 BTC, equating to 1.5% of the total Bitcoin supply cap, which is pegged at 21 million.

Nickel Digital’s analysis highlights a strong North American bias in these allocations. Nearly three-quarters of the 38 listed companies reviewed are US (15) and Canadian (13) businesses, four are European, and the remaining six companies are from Turkey, Thailand, Australia, Japan, Argentina, and Hong Kong.