Bitcoin is gaining momentum in garnering mainstream adoption. There are now five publicly traded companies with bitcoin in their treasuries.
Three of these companies – Galaxy Digital Holdings, Riot Blockchain, and Cypherpunk Holdings – added BTC from June to September of this year, amounting to more than $148 million in total.
But the other two companies are even bigger names:
-->MicroStrategy, a $1.6 billion business analytics and mobility platform, purchased $250 million BTC in August and another $175 million in September for a total of 38,250 BTC.
-->And $82 billion payments company Square purchased $50 million worth of BTC earlier this month. The purchase accounts for 1% of the firm’s total assets.
The takeaway from these purchases is that asset managers are looking for ways to hedge the hidden tax effect inflation has on their treasury. For them, bitcoin is a way to preserve purchasing power in the face of inflationary forces.
Three of these companies – Galaxy Digital Holdings, Riot Blockchain, and Cypherpunk Holdings – added BTC from June to September of this year, amounting to more than $148 million in total.
But the other two companies are even bigger names:
-->MicroStrategy, a $1.6 billion business analytics and mobility platform, purchased $250 million BTC in August and another $175 million in September for a total of 38,250 BTC.
-->And $82 billion payments company Square purchased $50 million worth of BTC earlier this month. The purchase accounts for 1% of the firm’s total assets.
The takeaway from these purchases is that asset managers are looking for ways to hedge the hidden tax effect inflation has on their treasury. For them, bitcoin is a way to preserve purchasing power in the face of inflationary forces.
