Bitcoin owned by state-owned companies jumped 400% in 12 months to $ 3.6 billion

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Tech researcher Kevin Rooke has tracked state-owned companies’ Bitcoin (BTC) holdings for the past two years. According to Rooke, state-owned companies now hold more than $ 3.6 billion in BTC.

In 2019, state-owned companies only had 20,000 BTC on their books. This figure rose to 105,837 BTC in 12 months. Recruit said:

“Last year, state-owned companies held less than 20,000 BTC on their balance sheets. Today, 19 state-owned companies hold 105,837 BTC on their balance sheets, valued at more than $ 3.6 billion. “

Bitcoin securities of public companies. Source: Kevin Rooke

Today, MicroStrategy is the largest holder of Bitcoin with 70,784 BTC with GalaxyDigital Holdings a distant second with over 16,400 BTC. Square Inc., meanwhile, is the largest company by market capitalization among public company holders with around 4,700 BTC.

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Why is the institutional demand for Bitcoin increasing?

In one year, SOEs alone accumulated around 85,000 BTC, which equates to $ 2.67 billion.

This trend is indicative of the rapidly growing institutional demand for Bitcoin, as evidenced by booming business activity in Grayscale and CME.

BTC holdings in grayscale compared to BTC price. Source: Bybt.com

Grayscale’s products and CME Bitcoin’s futures market are both primarily aimed at institutions, and they have seen a massive increase in volume since mid-2020.