Based on the present valuation-to-cost ratio of #bitcoin , it is observed that just two out of the five leading publicly listed Bitcoin holding firms are experiencing a favourable financial standing.
In September, #Microstrategy shown a persistent inclination towards acquiring Bitcoin (BTC), even in the face of declining stock prices.
On October 11, there was a significant decline in the value of BTC treasury in comparison to October 9.
During the month of October, there was a marginal decrease observed in the Bitcoin holdings of publicly traded firms, sometimes referred to as Bitcoin 'treasuries'. Out of the five major Bitcoin holders that are publicly listed, only Marathon and Coinbase are now in a favourable financial situation, as indicated by their value-to-cost ratio (NgU) in the table provided. MicroStrategy is consistently increasing its acquisition of Bitcoin (BTC), resulting in the company's Bitcoin holdings being estimated at over $4.5 billion.
MicroStrategy is at the forefront of the accumulation of Bitcoin.
There was an increase in the Bitcoin treasury holdings of publicly traded firms in the United States, with the amount rising from 1.60 million BTC on August 30 to 1.70 million BTC on August 31. According to the statistics provided by Bitcoin Treasuries, the quantity of BTC assets held by publicly listed businesses had an initial surge to 1.71 million units till October 9, followed by a subsequent sharp decline to 1.68 million units.
MicroStrategy, Inc. emerges as the leading entity in terms of BTC holdings, with a substantial market value of $4.6 billion. Approximately 97.5% of the total value is derived from Bitcoin. The organisation possesses a Bitcoin balance of 158,245 BTC, which is presently estimated to be worth over $4.5 billion.
In 2023, MicroStrategy has persisted in accumulating Bitcoin, with the present Bitcoin value-to-cost ratio standing at 0.97. This ratio suggests that the value of the company's Bitcoin holdings is somewhat lower than the price at which these assets were acquired. By September 24, the business had accumulated a total of 5,445 BTC. This acquisition followed the procurement of 467 BTC in July and 12,333 BTC in June.
According to statistics from Yahoo Finance, MicroStrategy had robust performance in the month of July, as its stock price exceeded the threshold of $460. Subsequently, the price has decreased to $330 as at the present moment. In August of the previous year, Michael Saylor resigned from his position as the chief executive officer of the firm due to the company's increasing financial deficits.
Marathon Digital Holdings, a company with a market capitalization of $1.6 billion, possesses a total of 11,466 bitcoins, which are now worth at around $327 million. The current ratio of Bitcoin holdings to cost for the corporation is at 1.73, indicating a lucrative position. According to the data provided by Bitcoin Treasuries, Marathon engaged in the sale of 766 BTC during the month of March in the current year, without undertaking any additional acquisitions.
Tesla, Inc., with a market cap of $770 billion, maintains a Bitcoin balance of 9,720 BTC, currently valued at $277 million. Despite having a relatively low current value-to-cost ratio of 0.82, Tesla is a prominent entity among the largest listed holdings. Despite Tesla's Q3 2023 financial report indicating a lowering of its operating profit margin to 7.6%, this development has occurred.
Coinbase Global, Inc., a company with a market capitalization of $17.5 billion, possesses a significant amount of Bitcoin, namely 9,480 BTC, which is now worth at over $270 million. Coinbase demonstrates a significantly high value-to-cost ratio of 2.31, positioning it favourably among the leading firms in the market. The Nasdaq-listed exchange has a history of annual accumulation sprees in December 2020, 2021 and 2022 and hasn’t sold its holdings based on data by Bitcoin Treasuries.
Hut 8 Mining Corp, a company headquartered in Canada, possesses a market capitalization of $397 million. Within its holdings, Hut 8 Mining Corp now possesses 8,388 BTC, which is estimated to have a value of around $239 million.
Publicly listed technology businesses have a notable degree of confidence in the viability and potential of Bitcoin.
The treasury worth of these firms had a decline from 1.71 million BTC to 1.68 million BTC during the dates of October 9 and 11. The stability persisted until October 18th. The presence of institutional buying is evident in the month-to-date flows reported by CoinShares. According to the data, the monthly total value of Bitcoin transactions is $56.6 million.
Upon further examination of stocks associated with Bitcoin, it becomes evident that a significant proportion of firms in the technology sector, namely 74%, own exposure to Bitcoin.
Despite the considerable price volatility of Bitcoin subsequent to the collapse of FTX, several publicly listed firms, particularly those operating within the technology sector, persist in expressing their trust and belief in the potential of Bitcoin. According to the data provided by CoinGecko, the public-company-Bitcoin-dominance ratio is at 1.23%. These public companies collectively possess over 239,494 BTC, which is estimated to be worth at roughly $6.8 billion.