According to Blockworks, several companies have recently increased their bitcoin holdings following the cryptocurrency's all-time high in March. Among these companies are MicroStrategy, Block, Metaplanet, Semler Scientific, OneMedNet, and Real Bedford FC, a soccer team owned by Bitcoin podcaster Peter McCormack. Collectively, these entities acquired approximately 48,836 BTC, spending an estimated $3.09 billion, which is now valued at around $3.1 billion.
MicroStrategy, a data intelligence firm, was responsible for 97% of the bitcoin purchases made by these companies since the recent peak, leaving the others to spend roughly $92.7 million. Bitcoin experienced a retracement of up to 27%, dropping from nearly $73,740 to $53,900. While the exact purchase prices are not always clear, data suggests an average expenditure of around $63,250 per coin.
Publicly-listed companies have been buying bitcoin for over four years. Since MicroStrategy's initial purchase in August 2020, at least fifteen companies have added Bitcoin to their balance sheets. This figure excludes companies involved in bitcoin mining or digital asset management and only includes those that have disclosed their purchase dates, allowing for cost-basis analysis on BitcoinTreasuries.net.
The cumulative bitcoin purchases by these companies amount to 277,503 BTC, representing 1.4% of the circulating supply. This data does not account for the 33,480 BTC sold by Tesla between April 2021 and July 2022, which constituted about 75% of its holdings. It does, however, include estimated purchases by Block's new dollar-cost averaging strategy, which allocates 10% of its gross bitcoin-related profits from Cash App into buying more BTC monthly. Block reported $67 million in bitcoin-related gross profit in Q2 2024, averaging $22.3 million per month, translating to approximately $2.2 million in bitcoin purchases each month, or about 33.2 BTC at current prices.
The rate of bitcoin disclosures from corporations is on the rise, with at least 32 disclosures so far this year compared to nine in 2023, eight in 2022, 20 in 2021, and five in 2020. This trend includes purchases from El Salvador, various crypto funds, ETFs, and other entities that have not been publicly reported. Bitcoin enthusiasts are not alone in their bullish outlook.
