The adoption of the Corporate Bitcoin Ministry of Finance reached 1 million Bitcoin and 1 million Bitcoin as more companies promote the potential of Bitcoin to strengthen their balance sheets.
Bitcointreasuries.net confirmed the feat on Thursday, with several additional purchases pushing the total to 1,000,698 Bitcoin.
Bitcoin miners like Mara Holdings were OG Bitcoin accumulations, but Michael Saylor’s strategy was the first public company to adopt the Bitcoin (BTC) strategy in August 2020.
Saylor’s Company holds the most Bitcoin at 636,505 BTC, but Mara Holdings is stable at second position at 52,477 BTC after mining 705 BTC in August.
However, several new Bitcoin finance companies, including Jack Mullers-led XXI and Bitcoin Standard Finance Company, currently houses 43,514 BTC and 30,021 BTC, have been closed.
Crypto Exchange Bullish and Japanese investment company Metaplanet hold 24,000 BTC and 20,000 BTC, while Riot Platforms, Trump Media & Technology Group Corp, CleanSpark and Coinbase conclude the top 10.
The rapid purchase of Bitcoin from public companies and exchange sales funds has created a demand shock, and many see it as the main catalyst behind Bitcoin price rally last month.
The publicly available company has announced its Bitcoin accumulation strategy by this week. With just 5.2% of Bitcoin’s fixed supply still not in the circulation, further adoption over the next few years could spur supply-side shocks.
For example, Metaplanet and Semler Scientific aim to accumulate 210,000 BTC and 105,000 BTC by the end of 2027. This is more than 10 and 20 times the current stash.
Bitcoin financial strategy has repeatedly criticized the bear market
The strategy was one of the Bitcoin accumulation companies that had a strong embrace with a 2022 Bear Market conviction, with Bitcoin Miner offloading 58,770 BTC.
Saylor even said he wanted to put Bitcoin on $0 amid a wave of criticism from things like Fortune, which poses doubts the sustainability of his company’s “wild experiments.”
However, seeing strategies emerge on the other side could have affected a second wave of Bitcoin adoption, including Metaplanet and Semler Scientific.
Wall Street tools enable companies to adopt Bitcoin
Similar to the strategy, many of these companies employ a variety of financial products, such as stock offerings and debt financing, to increase their holdings of Bitcoin and create shareholder value on a stock basis per Bitcoin.
XXI and Bitcoin Standard Treasury Company are one of the entities that have launched as special purpose acquisition companies or SPACS to build the Bitcoin Treasury Department and provide investors with faster and more flexible routes than initial public offerings.
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Bitcoin is also being adopted by companies all over the world. Sixty-four companies are based in the US, while 34 are in Canada and 11 in the UK and Hong Kong, appearing in countries such as Mexico, South Africa and Bahrain.
Public companies aren’t even the biggest bitcoin holding entities
The Crypto Exchange and Exchange Trade Fund issuer are the only entities with more Bitcoin than public companies at 1.62 million BTC, while the government and private companies hold 526,363 BTC and 295,015 BTC.
Another 242,866 BTC is trapped in a cryptographic protocol, leaving the remaining 16.2 million BTCs in individual hands.
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