5 Public Firms That Have Bitcoin On Their Balance Sheets

Published April 6th, 2022 - 06:00 GMT
5 Public Firms That Have Bitcoin On Their Balance Sheets
With headlines announcing that Tesla has bought BTC, you might be wondering what other companies are betting big on. (Shutterstock)
Highlights
To quench your curiosity, here are 5 giants that are leading the newest investing fad:

Ever since Bitcoin (BTC) was created as a response to the 2009 financial crisis, the world has gone crazy over the adoption drive. In 2021, bitcoin already took over a lot of space in the media, driven by some companies which took the initiative to leverage BTC transformative power that dominates our real life payment choices.

While bitcoin’s price has dropped dramatically as it lost about $1.4 trillion since hitting stratospheric all-time highs in November, immature crypto traders have sold or cashed out their gains. However,  publicly traded firms have also lost about $7 billion, according to cryptocurrency research firm CoinGecko.

With headlines announcing that Tesla has bought BTC, you might be wondering what other companies are betting big on.

To quench your curiosity, here are 5 giants that have bitcoin on their balance sheets:

  1. MicroStrategy 

Staunch bitcoin bull Michael Saylor’s MicroStrategy became the first-ever company to move into the crypto space, bringing bitcoin into its corporate treasury. MicroStrategy has 129,218 BTC in its possession as of 4/4/22, having purchased them for $3.97 billion at an average price of $30,700 per BTC.

  1. Tesla

According to the SEC filing, the EV makers, Tesla, holds $2 billion in BTC on its balance sheet. Tesla started investing in digital gold back in February, 2021 disclosed a $1.5 billion investment, making a hefty gain of 33%. Soon after, they started accepting it as payment for its vehicles. Later on, the EV manufacturer owned by crypto advocate Elon Musk, stopped accepting BTC citing environmental concerns. It’s worth mentioning that Tesla accepts Dogecoin (DOGE$) for purchasing some of its merchandise.   

  1. Block (Square)

BTC has already become a significant part of Block's business. Nevertheless, ever since crypto proponent Jack Dorsey left his position as head of Twitter to focus on his work on Bitcoin and rebranded Square into Block, the California-based financial services and digital payments company, not only bought $50 million in Bitcoin in the fourth quarter of 2020 and another $170 million in the first quarter of last year, but it also provides avenues for people to connect with the cryptocurrency via Cashback, its personal finance tool. It’s worth noting that Block has made $42 million from Bitcoin trading. 

  1. KPMG

On February 7, 2021, Klynveld Peat Marwick Goerdeler (KPMG), one of the Big Four, has stated that its Canada office has purchased Ethereum (ETHUSD) and Bitcoin (BTCUSD) for its corporate treasury but didn’t disclosure the quantity or figures of its cryptocurrency investment. Interestingly, KPMG already has a division that deals with crypto assets and blockchain technology.  Also, Its US office is in charge of auditing MicroStrategy.

  1. Galaxy Digital Holdings

Founded by Michael Novogratz, a keen advocate for Bitcoin, crypto-focused Galaxy Digital Holdings has 16,400 BTC. Back in 2021, Galaxy Digital teamed up with Goldman Sachs to offer Bitcoin futures trading and recentlyGalaxy Digital Holdings facilitated and completed the first over-the-counter (OTC) crypto transaction with Goldman Sachs (NDO).


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