Bitcoin (BTC) holdings in public corporations have topped $ 6.8 billion this year as newcomers catch up with the industry heavyweight grayscale.
According to the monitoring resource Coin98 Analytics, a total of 13 public companies have now invested in Bitcoin.
Put grayscale sun in the shade
Asset management giant Grayscale remains the largest BTC player at 449,596 BTC ($ 5.14 billion) under its control, followed by CoinShares ‘69,730 BTC ($ 797 million).
MicroStrategy, the company that made waves when it announced it had introduced a “Bitcoin standard,” has 38,250 BTC ($ 437.1 million). Fourth is Mike Novogratz’s Galaxy Digital, which controls 16,551 BTC ($ 189.1 million).
In total, the 13 companies have locked up nearly 600,000 BTC ($ 6.86 billion), a number that is increasing as Grayscale remains at the top so far.
Public Company Bitcoin Holdings. Source: Coin98 Analytics / Twitter
“Grayscale is the sun,” said confident CEO Barry Silbert on the numbers from Coin98 Analytics.
In all of Silbert’s promotions, however, it is Michael Saylor, CEO of MicroStrategy, who has arguably made the biggest impression on cryptocurrency this year. After the purchase, Saylor gave regular interviews about Bitcoin’s supremacy over fiat currencies and continues to be very active on social media with the same message.
To a tweet from Silbert on October 12, Saylor responded by discussing the Bank of England’s perspective on Bitcoin:
“#Bitcoin is the first digital money system that is able to store all of the world’s money for every individual, company and government in a fair and equitable manner, without losing any of it. If that is not valuable in itself, what is it? “
Bitcoin shows significant dollar divergence
Over the past month, Bitcoin has moved away from both the strength of the US dollar and VIX volatility, opening up new opportunities for investors looking to diversify.
Comparing Cointelegraph Markets and Digital Assets Data, it is stocks in the form of the S&P 500 and gold that are now showing increasing correlation patterns with BTC.
Macro asset returns comparison table. Source: Cointelegraph / Digital Assets Data
This, in turn, has fueled the existing expectation of a clean deviation from traditional markets – a “decoupling” for Bitcoin paves the way for significant price gains, analysts argue.