If you’ve bought Bitcoin, you’re definitely not alone.
At least six companies, five of them public, have bought up bitcoin since its all-time high in March.
MicroStrategy, Block, Metaplanet, Semler Scientific, OneMedNet and Bitcoin podcaster Peter McCormack’s soccer team Real Bedford FC collectively bought approximately 48,836 BTC during the period.
They likely paid about $3.09 billion for this cache, which would now be worth about $3.1 billion.
And okay, MicroStrategy is relentless. The data analytics firm was responsible for 97% of the bitcoins purchased by these corporations since Bitcoin’s recent high, leaving the rest to spend an estimated $92.7 million to stockpile satellites.
Read more: MicroStrategy Stock Outperforms Bitcoin – Because It Buys a Lot of Bitcoin
Bitcoin recovered as much as 27% as markets consolidated, from nearly $73,740 to $53,900.
In many cases, it is impossible to determine the exact purchase price. However, the data shows that they likely spent somewhere around $63,250 per coin.
But publicly listed companies have been buying Bitcoin for more than four years.
Since MicroStrategy bought its first BTC in August 2020 (after then-CEO Michael Saylor sold the Voice.com domain to EOS issuer Block.one for $30 million), at least fifteen different companies have added Bitcoin to their balance sheets .
(The real figure is actually slightly higher. Fifteen is the number of companies buying Bitcoin. that are not specifically related to Bitcoin mining or digital asset managementwho also revealed the dates of their purchases to date, allowing us to see the underlying value on BitcoinTreasuries.net.)
The chart above shows every bitcoin purchase disclosed by companies based on the price of bitcoin, from Latin American e-commerce giant MercadoLibre to South Korean video game publisher Nexon. It covers purchases worth 277,503 BTC, equivalent to 1.4% of the circulating supply, and some of them are placed within the estimated time frame due to unspecified information.
However, it does not list the 33,480 BTC ($2.2 billion) sold by Tesla between April 2021 and July 2022, representing about 75% of its holdings.
It includes proposed purchases for Block’s new dollar-cost averaging strategy, under which the Jack Dorsey-founded fintech company uses 10% of its gross Bitcoin-related profits from Cash App to buy more BTC each month.
Block reported Bitcoin-related gross profits of $67 million in the second quarter of 2024, an average of $22.3 million per month. If gross profits remain stable, Block will be buying roughly $2.2 million worth of Bitcoin each month—about 33.2 BTC at current prices.
Overall, the rate of corporate Bitcoin disclosures is rising, with at least 32 this year, up from nine in all of 2023, eight in 2022, 20 in 2021 and five in 2020.
And of course many others from El Salvador, various crypto funds and ETFs, even those that have not been publicly reported. Bitcoin bulls have company.
A modified version of this article first appeared in the Empire daily newsletter. Subscribe Here so you don’t miss tomorrow’s episode.
