Corporations Add Record 159,107 BTC in Q2, 23.13% Increase

Corporate interest in Bitcoin reached unprecedented levels in the second quarter of the year, with companies adding a record 159,107 BTC to their balance sheets. This acquisition, valued at over $17.6 billion at current prices, marks a 23.13% increase from the previous quarter. The total corporate Bitcoin holdings now stand at 847,000 BTC, which is approximately 4% of the capped 21 million supply. This data was accumulated by Bitwise Asset Management.

The total value of corporate Bitcoin holdings surged to $91 billion by the end of Q2, calculated based on Bitcoin’s closing price of $107,754. This represents a 60.93% increase in price from the previous quarter. Since then, BTC has resumed its rally, surging to a new all-time high above $112,000.

The number of public companies holding Bitcoin also jumped sharply, with 46 new firms entering the space, raising the total to 125. This represents a 58.23% increase quarter-on-quarter. The trend of corporations adding Bitcoin to their treasuries is not new, but the scale of the acquisitions in Q2 is unprecedented. This development is likely to have a ripple effect on the broader cryptocurrency market, as it signals a shift in the perception of Bitcoin from a speculative asset to a mainstream investment.

Leading the charge is Strategy, with a massive BTC stash of 597,325 coins. The firm, led by Bitcoin bull Michael Saylor, has championed the Bitcoin accumulation strategy by consistently issuing convertible notes and at-the-market (ATM) equity offerings to fund aggressive Bitcoin purchases. Strategy’s Bitcoin accumulation has also fueled a strong performance in its stock price. The company’s stock is up 43% year-to-date, far outperforming the S&P 500’s modest 6.4% gain over the same period. It has increased by more than 6% over the past month and by around 9% over the past week.

Bitcoin miner MARA Holdings is the second-largest corporate holder of Bitcoin, with 49,940 BTC on its balance sheet. The company’s shares have gained more than 10% year-to-date. New entrants are also making waves in the Bitcoin treasury space. Twenty One launched with a $685 million capital raise and quickly deployed over $450 million into Bitcoin. In Japan, Metaplanet has emerged as a powerhouse, amassing 13,350 BTC. Meanwhile, GameStop grabbed headlines with its first-ever Bitcoin purchase, adding 4,710 BTC to its balance sheet and further cementing the trend of non-crypto-native firms entering the space. Trump Media also entered the fray, filing to raise $2.5 billion for further Bitcoin accumulation.

On Wednesday, London BTC Company, previously Vinanz, secured 1.5 million pounds ($2 million) in new funding through the issuance of 11.5 million ordinary shares. The company, with active mining operations in the US and Canada, says the capital will support further BTC accumulation. Despite its aggressive Bitcoin accumulation, the company’s stock, which trades on the London Stock Exchange, has struggled. It is down over 42% year-to-date and fell more than 7% in the past 24 hours.

The growing adoption of Bitcoin by corporations is expected to drive further demand for the cryptocurrency, potentially leading to increased price stability and growth. The acquisition of 159,107 BTC by corporate treasury companies in Q2 is a significant milestone in the evolution of Bitcoin. It highlights the growing acceptance of cryptocurrencies by traditional financial institutions and underscores the potential of Bitcoin to become a mainstream asset. As more companies recognize the benefits of holding Bitcoin, the cryptocurrency is likely to continue its upward trajectory, solidifying its position as a key player in the global financial landscape.