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Traditional public markets keep finding their way towards Bitcoin.
What’s happening:
- Publicly listed companies are rapidly embracing owning Bitcoin instead of cash, with multiple companies recently beginning to adopt Bitcoin for the first time ever
Who is making moves:
- DeFi Technologies (CBOE: DEFI) recently purchased 110 Bitcoins to increase their overall exposure to digital assets
- Semler Scientific (NASDAQ: SMLR) recently purchased $40M USD of Bitcoin
- Metaplanet (TYO: 3350) previously announced their first ever purchase of Bitcoin and has since purchased a total of 141 Bitcoins
- MicroStrategy (NASDAQ: MSTR) who is already one of the largest Bitcoin holders in the world recently announced they would raise another $700M USD through convertible notes to redeploy into purchasing more Bitcoin
Why it matters:
- Public companies beginning to accumulate Bitcoin is yet another source of significant new demand coming from traditional markets, which has been on the rise since the launch of spot Bitcoin ETFs on major stock exchanges in the United States
Going deeper:
- Block (NASDAQ: SQ) has also been expanding their exposure to Bitcoin, previously announcing they would begin purchasing Bitcoin with a portion of all profits from their Bitcoin related operations
