Largest Corporate holder of Bitcoin

This chart illustrates what is arguably the most important trend on the institutional side of bitcoin adoption: the purchase of BTC by companies as a means to protect shareholder value and maintain the value of cash assets.

Anyone paying attention will know that Microstrategy is the largest institutional holder of bitcoin by quite some margin as it continues its evolution into a full-blown bitcoin company, but a few of the other firms in the chart may come as a surprise to some.

While this trend of corporate treasuries drawing down dollar-denominated cash balances in favour of holding bitcoin as a reserve asset, what I like to call ‘cryptofiction’, appeared to slow during the bear market, it's once again gaining momentum as bitcoin climbs to new ATHs and inflation continues to run hot.

Another critical factor supporting this trend is the Financial Accounting Standards Board (FASB) recent "fair value" update to changes in digital asset holdings which allows firms to report the cost-basis of the crypto they're holding. This means that instead of companies having to report a loss if the crypto they held was in the red, they will now be able to report the 𝘨𝘢𝘪𝘯𝘴 of assets held. This will incentivise corporations to adopt bitcoin as a treasury asset – something Michael Saylor hasn't at all been quiet at pointing out.

Government treasuries and SWFs are clearly the next rung of the ladder when it comes to institutional bitcoin adoption – or some might call it hoarding in accordance with Greshams's law – but it is clear to me that corporate purchases are in their infancy.