New research reveals 38 listed companies with a combined market cap of over $961bn have around $12bn in Bitcoin, representing 1.25% of the total Bitcoin supply cap, which is pegged at 21m.
The analysis by London-based Nickel Digital Asset Management (Nickel), the regulated digital assets hedge fund manager founded by alumni of Bankers Trust, Goldman Sachs and JPMorgan, also shows a 69% increase in the value of their holdings, when compared to just seven weeks ago.
It comes after the price of Bitcoin hit a 19-month high on 4 December 2023, rising to more than $42,000.
The listed companies with Bitcoin investments include major firms such as Tesla and business intelligence and analytics group MicroStrategy.
Nickel's analysis highlights a notable US and Canadian bias in these allocations. Nearly three-quarters of the 38 listed companies reviewed are US (15) and Canadian (13) businesses, four are European, and the remaining six companies are from Turkey, Thailand, Australia, Japan, Argentina, and Hong Kong.
Further analysis reveals around $55bn of Bitcoin is held through various private companies, Bitcoin closed-ended trusts and exchange traded products (ETFs), which equates to 5.95% of the total Bitcoin supply cap.
The corresponding figure on 18 October 2023 was $35bn, representing a 55% increase in the value of their holdings. These investment funds hold Bitcoin allocations on behalf of their clients, including a range of retail investors, asset managers, and - increasingly - institutional asset allocators.
The data shows 27 unlisted companies and funds hold Bitcoin, and their geography exhibits a similar strong North American bias, with US and Canadian funds accounting for over half (14). Seven of the private companies and ETFs are European, two are Brazilian, two are from Hong Kong, one is Japanese, and one is from Singapore.
Global research by Nickel shows investors are increasingly recognising the importance of digital assets in diversified investment portfolios. More than 9 out of 10 (92%) institutional investors and wealth managers agree digital assets have an important role to play in portfolios but most prefer the investment level in digital assets to be moderate.
Anatoly Crachilov, CEO at Nickel Digital, said: "Now that the BTC market has demonstrated a powerful recovery, delivering over 160% appreciation in 2023, the views of early investors who retained their position throughout the recent slowdown are being vindicated.
"Over time, more institutional investors are expected to recognise the long-term diversification benefits offered by digital assets and include them in portfolio allocation."
