The 5.1 billion Bitcoins that Grayscale manages are quickly being challenged by companies like CoinShares and MicroStrategy.
Bitcoin holdings (BTC) in public companies exceeded $6.8 billion this year, while newcomers are catching up with Grayscale’s industry heavyweight.
According to monitoring resource Coin98 Analytics, a total of 13 public companies have invested in Bitcoin.
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Grayscale is the sun
Asset management giant Grayscale remains the largest BTC player with 449,596 BTC (USD 5.14 billion) under its control, followed by CoinShares‘ 69,730 BTC (USD 797 million).
MicroStrategy, the company that caused a sensation when it announced that it had adopted a „Bitcoin Standard“, has 38,250 BTC (USD 437.1 million). In fourth place is Mike Novogratz’s Galaxy Digital, which controls 16,551 BTC (USD 189.1 million).
In total, the 13 companies have almost 600,000 BTC (USD 6,860) insured, a number that increases with Grayscale at the top.
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Public companies‘ Bitcoin holdings
The Bitcoin holdings of public companies. Source: Coin98 Analytics/ Twitter
„Grayscale is the sun“, its confident CEO Barry Silbert commented on Coin98 Analytics‘ numbers.
However, for all of Silbert’s advertising activities, it is MicroStrategy CEO Michael Saylor who has possibly made the biggest impression on cryptosystems this year. After the purchase, Saylor began giving regular interviews about Bitcoin’s supremacy over fiat currencies and continues to be very active in social media with the same message.
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Responding to an October 12 tweet from Silbert, in which she spoke of the Bank of England’s perspective on Bitcoin, Saylor said:
„Bitcoin is the first digital monetary system capable of storing all the money in the world for every individual, corporation and government in a fair and equitable way, without losing any of it. If that’s not intrinsically valuable, what is?
Bitcoin shows a clear divergence from the dollar
In the past month, meanwhile, Bitcoin has deviated from both the strength of the US dollar and the volatility of the VIX, providing new opportunities for investors eager to diversify.
According to a comparison of Cointelegraph Markets and Digital Assets Data, it’s stocks in the form of the S&P 500 and gold that now see increasing correlation patterns with BTC.
Macro asset returns comparative chart
Comparative chart of macro performances. Source: Cointelegraph/ Digital Assets Data
This in turn has fueled the existing anticipation of a clear divergence from traditional markets, a „decoupling“ for Bitcoin that paves the way for significant price gains, analysts argue.