Key Takeaways
- Businesses now hold 3.3% of Bitcoin’s supply.
- U.S. companies account for 49.3% of business Bitcoin holdings.
- MicroStrategy and Tether lead business Bitcoin purchases in 2024.
Business adoption of Bitcoin has skyrocketed, with companies holding 3.3% of its total supply as of August 2024, according to River’s latest report.
This translates to 683,332 BTC, a figure that has grown 587% since June 2020.
In the past year alone, business holdings surged by 30%, signaling increasing confidence in Bitcoin as a treasury asset.
American companies lead
American companies lead the charge, holding nearly $19.7 billion in Bitcoin, representing 49.3% of all business holdings.
MicroStrategy, Tether, Block.one, BitMEX, and Xapo control 82% of corporate holdings, with MicroStrategy and Tether responsible for 85% of business Bitcoin purchases in the first half of 2024.
U.S.-based public companies account for a notable 40% rise in Bitcoin holdings over the past year.
River survey
Survey results from River’s client base highlight that 95% of businesses plan to increase their Bitcoin reserves in the coming years.
Many of these businesses cite Bitcoin’s improved accounting treatment as a significant factor in their decisions, thanks to updates from the Financial Accounting Standards Board (FASB), which now allows Bitcoin to be accounted for at fair value.
The report outlines various strategies for incorporating Bitcoin, from cross-border payments to treasury allocations, and showcases companies like Real Bedford F.C. and Tahini’s who have embedded Bitcoin deeply into their operations.
