Corporations purchase Bitcoin as treasury reserve. Mobile payments giant Square, which boasts a market cap of $86.6 billion, announced on Oct 8 that it had invested $50 million in Bitcoin (BTC). Five days later, asset manager Stone Ridge Holdings, which manages assets of over $10 billion, announced that, as part of its treasury reserve policy, it had acquired more than 10,000 BTC, worth around $114 million.
Both firms followed in MicroStrategy‘s footsteps, a Nasdaq-listed asset manager, which made known last month that it had accumulated $425 million in Bitcoin, making BTC the principal holding in its treasury reserve strategy.
Three publicly owned companies, three big BTC purchases. The Federal Reserve’s balance sheet on the other hand, has ballooned by $3 trillion since the beginning of 2019, while the U.S. dollar has depreciated 70% against BTC — as Stone Ridge founder Ross Stevens noted in the firm’s Oct. 13 press release.
[image: Bermix Studio]