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In April 2020, he noted that stimulus measures announced in response to the coronavirus pandemic were driving interest in cryptocurrencies, calling it Bitcoin's 'moment' and arguing that 'money doesn't grow on trees.' Novogratz is, unsurprisingly, a keen advocate for Bitcoin. The largest institutional holder of Bitcoin to be directly involved with the crypto industry, crypto-focused merchant bank Galaxy Digital Holdings holds 16,400 BTC, according to -worth just over $357 million at current prices.įounded by Michael Novogratz in January 2018, the company has partnered with crypto firms including Block.one and BlockFi.

'It's obviously better than gold at everything gold wants to be, and if it was just worth what gold's worth, it'd be $500,000 a coin.' 2.Galaxy Digital Holdings 'If it's not going to zero, it's going to a million,' he told CNBC. Speaking in the wake of the 2022 crypto crash, Saylor doubled down on his decision to use Bitcoin as a reserve asset, rather than gold. If #bitcoin is not going to zero then it’s going to a million. As of July 2022, it holds 129,699 BTC in reserve, equivalent to just over $2.8 billion-though the 2022 crypto crash has wiped billions of dollars of value from its crypto stash.Īt one point, MicroStrategy CEO Michael Saylor said, he was buying $1,000 in Bitcoin every second.

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The firm, which produces mobile software and cloud-based services, has aggressively pursued its Bitcoin buying spree through 20, scooping up millions of dollars worth of the cryptocurrency even as the market slumped in 2022. MicroStrategy, a prominent business analytics platform, has adopted Bitcoin as its primary reserve asset. Indeed, some experts think that the extent of MicroStrategy's Bitcoin purchases have made the company a de facto Bitcoin ETF. In the wake of the crash, the list of the companies with the biggest Bitcoin holdings has been shaken up, with some firms selling off part of their crypto stashes as the market slumped.įor investors unwilling to buy Bitcoin themselves, buying shares in public companies that hold Bitcoin can be a way of gaining exposure to the asset without the hassle of arranging self-custody. The price of Bitcoin plummeted in tandem with tech stocks, substantially denting the value of companies' Bitcoin holdings. Others followed suit, including payments processor Block and EV manufacturer Tesla.īut just as institutional adoption of Bitcoin appeared to be ramping up, the 2022 crypto crash struck. The floodgates first opened when cloud software company MicroStrategy bought $425 million worth of Bitcoin in August and September 2020.

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