<\/p>\n
If you bought the bitcoin dip, you\u2019re definitely not alone.<\/p>\n
At least six companies \u2014 five of which are publicly traded \u2014 have snapped up bitcoin following its all-time high in March.<\/p>\n
MicroStrategy, Block, Metaplanet<\/a>, Semler Scientific<\/a>, OneMedNet<\/a> and soccer team Real Bedford FC<\/a> \u2014 owned by Bitcoin podcaster Peter McCormack \u2014 altogether bought an estimated 48,836 BTC in that period.<\/p>\n They probably paid about $3.09 billion for that stash, which would now be worth closer to $3.1 billion.<\/p>\n And OK, MicroStrategy<\/a> is relentless. The data intelligence firm was responsible for 97% of the bitcoin bought by those corporations since bitcoin\u2019s recent top, leaving the others to spend roughly $92.7 million on stacking sats.<\/p>\n Read more: <\/strong>MicroStrategy stock is beating bitcoin \u2014 because it buys a lot of bitcoin<\/a><\/p>\n Bitcoin retraced as much as 27% as markets consolidated \u2014 from almost $73,740 to $53,900.\u00a0<\/p>\n It\u2019s not totally possible to determine the exact purchase price in many instances. Still, the data suggests they probably spent somewhere around $63,250 per coin.<\/p>\n But publicly-listed companies have been buying bitcoin for over four years now.\u00a0<\/p>\n Since MicroStrategy bought its first BTC in August 2020 (after then-CEO Michael Saylor sold<\/a> the Voice.com domain to EOS issuer Block.one for $30 million), at least fifteen different companies have added bitcoin to their balance sheets.<\/p>\n (The real figure is actually somewhat higher. Fifteen is the number of bitcoin-buying companies that aren\u2019t specifically related to bitcoin mining or digital asset management<\/em>, that have also disclosed the dates of their purchases to date \u2014 which allows us to see a cost basis on BitcoinTreasuries.net<\/a>.)<\/p>\n The chart above plots every bitcoin purchase disclosed by companies against the price of bitcoin, from Latin America ecommerce giant MercadoLibre<\/a> to South Korean video game publisher Nexon<\/a>. It covers 277,503 BTC worth of purchases, the equivalent of 1.4% of the circulating supply, and some are positioned at estimated times due to unspecified disclosures.<\/p>\n It doesn\u2019t, however, show the 33,480 BTC ($2.2 billion) sold by Tesla between April 2021 and July 2022, around 75% of its stash.<\/p>\n It does include estimated buys for Block\u2019s new dollar-cost averaging strategy, which sees the Jack Dorsey-founded fintech firm directing 10% of its gross bitcoin-related profits from Cash App into buying more BTC every month.<\/p>\n Block reported<\/a> $67 million bitcoin-related gross profit in Q2 2024, which averages out to $22.3 million per month. If its gross profits remain steady, Block<\/a> is buying something like $2.2 million in bitcoin each month \u2014 about 33.2 BTC at current prices.<\/p>\n All told, the rate of individual bitcoin disclosures from corporations is increasing: At least 32 so far this year compared to nine in all of 2023, eight in 2022, 20 in 2021 and five in 2020.\u00a0<\/p>\n And, of course, many more from El Salvador<\/a> and various crypto funds and ETFs, and even ones that haven\u2019t been publicly reported. Bitcoin bulls have company.<\/p>\n A modified version of this article first appeared in the daily Empire newsletter. Subscribe <\/em>here<\/em><\/a> so you don\u2019t miss tomorrow\u2019s edition.<\/em><\/p>\n Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter<\/a>.<\/strong><\/p>\n Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter<\/a>.<\/strong><\/p>\n
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