It goes without saying that cryptocurrencies have somewhat revolutionized the financial industry. Not only have they become a financially viable option for almost any type of investor, but they have shown their ability to generate incredible growth. Just last year, Bitcoin outpaced both gold and SCP 500 in terms of growth.
Given that cryptocurrency has been growing at such a rapid pace, many companies are even starting to invest into it. Here are some of the most popular public companies that are currently investing in cryptocurrencies.
The first major company, which we will be discussing, to have investments in cryptocurrencies is Coinbase. Coinbase is one of the oldest crypto exchanges in the market. It has stood the test of time and has become the biggest crypto exchange there. In fact, it was so big that it became the first crypto firm to make it in the NASDAQ. In an official report, Coinbase mentioned that they owned over $230 million worth of bitcoin assets. Unfortunately, that number did shrink down to a little over $140 million when the market crash a little while later.
Square Inc. happens to be the second-largest peer-to-peer payment processing firm in the entire world. The biggest obviously being PayPal. Of course, Square understood the potential of cryptocurrencies and bought a massive amount of Bitcoin. More specifically, they bought close to 4,700 bitcoin tokens, which in October of 2020 made up about $50 million. Of course, these investments are now significantly more lucrative, given the incredible price jump. They even acquired over 3,300 tokens of Bitcoin again in 2021. This time these tokens cost them over $170 million.
Tesla is the next name on this list and it might be no surprise that they have assets in cryptocurrencies like Bitcoin. Elon Musk has long been an incredible supporter of the crypto market, even going so far as to receive the name “the Dogefather” from the community. Tesla has also invested the most into Bitcoin, with the paycheck averaging out to over $1.5 billion. They even sold off 10% of their holdings to show Bitcoin’s liquidity. Although the market has hit something of a slump, CEO Elon Musk is more than optimistic that it will bounce back.
Hut 8 is one of the largest crypto mining firms in the world right now. Based in Canada, the firm holds over $112 million worth of Bitcoin. In terms of tokens, this averages out to over 3,500 BTC tokens. Hut 8 is also one of the most ambitious mining firms around, as it is more than confident that they will be able to mine over 5,000 tokens by the end of the year.