According to BTC Markets analyst Rachael Lucas, the number of publicly traded companies holding Bitcoin increased by 38% from July to September, indicating that "large participants are doubling down rather than exiting."
Cryptocurrency asset management firm Bitwise pointed out in its third-quarter corporate Bitcoin adoption report, based on data from BitcoinTreasuries.net, that currently 172 companies hold Bitcoin (BTC), with 48 new companies entering the digital asset reserve space this quarter.
Bitwise CEO Hunter Horsley stated on the X platform on Tuesday that this data is "extremely surprising," showing that "people want to own Bitcoin, and companies do too."
The Bitwise report noted that the total value of Bitcoin held by all companies has risen to $117 billion, an increase of over 28% quarter-on-quarter. The total number of coins held has also surpassed 1 million, accounting for 4.87% of the total supply.
Cointelegraph reported that Rachael Lucas from Australian cryptocurrency exchange BTC Markets stated that the ongoing accumulation shows "larger-scale participants are doubling down rather than exiting."
The company with the most Bitcoin holdings is Michael Saylor's Strategy, which last bought on October 6 and currently holds 640,250 tokens. Cryptocurrency mining company Marathon Digital Holdings ranks second with 53,250 Bitcoins, and its holdings increased on Monday.
Lucas added that as more companies and even sovereign nations enter the market, this momentum is expected to continue, especially as regulations become clearer and the infrastructure supporting institutional-level crypto adoption matures.
Lucas also believes this clearly indicates that institutional adoption is deepening, as they are not only pursuing short-term gains but are also making long-term reserve decisions in the digital asset space.
Despite the ongoing accumulation, Bitcoin prices have remained volatile recently. Lucas noted that companies typically purchase Bitcoin through over-the-counter transactions, which is a "quieter accumulation method that avoids slippage and volatility," but it also means it won't immediately impact spot prices.
She pointed out that while institutions are buying, other factors can sometimes affect the market and lead to "sharp adjustments," such as long-term holders taking profits, increased derivatives activity, and macroeconomic shocks, like the recent tensions in US-China trade.
Additionally, Edward Carroll, head of market at blockchain investment firm MHC Digital Group, told Cointelegraph that while the accumulation of Bitcoin reserves is still in its early stages, the "surge in interest from institutional investors" is likely to lead to supply-demand imbalances, "which will create strong upward pressure on price trends in the medium to long term."
Carroll believes that demand for Bitcoin will "grow in an orderly and sustained manner" over the next few years and expects that as institutional demand increases, Bitcoin will "gradually decouple from risk assets or market sentiment."
According to Bitbo data, miners produce about 900 Bitcoins on average per day. A report released by financial services company River in September indicated that by 2025, companies will acquire an average of 1,755 Bitcoins daily.
In addition to corporate cryptocurrency acquisitions, Bitcoin exchange-traded funds (ETFs) are also on the rise. Lucas believes this opens the door for traditional investors to access digital assets through familiar and regulated channels, marking a "significant shift and an important step towards mainstream adoption."
According to relevant market data, last week, the US spot Bitcoin ETF continued to perform strongly, with inflows of $2.71 billion during the "Uptober" period.
Related: Analysts say "Uptober" is still expected to materialize after last week's significant liquidation event.
Original text: “Bitwise: 48 new Bitcoin (BTC) reserve companies added in just three months”
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