According to a report by Standard Chartered Bank, the trend of Bitcoin reserve strategies has led at least 61 companies to hold a total of 3.2% of the global permanent supply of Bitcoin.
Geoff Kendric, the head of global digital asset research at Standard Chartered Bank, pointed out in a report released on June 3 and obtained by Cointelegraph that publicly listed companies currently hold a total of 673,897 Bitcoins.
In the report, Kendric focused on the impact of Bitcoin's increasing popularity as a reserve asset while warning of the potential risks that rapid corporate adoption may bring.
"Bitcoin reserves are currently increasing buying pressure on Bitcoin, but we see the risk that this trend may reverse over time," the analyst stated.
According to the report, among the 61 companies analyzed, 58 have a net asset value (NAV) multiple greater than 1, meaning their market valuation exceeds their net asset value.
"Currently, we believe this phenomenon stems from market inefficiencies, including regulatory barriers to investor access and conservative investment committee processes," Kendric wrote, adding, "But as these inefficiencies are eventually eliminated, we believe Bitcoin reserves could become a source of downward price pressure and volatility."
Additionally, the volatility of Bitcoin itself may lead to Bitcoin prices falling below the average purchase price of many new reserves, as 50% of companies have an average purchase price above $90,000. This figure is significantly higher than the holding cost of 580,955 Bitcoins acquired by Strategy at an average price of $70,023 per Bitcoin.
Kendric also observed that most of Strategy's "imitators" have only recently begun accumulating Bitcoin, with their holdings significantly increasing over the past few months.
Specifically, the number of Bitcoins held by these 60 companies has doubled in the past two months, increasing from less than 50,000 Bitcoins to about 100,000 Bitcoins.
Kendric noted that this pace of purchasing is clearly outpacing Strategy's buying speed, which increased by 74,000 Bitcoins in the past two months, while other companies added 47,000 Bitcoins.
As the report from Standard Chartered was released, a number of new companies announced their adoption of Bitcoin strategies, including Canadian renewable energy developer SolarBank.
SolarBank officially announced its Bitcoin reserve strategy on June 3, reporting that it has submitted an account opening application to Coinbase Prime to provide secure custody, USDC services, and self-custody wallets for its Bitcoin holdings.
On the same day, Paris-based cryptocurrency firm Blockchain Group announced a $68 million Bitcoin acquisition plan, following the footsteps of Norwegian crypto brokerage K33, which raised $6.2 million at the end of May to purchase Bitcoin.
Despite Standard Chartered's concerns about the risks of increasing corporate Bitcoin adoption in the context of market volatility, MicroStrategy, a major proponent of Bitcoin strategies, remains optimistic about its Bitcoin reserves regardless of price fluctuations.
Michael Saylor, co-founder of Strategy, stated that even if the price of Bitcoin drops by 90% and stays at "this level for four to five years," the company's capital structure would remain stable.
"This would not be an ideal outcome for equity holders. Those at the top of the capital structure would suffer losses due to leverage, but other participants in the capital structure would receive their due returns," Saylor said in a Financial Times documentary in May.
Related: Bitcoin (BTC) miners sued in U.S. court over cryptographic patents
Original: “Corporate Bitcoin Reserves Exceed 3% of Total BTC Supply”
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