Strategy's nearly $80 billion Bitcoin treasury is catching up to the massive cash positions of tech giants like Microsoft, whose shareholders rejected a proposal in December to explore adding Bitcoin to its balance sheet.
On Tuesday, Strategy posted on the X platform that its 640,031 Bitcoin reserves were valued at over $80 billion when Bitcoin hit a historic high of $126,080 on Monday, bringing its corporate treasury value close to that of Amazon, Google, and Microsoft, which each hold between $95 billion and $97 billion in cash or cash equivalents.
Strategy's regular Bitcoin purchases, combined with the rising value of Bitcoin, have pushed its treasury value beyond that of Nvidia, Apple, and Meta— the latter of which overwhelmingly voted down a proposal in June to explore Bitcoin as a treasury asset.
Berkshire Hathaway holds the largest cash reserves at approximately $344 billion, while Tesla is the only other company holding Bitcoin that has entered the top ten of corporate treasuries— but its 11,509 BTC, valued at about $1.4 billion, is just a small part of the automaker's $37 billion in held assets.
JPMorgan analysts stated last week that Bitcoin and gold are "devaluation trades," believing these assets can serve as hedges against dollar inflation and U.S. Treasury bonds, as U.S. Treasury debt continues to spiral out of control, nearing $38 trillion.
Larry Fink, CEO of BlackRock, who was once a critic of Bitcoin, stated in January that Bitcoin could reach $700,000 due to concerns over currency devaluation.
The Bitcoin proposals from Microsoft and Meta were both submitted by Ethan Peck, deputy director of the conservative think tank National Center for Public Policy Research (NCPPR), who argued that Bitcoin would better protect their profits from currency devaluation.
"Due to the ongoing devaluation of cash and bond yields being below real inflation rates, 28% of Meta's total assets are continuously eroding shareholder value," Peck stated in a supporting declaration submitted to Meta.
Microsoft rejected the NCPPR's Bitcoin proposal when Bitcoin was trading at $97,170, while Meta voted down the same suggestion when Bitcoin was priced at $104,800, meaning both companies missed out on double-digit gains as the value of their cash positions continued to erode.
The volatility of Bitcoin was a major concern influencing Microsoft shareholders to vote against the proposal.
Peck, who also serves as the Bitcoin director at cryptocurrency-friendly wealth management firm Strive, suggested that Microsoft allocate 1% to 5% of its cash position to Bitcoin.
NCPPR submitted a similar proposal to Amazon's board last December; however, there has been little progress since then.
Despite the tech giants rejecting Bitcoin proposals, there are now over 200 publicly traded companies holding Bitcoin, up from less than 100 at the beginning of the year.
With Bitcoin currently trading close to Monday's historic high, nearly all companies' Bitcoin investments are in profit.
Strategy purchased 640,031 Bitcoins at an average price of $73,981, yielding a 65% or $30.4 billion gain on its Bitcoin investment.
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Original article: “Strategy's Bitcoin (BTC) Holdings Approach $80 Billion, Closely Following Tech Giants' Cash Reserves”
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