These 19 Trillion-Dollar Firms Have Bought Bitcoin – Digital Asset Manager Reveals Why

As crypto adoption continues to establish itself in the mainstream, this digital asset management firm is showing where Bitcoin ownership is spreading among institutional investors.

London-based Nickel Digital Asset Management, established in 2018, reveals new research that there are now 19 publicly traded companies, each with over a $1-trillion market cap, that collectively invested $6.5 billion in Bitcoin, paying an initial sum of $4.3 billion.



Nickel found that seven of those companies first purchased Bitcoin in 2020, and about eight more companies, including Tesla, made allocations in the first four months of 2021. 

Among those 19 corporations, research shows that 13 are located in the US and Canada, making up 65% of total Bitcoin holdings. Three others are European, and the remaining three are listed in Turkey, Hong Kong, and Australia. 

As for the reason behind institutional investment, proponents, who are seeking refuge from loose monetary policies of central banks around the world, say it is Bitcoin’s transparent and defined monetary policy that continues to attract investors to the currency. 

Only 21 million Bitcoin will ever be created, and they are hard-coded to be released slowly as the daily supply issuance is cut in half every four years. Currently, 18.5 million are already in circulation, meaning there’s only around 12% of the supply yet to be mined over the next century. The final Bitcoin won’t be mined until the year 2140, as coded.

This predictable and reliable monetary system is driving mainstream adoption as companies and communities become increasingly distrustful of the current economic climate, according to Nickel CEO Anatoly Crachilov. 

“The COVID-19 crisis and the expansionary monetary policies implemented by the central banks in response to the crisis have dramatically changed the outlook for fiat currencies, heightening the risk of currency debasement.

This, coupled with the increasingly inflationary guidance by Fed and an ever-expanding pile of $18 trillion of negatively yielding global bonds, has encouraged many corporations to contemplate an allocation to alternative assets.”

Crachilov also argues that major fund managers such as Paul Tudor Jones, Bill Miller, Ruffer, and Guggenheim Partners including Bitcoin in their portfolio construction is another mainstream endorsement for crypto.

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What Is Guggenheim Partners?

Guggenheim Partners is a privately owned global investment and advisory firm with headquarters in Chicago and New York. 

Originally founded by the Guggenheim family back in the late 19th century, the investment firm currently manages over $295 billion in assets and provides a range of insurance, capital markets, and real estate advisory services. In 2019, the company was the lead counsel during the $34 billion Redhat IBM acquisition – one of the biggest software deals in history. More recently, Guggenheim Partners has turned its attention to the rapidly expanding digital currency space and voiced particular interest in one crypto asset. 

On Nov. 29, 2020, Guggenheim publicly announced it had filed an amendment with the United States Securities and Exchange Commission (SEC) to enable it to allocate approximately $500 million worth of its Macro Opportunities Fund to Grayscale’s Bitcoin Trust (GBTC). This institutional product allows large financial players to buy and sell shares of a fund that exclusively holds bitcoin in excess of 616,588 coins.

On December 17, 2020, Guggenheim Partners CIO Scott Minerd stated it was the company’s belief “that bitcoin should be worth about $400,000… based on the scarcity and relative valuation such as things like gold as a percentage of GDP” during a Bloomberg TV interview.

A few months later, however, Minerd outlined his short-term concerns for bitcoin’s unsustainable price action during an episode of CNBC’s Closing Bell program. The Guggenheim CIO commented, “I think, for the time being, we probably put in the top for bitcoin for the next year or so. And we’re likely to see a full retracement back toward the 20,000 level.” This sentiment reflected one of his earlier Twitter posts that mentioned bitcoin was becoming vulnerable to a setback and that it was “time to take some money off the table”.



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