Bitwise Chief Investment Officer Matt Hougan argued on Tuesday that associating the Bitcoin (CRYPTO: BTC) Treasury reserve strategy solely with MicroStrategy Inc. (NASDAQ:MSTR) would be inaccurate, as companies buying the apex cryptocurrency is now a “bona fide megatrend.”
What Happened: In a research note, Hougan stated that while the Michael Saylor-led firm walked away with most media attention, as many as 70 publicly traded companies and many private firms had Bitcoin on their balance sheets.
“I’ve come away thinking that this is a much bigger trend than most people realize. In fact, I think it’s a bona fide megatrend,” Hougan added.
The analyst underlined that apart from cryptocurrency-focused firms like Coinbase and MARA Holdings, many non-cryptocurrency companies like Elon Musk’s Tesla have stacked Bitcoin on their books.
Companies other than MicroStrategy | Latest Bitcoin Acquisition |
MARA Holdings | $1.53 billion on Dec. 19, 2024 |
KULR Technology Group | $21 million on … |
Full story available on Benzinga.com