Corporate Bitcoin Accumulation Accelerates: Over 48,000 BTC Bought Since March

As the price of Bitcoin fluctuates, a growing number of companies have seized the opportunity to accumulate the cryptocurrency, further solidifying Bitcoin’s place on corporate balance sheets. Following Bitcoin’s all-time high in March, at least six companies—including five publicly traded ones—have collectively acquired 48,836 BTC, an investment estimated to be worth around $3.1 billion today.
Among the major buyers are familiar names such as MicroStrategy, Block, Semler Scientific, Metaplanet, OneMedNet, and even the football club Real Bedford FC, owned by prominent Bitcoin advocate and podcaster Peter McCormack. However, as usual, it is MicroStrategy that stands out, responsible for 97% of these corporate Bitcoin purchases during this period.

MicroStrategy’s Relentless Bitcoin Strategy
MicroStrategy, led by its Bitcoin-bullish co-founder and former CEO Michael Saylor, has been at the forefront of Bitcoin acquisition for several years. The company has consistently expanded its Bitcoin holdings, especially during market dips, a strategy that has become its hallmark. MicroStrategy’s aggressive buying spree continued following Bitcoin’s peak in March, with the company adding an estimated 47,000 BTC to its reserve.
Since its first Bitcoin purchase in August 2020, MicroStrategy has been a model for other corporations considering exposure to the world’s largest cryptocurrency. The company’s relentless accumulation serves as a testament to its long-term belief in Bitcoin as a strategic asset and hedge against inflation.

A Growing Corporate Trend
While MicroStrategy’s dominance in this space is clear, other companies are gradually joining the ranks of Bitcoin holders. Among the notable buyers, Block (formerly known as Square) is pursuing a steady Bitcoin acquisition strategy through a dollar-cost averaging (DCA) model. Founded by Jack Dorsey, Block directs 10% of its gross Bitcoin-related profits from Cash App into monthly BTC purchases, ensuring consistent investment. Based on Block’s reported $67 million Bitcoin-related gross profit in Q2 2024, this equates to roughly $2.2 million in Bitcoin purchases each month, or approximately 34.6 BTC at current prices.
Other companies, including Semler Scientific and Metaplanet, have also joined the trend, albeit on a smaller scale. These firms, along with OneMedNet and Real Bedford FC, have collectively spent $92.7 million on Bitcoin acquisitions, contributing to the overall rise in corporate Bitcoin ownership.

The Broader Picture: Bitcoin on Balance Sheets
Publicly traded companies buying Bitcoin is not a new phenomenon. Since MicroStrategy’s initial purchase, at least 15 companies not directly involved in Bitcoin mining or digital asset management have disclosed their Bitcoin holdings. This number, however, is likely an underestimation, as many companies have yet to publicly reveal their purchases. BitcoinTreasuries.net, which tracks corporate Bitcoin holdings, provides insight into these acquisitions, plotting them against Bitcoin’s price over time.
One significant outlier in the corporate Bitcoin landscape is Tesla, which sold 33,480 BTC between April 2021 and July 2022, amounting to about 75% of its Bitcoin stash. Despite this divestment, Tesla remains one of the largest Bitcoin holders among corporations, and its sale underscores the volatility and uncertainty that can accompany such investments.

Increasing Corporate Participation
The pace of corporate Bitcoin purchases has been accelerating in 2024. So far this year, at least 32 companies have made individual Bitcoin acquisitions, a sharp increase compared to previous years. This growing interest follows a period of relative stability in the Bitcoin market, where the cryptocurrency’s price retraced from its high of $73,740 to approximately $53,900—down 27%. This period of consolidation presented a buying opportunity for corporations looking to increase their exposure to Bitcoin at more favorable prices.
The data suggests that companies purchasing Bitcoin during this retracement likely paid around $63,250 per coin, on average. While it’s impossible to determine the exact price in every case, this figure provides a useful benchmark for understanding the scale of corporate investment in Bitcoin.
The Future of Corporate Bitcoin Accumulation
The increasing rate of Bitcoin purchases by publicly traded companies reflects a growing recognition of Bitcoin’s role as a long-term store of value and strategic asset. As more companies seek to diversify their balance sheets with Bitcoin, this trend is likely to continue, particularly as macroeconomic conditions remain uncertain and inflation concerns persist.
While corporations like MicroStrategy and Block are leading the charge, more firms across various industries are expected to follow suit. With global data pointing to higher demand for Bitcoin-related financial products, including ETFs and crypto funds, corporate Bitcoin ownership could surge even further in the coming years.
Ultimately, the combination of corporate, institutional, and retail Bitcoin adoption paints a picture of increasing confidence in the cryptocurrency’s future. For Bitcoin bulls, it seems they are far from alone—companies, too, are betting on Bitcoin as a key asset for the long haul.