Galaxy Digital Holdings, a prominent investment management company, has solidified its position as a significant entity in blockchain technology and digital assets.
Recent reports indicate that the firm currently holds around 8,100 Bitcoins [BTC] based on the latest information from Bitbo.
Despite this revelation, the company’s share price remains unchanged. MarketWatch disclosed that the stock was trading at $20.02 at the time of reporting, showing a decrease of 3.36%.
Interestingly, there were recent transactions where the company withdrew 200 Bitcoins, valued at roughly $21.31 million, from Bybit and transferred them to Marathon Digital’s offline wallet. The Data Nerd shared this information in a recent X (formerly Twitter) update.
Concurrent with…
Notably, all these actions coincided with Bitcoin’s recent surge. The primary cryptocurrency breached the $100,000 mark, reaching a peak of $107,000 before stabilizing.
As per data from CoinMarketCap, BTC was priced at $103,737.75 at the time of reporting, displaying a 2.64% rise over the past 24 hours.
Despite minor corrections, the firm maintains a positive outlook on Bitcoin’s future.
It is worth highlighting that in November, the CEO of the firm, Michael Novogratz, voiced his belief in the cryptocurrency’s long-term potential and stated,
“Bitcoin is going to $500,000.”
Increasing Bitcoin Holdings by Other Institutions
The expanding recognition of Bitcoin as a strategic asset has spurred its adoption among major corporations, with MicroStrategy leading the way.
Commencing its Bitcoin acquisition journey in 2020, the company currently holds an unparalleled 439,002 Bitcoins, amounting to $46.9 billion, reshaping institutional cryptocurrency investments.
Following closely are Marathon Digital Holdings and Riot Platforms, possessing 40,435 and 16,728 BTC respectively, showcasing a substantial difference in holdings.
Additionally, Tesla, with 9,720 BTC valued at $1.04 billion, grabs attention, previously integrating Bitcoin as both an investment and payment channel.
This institutional acceptance underscores Bitcoin’s crucial role in corporate strategies, consolidating its status as a fundamental element of modern finance.