- Galaxy Digital strengthened its Bitcoin position with substantial holdings.
- The king coin continued to trade above six digits.
As an analyst with over two decades of experience in traditional and digital markets, I find the recent developments surrounding Bitcoin and prominent institutions like Galaxy Digital intriguing.
Galaxy Digital Holdings, a prominent figure in the field of asset management, has carved out a significant role for itself in the realms of blockchain technology and digital assets.
As of the latest data from Bitbo, the company reportedly holds approximately 8,100 Bitcoins [BTC].
Even though there’s been some significant advancement within the company, its share price seems to be holding steady as it was trading at $20.02 according to MarketWatch, following a slight decline of 3.36%.
Indeed, it was recently disclosed that the company removed about 200 Bitcoins, equivalent to around $21.31 million, from Bybit and moved them into Marathon Digital’s offline storage, as per the latest update by The Data Nerd on platform X (previously known as Twitter).
This coincided with…
As a researcher, I find it intriguing that these updates seem to align with Bitcoin’s recent surge in value. This pioneering digital currency reached and surpassed the significant threshold of $100,000, peaking at an impressive $107,000 before settling down.
As reported by CoinMarketCap, Bitcoin (BTC) was currently valued at approximately $103,737.75 per coin during that moment. This represented a 2.64% growth compared to its value over the previous 24-hour period.
Although there may be minor adjustments needed, the company remains confident about Bitcoin’s future potential.
It’s worth mentioning that back in November, the company’s CEO, Michael Novogratz, voiced his optimism about its future prospects, stating that he saw a strong long-term potential for it.
“Bitcoin is going to $500,000.”
Other institutions are stepping up their Bitcoin game
It’s no surprise that Bitcoin is increasingly being viewed as a key investment by major companies, with MicroStrategy taking the lead in embracing this trend.
Originating its Bitcoin investments back in 2020, this company currently possesses a staggering 439,002 Bitcoins, worth approximately $46.9 billion. This substantial holdings have set a new standard for institutional-level cryptocurrency investment.
Following closely are Marathon Digital Holdings and Riot Platforms, possessing 40,435 and 16,728 Bitcoins respectively, underscoring the significant disparity in their holdings.
Tesla, boasting approximately 9,720 Bitcoins valued at around $1.04 billion, is notably distinguished for its prior endorsement of Bitcoin – not just as an investment, but also as a viable means of transaction.
The supportive attitude of institutions underscores the crucial part Bitcoin plays in business plans, solidifying its status as a fundamental element in contemporary financial structures.
Read More
- GBP EUR PREDICTION
- SEI PREDICTION. SEI cryptocurrency
- HBAR PREDICTION. HBAR cryptocurrency
- CNY RUB PREDICTION
- HOOK PREDICTION. HOOK cryptocurrency
- CTXC PREDICTION. CTXC cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- BCH PREDICTION. BCH cryptocurrency
- INJ PREDICTION. INJ cryptocurrency
2024-12-18 14:47