Crypto-Related Stocks See Stable Trend Amid Institutional Buying
The crypto-related stock sector is experiencing a stable trend, but institutions such as JPMorgan and Wells Fargo have been increasing their BTC-related holdings. Strategy stock has also seen a wave of institutional position disclosures, with the company spending $132 million to buy back its STRC preferred stock.
According to SoSoValue data, global listed companies (excluding mining companies) tracked in this report hold a combined total of 1,139,641 BTC, up 0.007% from last week, with a current market value of approximately $72.42 billion, representing 5.7% of Bitcoin's circulating market cap.
Notably, Norway's sovereign wealth fund's indirect Bitcoin exposure has risen to 11,549 BTC through holdings in companies such as Strategy, Metaplanet, MARA, Coinbase, Block, and Tesla, setting a new all-time high with a value of approximately $725 million. This exposure grew 21.2% in the first half of the year and 60.5% over the past year.
Strategy responded to MSCI's proposal to remove Bitcoin treasury companies from its indices, stating that 'Index providers should measure markets, not decide what companies hold as assets.' Anthony Pompliano's ProCap has partnered with Tidal Investments to file for a Bitcoin treasury mNAV discount ETF.