As reported by Blockworks, numerous companies have recently expanded their bitcoin reserves in the wake of the cryptocurrency’s all-time high in March. Notable among these firms are MicroStrategy, Block, Metaplanet, Semler Scientific, OneMedNet, and Real Bedford FC, which is owned by Bitcoin podcaster Peter McCormack. Together, they have acquired approximately 48,836 BTC, investing around $3.09 billion, which is now valued at about $3.1 billion.

MicroStrategy, a firm specializing in data intelligence, accounted for 97% of these bitcoin purchases since the recent peak, while the other companies collectively spent around $92.7 million. Bitcoin has seen a decline of up to 27%, falling from nearly $73,740 to $53,900. Although the precise purchase prices are not always disclosed, estimates suggest an average expenditure of about $63,250 per coin.

Publicly traded companies have been acquiring bitcoin for over four years now. Following MicroStrategy’s first purchase in August 2020, at least fifteen firms have added Bitcoin to their balance sheets, excluding those involved in mining or digital asset management. This count only includes companies that have publicly revealed their purchase dates, allowing for a cost-basis analysis on BitcoinTreasuries.net.

The total bitcoin holdings amassed by these companies now stand at 277,503 BTC, equating to 1.4% of the circulating supply. This figure does not factor in the 33,480 BTC sold by Tesla between April 2021 and July 2022, which made up roughly 75% of its holdings. However, it does include Block’s new dollar-cost averaging strategy, which allocates 10% of its gross bitcoin-related profits from Cash App towards monthly BTC purchases. In Q2 2024, Block reported $67 million in bitcoin-related gross profit, averaging $22.3 million per month, which translates to about $2.2 million in bitcoin purchases each month, or approximately 33.2 BTC at current market prices.

There has been a noticeable increase in corporate disclosures regarding bitcoin, with at least 32 announcements made this year, up from just nine in 2023, eight in 2022, twenty in 2021, and five in 2020. This trend encompasses purchases from El Salvador, various cryptocurrency funds, ETFs, and other entities that have not made public disclosures. The bullish sentiment is clearly shared among bitcoin enthusiasts and corporations alike.