Wall Street Firms Add 5,898 Bitcoin Units to Their Corporate Treasuries

The demand for Bitcoin (BTC) among institutional clients can be inferred from the volume of the coin that was recently acquired. Reports indicate that several companies made significant announcements between June 23 and June 27 regarding the acquisition of BTC. Growing Acceptance and Adoption of Bitcoin All of a sudden, the BTC treasury market is gaining significant traction, with top traditional financial companies seeking to take a slice of the cryptocurrency. Between June 23 and June 27, nine new companies stepped into the spotlight for adding BTC to their corporate treasuries. This includes Canada-based Bitcoin Treasury Corporation, ProCap, and Sixty Six Capital. Together, these companies purchased a total of 5,898 BTC, indicating growing confidence in BTC among corporations and funds. The major buy was made by ProCap, which purchased 4,932 BTC following a successful fundraiser that generated $750 million. Bitcoin Treasury Corporation purchased 771.37 BTC, Bitcoin Treasury Capital 147 BTC, and Sixty Six Capital Inc. made a smaller purchase of 18.2 BTC. India May Explore the Possibility of a BTC Treasury Apart from those who have already made a BTC purchase, there is another group considering adding the flagship cryptocurrency to their corporate treasuries in the future. It is no longer news that the United States has established its Strategic BTC Reserve (SBR) valued at over $20 billion. Texas has signed the Bitcoin Reserve bill into law, with $10 million already allocated to the cause. Similarly, some governments are also mulling the idea of establishing their Bitcoin treasury amidst increasing demand. Recently, Pradeep Bhandari, a spokesperson for India’s ruling party, voiced his opinion about India exploring the idea of having its own BTC Reserve. Should the Asian country make such a move, Bhandari thinks it will be keeping pace with global changes. Bitcoin Gives Holders Financial Control The growing popularity and adoption of Bitcoin come from the perceived prospects of the coin and its future performance. Several entities are drawn to the financial control that the top crypto asset offers. During the Bitcoin Policy Summit, held in Washington, D.C., HRF’s Chief Strategy Officer, Alex Gladstein, discussed the role of BTC in protecting citizens against oppressive regimes. Gladstein explained that the fact that governments are not able to track BTC makes it difficult for them to freeze or seize funds. Oftentimes, the industry has seen authoritarian regimes leverage this common tactic to control their populations. The post Wall Street Firms Add 5,898 Bitcoin Units to Their Corporate Treasuries appeared first on TheCoinrise.com .

Source: The Coin Rise