Cryptocurrency analyst Willie Wu said private companies have significantly increased their Bitcoin purchases in 2021 thanks to spot ETFs.
“In February 2021, public companies holding significant amounts of BTC gained market share through spot ETFs. They used the new tool as a way to access BTC in the stock markets. ” noted Willy Woo.
Public companies that have gained wider access to bitcoin through the new tool are acquiring huge amounts of BTC, which causes concern among experts in the cryptocurrency market. For example, the S&P Global analytical group is concerned that Block.one, MicroStrategy and Tesla own almost 84% of corporate investments in bitcoin.
At the end of last year, MicroStrategy purchased 1,914 BTC. The company thus holds 124,391 BTC worth $ 3.75 billion. MicroStrategy CEO Michael Saylor and Coinmetrics co-founder Nic Carter believe bitcoin ETFs are more profitable for investors than Bitcoin futures ETFs. …
Gemini’s head of business development, David Abner, suggested that the launch of a Bitcoin ETF in the United States could be approved in early 2022, after the development of cryptocurrency regulation.
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