VanEck Assesses Bitcoin Holdings of ETFs, Nations, and Companies

The combined value of bitcoins held in the wallets of various nations, public, and private companies amounts to $175 billion, according to calculations by VanEck, reports The Block.

This figure represents approximately 15% of the total market capitalization of the leading cryptocurrency, according to CoinGecko.

“Interest in digital gold among institutional investors has also grown. Hedge funds, asset management firms, and endowments increasingly recognize its potential for capital preservation,” the report states.

Analysts also noted the growing popularity of bitcoin among merchants as a means of payment. Infrastructure is being built to enhance its usability for ordinary people, they added.

Earlier, Standard Chartered confirmed their targets for the leading cryptocurrency for 2024-2025 at $150,000 and $250,000. The drivers will be inflows into spot BTC-ETFs and purchases by sovereign wealth funds.

In March, the volume held by MicroStrategy surpassed 1% of the total supply of digital gold.