Journalist
Posted: December 18, 2024
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- Galaxy Digital strengthened its Bitcoin position with substantial holdings.
- The king coin continued to trade above six digits.
Galaxy Digital Holdings, a leading asset management firm, has established itself as a key player in blockchain technology and digital assets.
As of the latest data from Bitbo, the company reportedly holds approximately 8,100 Bitcoins [BTC].
Despite this development, the company’s stock price remains unaffected. According to MarketWatch, the stock traded at a press time value of $20.02 after a 3.36% drop.
In fact, recently, the firm withdrew 200 Bitcoins, valued at approximately $21.31 million, from Bybit and transferred them to Marathon Digital’s cold wallet, as reported by The Data Nerd in the latest X (formerly Twitter) post.
This coincided with…
Interestingly, all these updates coincided with Bitcoin’s recent rally. The leading cryptocurrency crossed the $100,000 milestone, peaking at $107,000 before stabilizing.
According to CoinMarketCap, BTC was trading at $103,737.75 at press time. This reflected a 2.64% increase over the past 24 hours.
That being said, despite slight corrections, the firm remains optimistic about Bitcoin’s prospects.
Worth noting that back in November, the firm’s CEO Michael Novogratz expressed confidence in its long-term potential and said,
“Bitcoin is going to $500,000.”
Other institutions are stepping up their Bitcoin game
Needless to say, Bitcoin’s growing status as a strategic asset has catalyzed its adoption among prominent corporations, with MicroStrategy leading the charge.
The firm, which began its BTC journey in 2020, now holds an unmatched 439,002 bitcoins, valued at $46.9 billion, redefining institutional cryptocurrency investment.
Trailing behind are Marathon Digital Holdings and Riot Platforms, with 40,435 and 16,728 BTC respectively, highlighting the immense gap in holdings.
Tesla, with 9,720 BTC worth $1.04 billion, also stands out, having previously embraced Bitcoin as both an investment and a payment method.
This institutional embrace underlines Bitcoin’s pivotal role in corporate strategies, reinforcing its position as a cornerstone of modern finance.
