The defining trend of the first quarter in 2021 was the rise of bitcoin as a corporate treasury strategy among large publicly listed companies.
MicroStrategy evangelized its strategy to other corporations in February. Later on, Tesla, Square, Aker and Meitu announced bitcoin purchases. However, in the months that followed, no new companies followed suit. Since April, MicroStrategy is the only company that has added bitcoin to its treasuries.
MicroStrategy bitcoin treasuries account for 71.4% of the BTC held by publicly listed companies with bitcoin on their balance sheet. Tesla stopped accepting bitcoin payments due to environmental concerns. While we deem bitcoin to provide huge societal benefits, the ESG-narrative might disincentivize new corporations to follow the BTC trend.
2022 prediction: MicroStrategy will continue to buy bitcoin, while interest elsewhere will be muted.