Not just Tesla and PayPal: These listed companies are related to Bitcoin & Co. | 02/22/21

Cryptocurrencies are finding their way into our lives more and more. Digital assets such as Bitcoin can also be of interest to companies. In addition to Tesla, a few other companies are related to the oldest and most famous digital currency.

• PayPal announcement in October gives Bitcoin price new impetus
• Tesla announces Bitcoin investment and payment option
• Other companies are related to Bitcoin – possibility for indirect exposure to Bitcoin

Tesla recently announced that it had invested US $ 1.5 billion in Bitcoin and that customers will be able to make payments in Bitcoin for purchases of cars and other products in the near future. That drove the Bitcoin price up several thousand dollars to a new all-time high.

Fundstrat founder Tom Lee sees such investments by companies in cryptocurrencies as an opportunity for investors to use publicly traded instruments to get exposure to Bitcoin and other digital assets, as Lee writes in a post on Twitter.

Revised list (addition @Tesla)
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Ways to use publicly traded instruments to get exposure to Bitcoin and digitalassets crypto

Equities with leverage to $ BTC$ SI$ MOGO$MSTR$ PYPL$SQ$ BRPHF$TSLA https://t.co/deCnPZLPPL

– Thomas Lee (@fundstrat) February 8, 2021

In addition to Tesla, Tom Lee names other companies in his article that are listed on the stock exchange and have something to do with Bitcoin – that is, who have invested in Bitcoin or offer, for example, the purchase, sale or payments with Bitcoin.

Silvergate Capital

Silvergate Capital, based in California, is a bank focused on the digital currency industry. In its fourth quarter 2020 report in January, Silvergate announced that customer deposits in digital currencies had increased by $ 2.9 billion to $ 5 billion as of December 31, compared to $ 2.1 billion as of December 30. September. “Digital currencies, and Bitcoin in particular, saw a significant price increase in the second half of 2020, leading to an increase in hedge fund investments and takeover by corporate treasuries and digital-first retail platforms,” ​​said Silvergate.

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Another company that Fundstrat strategist Tom Lee names is the Canadian fintech company Mogo, which offers its customers a cryptocurrency component through its finance app.

 The  company announced at the end of December that it would invest $ 1.5 million in Bitcoin – the company is considering further investments in 2021. In early February, the company also announced that the Bitcoin transaction volume in January was up 323 percent compared to December and the number of new Bitcoin accounts increased by 141 percent.

Microstrategy

Microstrategy, a software company, announced in December that it had purchased 29,646 Bitcoin valued at around $ 650 million. As of December 21, the company held around 70,470 Bitcoin, which is now worth more than $ 3 billion.

PayPal

PayPal’s announcement last fall that it would enter the cryptocurrency business gave Bitcoin a strong boost.

 The  payment provider now offers customers the ability to buy and sell Bitcoin, but the company does not plan to have Bitcoin on its balance sheet, according to Yahoo Finance.

Square

Another Bitcoin-related company that Tom Lee mentions on Twitter is Square.

 The  company of Jack DorseyKnown as a bitcoin fan, allows customers to use the popular cryptocurrency for transactions. In October, Square bought 4,709 bitcoins for $ 50 million in addition to the existing ones.

 The y are now worth more than $ 200 million. Yahoo Finance reports that the company has a considerable amount of Bitcoin on its balance sheet: a total of 38,250 Bitcoins worth around $ 1.7 billion.

Galaxy Digital Holdings

Michael Novogratz’s investment company, Galaxy Digital, also focuses on digital assets, cryptocurrencies and the blockchain technology sector.

 The  company owned $ 176.4 million in Bitcoin according to its third quarter 2020 report, which is now worth around $ 718 million.

Thus, if they do not want to own Bitcoins, there are new possibilities for investors, such as buying a share, in order to achieve indirect exposure to Bitcoin.

Finanzen.at editors