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Corporate Treasuries and the Rise of Bitcoin
Factorable Implications for Bitcoin’s Price
As corporate treasuries from Virginia to Texas, California, and Japan add Bitcoin to their books as a financial strategy, this trend is beginning to gain momentum, with factorable implications for Bitcoin’s price.
Bitcoin ETFs on Wall Street
Bitcoin ETFs on Wall Street have seen a streak of decisively positive inflows in March. These are custodial services of on-chain BTC for regulated investors.
Publicly Traded Non-Financial Corporations
Meanwhile, it’s not just publicly traded, SEC-regulated financial conglomerates competing with the US government and states for Bitcoin this year to sell it to their clients.
Four Examples of Corporate Competition for Bitcoin
The following four examples could be the first drops in a brewing storm of corporate competition for Bitcoin, which might find that today’s price levels significantly undervalue the scarce supply of this novel Internet currency secured by commercially available military-grade public key encryption.
1. Michael Saylor’s Strategy Buys 6,911 More Bitcoin
The Virginia-based Bitcoin holding and financial company Strategy bought 6,911 BTC for $584 million from Mar. 17 – Mar. 23. That brings Strategy’s total holdings to 506,137 BTC, according to data compiled by Bitcoin Treasuries.
2. GameStop to Hold Corporate Bitcoin
Meanwhile, brick-and-mortar Texas retail video game chain GameStop, which became a meme stock in 2021, announced on March 25 that it will add BTC to its balance sheet.
3. Japan’s MetaPlanet Adds $12.6M in BTC
Across the ocean from California, MetaPlanet, a hotel chain in Japan, is shoring up its corporate finances with a big Bitcoin purchase. In March, the corporate cryptocurrency adopter bought 150 BTC for around USD $12.6 million.
4. KULR Technology Buys $5 million More Bitcoin
In San Diego, California, the lithium ion battery and electronics company KULR Technology Group added to its corporate BTC stockpile in March. It bought an additional 58.3 BTC worth around $5.3 million.
5. 2024 Accounting Update Paves Way for Corporate Holdings
Another reason this new trend of corporate accumulation has begun to emerge may be the Dec. 2023 update to the Financial Accounting Services Board (FASB) rules, officially adopting fair value accounting procedures for corporate BTC holdings.
Conclusion
The trend of corporate treasuries adding Bitcoin to their books as a financial strategy is gaining momentum, with factorable implications for Bitcoin’s price. As publicly traded non-financial corporations, such as GameStop, KULR Technology, and MetaPlanet, join the ranks of Bitcoin holders, the landscape of corporate finance is changing.
FAQs
Q: What is the significance of the trend of corporate treasuries adding Bitcoin to their books?
A: The trend has factorable implications for Bitcoin’s price and signals mainstream acceptance and support for companies’ ownership of Bitcoin.
Q: Which companies have added Bitcoin to their corporate treasuries?
A: Strategy, GameStop, MetaPlanet, and KULR Technology Group.
Q: What is the total value of Bitcoin held by Strategy?
A: $584 million.
Q: How much Bitcoin does MetaPlanet hold?
A: 3,350 BTC, with a total market value above $172 million in March.
Q: Why is the 2024 accounting update significant for corporate holdings?
A: The update to the Financial Accounting Services Board (FASB) rules, officially adopting fair value accounting procedures for corporate BTC holdings, signals mainstream acceptance and support for companies’ ownership of Bitcoin.
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