VanEck said in a new report that a total of roughly $175 billion in bitcoin is currently being held across the various ETFs, nations and public and private companies that have acquired the popular cryptocurrency.
"Bitcoin interest among institutional investors has also increased. Hedge funds, asset management firms, and endowments are increasingly recognizing bitcoin’s potential as a store of value," VanEck said in the report. "Approximately $175 billion worth of bitcoin are now held by ETFs, countries, public and private companies."
That accounts for roughly 15% of the entire bitcoin supply, according to CoinGecko. As of Wednesday, bitcoin's total market capitalization was about $1.2 trillion. The price of the world's largest cryptocurrency by market cap has fallen during the last week from above $64,000 to $57,000.VanEck issued a spot bitcoin exchange-traded fund that started trading in January. The fund has $600 million in assets under management, according to The Block Data Dashboard.
"Now, more than ever, merchants and businesses are accepting bitcoin as a form of payment and infrastructure has been built to make it more convenient for the average person to use," VanEck also said in its report designed to make a case for why bitcoin is a solid investment. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.