Bitcoin adoption among Canadian public companies has seen a significant increase, with 40 entities now holding at least 1,000 BTC each, according to recent data. This positions Canada ahead of the United Kingdom, where fewer companies hold such quantities, but still behind the United States, which has 94 public entities with Bitcoin in their portfolios.
Chris Kuiper, Vice President of Research at Fidelity Digital Assets, reported that the number of companies holding over 1,000 BTC in Canada has risen from 24 at the end of the first quarter to 35 currently. ‘Bitcoin purchases became more widely distributed across public companies rather than concentrated among a few large buyers,’ Kuiper stated on X.
Globally, the trend of corporate Bitcoin adoption is accelerating, with the number of public entities holding Bitcoin worldwide increasing from 124 to over 278 in recent weeks.
Despite Bitcoin’s significant market capitalization, it has not surpassed Amazon to become the fifth-largest asset by total valuation, contrary to some reports.
The increase in Bitcoin holdings by Canadian companies is indicative of a broader acceptance of cryptocurrency within the corporate sector in Canada, aligning with global movements towards digital asset integration.