Bitcoin Returns More Than Double Initial Investment for 25 Publicly Traded Companies

Bitcoin Returns More Than Double Initial Investment for 25 Publicly Traded Companies

About 25 publicly traded companies have invested a total of $4 billion in Bitcoin, and most have at least doubled their initial outlay, an analyst reported. The investments underscore Bitcoin's growing acceptance by major investors and its emergence as a distinct asset class.MicroStrategy, often credited with igniting the current rally with its investment, doubled its money in about nine months, Lennard Neo, head of research at Stack Funds in Singapore, said in a research report.Lennard Neo, head of research, Stack Funds, Singapore (Photo credit: stackfunds.com)

"We believe institutional demand has not hit its prime," he said. "Given the evolving narratives around global economies and uncertainties, companies will become more aware of Bitcoin's rationale," Neo said, "hence eventually allocating a portion of their portfolio into the asset class."Digital X earned about eight times its initial investment and Coin Citadel leads the pack with what Neo called "a whopping 160x" return. Other publicly traded companies investing in Bitcoin include Square, Voyager Digital, and Rio Blockchain.Meanwhile, Boston-based Fidelity Investments became the latest firm to announce an exchange-traded fund to track the price of Bitcoin. The fund must be approved by the U.S. Securities and Exchange Commission. Fidelity, best known for its mutual funds,