Digital Asset Market Cap Surpasses Google Parent Alphabet

Digital assets markets hit another milestone on the back of the Tesla-inspired rally this week, becoming more valuable than the market cap of Alphabet — the world’s fifth most valuable company by market capitalization.  As an asset class, digital assets are […]

article-image

Google, Headquarters, California. Credit: Shutterstock Shutterstock

share

key takeaways

  • Digital assets hit a market cap of $1.407 trillion early Wednesday, which is more than Google
  • Companies now hold approximately $4.8 billion in bitcoin on their balance sheets

Digital assets markets hit another milestone on the back of the Tesla-inspired rally this week, becoming more valuable than the market cap of Alphabet — the world’s fifth most valuable company by market capitalization. 

Source: Companiesmarketcap.com

As an asset class, digital assets are slightly behind Silver which has a market cap of $1.49 trillion. 

Bitcoin is up 28 percent this week, opening the United States Wednesday trading day just under $46,000 after news Monday that electric vehicle maker Tesla had added $1.5 billion in bitcoin to its corporate treasury.

Source: TradingView

Tesla’s announcement comes days after MicroStrategy, which holds $3.1 billion in bitcoin, held a conference for business leaders evangelizing the merits of having bitcoin on the balance sheet. According to a tweet by the company, 8,197 attendees from 6,917 different enterprises were in attendance with 1,000 of these attendees being executives.

“If your company has money on its balance sheets and it’s sitting in fiat currencies like euros and dollars, they are losing about 15% of their purchasing power each year,” MicroStrategy CEO Michael Saylor said during the event. “The simple solution is to convert some of that cash into bitcoin.” 

Tesla also announced that it soon may accept bitcoin as a payment, mentioning that it may not immediately liquidate the bitcoin it received as payment. 

According to BitcoinTreasuries, a tracker of corporate investment in digital assets, Tesla is the second-largest publicly-traded corporate holder of the digital currency. It is followed by Toronto-based Galaxy Digital, a digital asset financial services firm that has around $760 million in its corporate coffers, and Marathon Patent Group, at $220 million.

In total, companies hold approximately $4.8 billion in bitcoin on their balance sheets. Bitcoin, the best known digital asset, has a market cap of $860 billion.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Permissionless is a conference for founders, application developers, and users. Come meet the next generation of people building and using crypto.

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

4.png

Research

This months PPGC covered four main areas. Firstly, debriefing the progress and status of the mainnet implementation of the Ahmedabad hard fork. Secondly, a retrospective on the testnet phase of the Ahemdabad Hard Fork. Thirdly, an update on PIP-36 which involves replaying failed state syncs. Lastly, PIP-47 which pushes upgrades to the Polygon Protocol Council.

article-image

Institutions to test out the settlement of “digital assets and currencies” on a network that annually carries more than 5 billion financial messages

article-image

After Bitwise’s XRP ETF filing this week, one industry watcher notes: “Politics will determine whether this happens soon or in a few years”

article-image

Plus, a look back at some of the SEC’s biggest enforcement moves under Gurbir Grewal

article-image

The forward-looking financial system is being championed by several contributors to India’s UPI digital money system

article-image

Multiple teams are pursuing integration cross-chain and off-chain

article-image

An SEC spokesperson told Blockworks the Ripple judgment clashes with Supreme Court precedent and securities laws