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Historically, only crypto-native companies held bitcoin on their balance sheets. However, a significant structural shift has occurred over the past four years. Public and private companies are now embracing bitcoin, motivated by economic, geopolitical, and regulatory factors. For instance, public and private companies currently hold over 4% of all bitcoin, valued at around $50 billion, with MicroStrategy leading the way, having accumulated a bitcoin portfolio worth $13 billion since August 2020.