Bitcoin on the Balance Sheet? Corporate Buying Could Be a Global Trend

Bitcoin and Ethereum purchases by companies in Scandinavia and Hong Kong are fueling speculation a wave of non-U.S. corporate treasurers might follow MicroStrategy, Tesla, and Square into buying cryptocurrencies, according to a new report by the Norwegian analysis firm Arcane Research.

Hong Kong-listed Meitu, a maker of photo-retouching software, said it bought 15,000 ETH and 379 BTC (+0.04%) in open-market transactions last week. Arcane figures the company paid an average $47,230, well below the current market level of around $57,000.

In addition, on Monday Aker, a Norwegian energy engineering company, added 1,170 BTC to its balance sheet, paying approximately $58 million, at an average price of around $49,600.

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