Bitcoin: Why the distinction between Grayscale, MicroStrategy's objectives matters

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Most discussions on the subject of Bitcoin’s institutional involvement always hint at the common objective of these institutions. These organizations are clubbed together under one idea, that they believe in the assets, and they want to attain exposure into crypto through Bitcoin.

It is not a false narrative, but over the past few months, most of these organizations might now have a different ideology. It might not just be about growing their capital in an emerging environment.

Understanding Bitcoin treasuries classification

When we think about institutions, Grayscale^[1], and lately, MicroStrategy^[2], come to mind. However, if you track their allocations, Grayscale Bitcoin Trust is 9 times bigger than MSTR, and fundamentally different in its functionality too.

According to recent data, 1,227,615 Bitcoins are held in company treasuries, which is close to 5.85% of the total supply. Now, the difference is that Grayscale Bitcoin Trust mirrors the operations of an ETF, while MicroStrategy is a public company.

MSTR definitely dominates the public company bracket, having accumulated over 70,000 BTC at press time. The difference starts from here.

Grayscale is in the business of promoting Bitcoin from an investment perspective and allowing crypto-exposure for accredited clients.

MicroStrategy is solely holding BTC under its treasury from a business expansion point of view.

Grayscale accumulates BTC so that its services of crypto-exposure do not stop for emerging and potential clients. MSTR is possibly accumulating BTC because