According to Coin98 Analytics, at least 13 publicly traded companies have directly invested in Bitcoin, equivalent to $6.8 billion or 600,000 BTC. These companies include Grayscale, Microstrategy, CoinShares, Galaxy Digital, 3IQ, Square, Hut8, Voyager, Riot Blockchain, DigitalX, Cypherpunk Holdings, and Argo. It's worth point out that institutional buying from Microstrategy and Square in particular has gained the most public attention recently—given neither of these companies are engaged in traditional blockchain or mining operations. They also have outspoken CEOs (Michael Saylor and  Jack Dorsey, respectively) who are very bullish on the long-term outlook of Bitcoin as an alternative investment class with very low correlation to other asset classes and its deflationary attributes. As many people know, the Grayscale Bitcoin Trust (GBTC) is a very popular investment vehicle for retail and institutional traders. Today, GBTC has $4.7 billion assets under management (AUM) and they own roughly 2.43% of all the bitcoin in circulation. While increased exchange volumes and open interest on Bitcoin futures exchanges indicate rising interest in bitcoin as a hedge against inflation and the looming global financial crisis (caused by COVID-19), the record-low volatility of Bitcoin in recent months is surely a welcome sign for institutions. It's not hard to believe that more companies like Microstrategy, Square and Grayscale will start snatching up vast amounts of BTC after the election.

Cointelegraph (Oct 14, 2020)