Analyzing bitcoin demand from public companies

Our World in Bitcoin August 2020
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MicroStrategy $MSTR buys $250 million worth of bitcoin in unprecedented move.

A remarkable feat happened on August 12, 2020. MicroStrategy, a $1.2 billion business intelligence software company, scooped up about 21,000 units of the total available supply of bitcoin. The ₿21,454 purchase represents 0.1% of the total bitcoin supply that will ever be mined. The Chief Executive Officer of MicroStrategy, Michael Saylor, shared his reasoning for wanting to hold bitcoin as the company's primary treasury reserve asset in a way that shows he’s done his research.

This investment reflects our belief that bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash. Since its inception over a decade ago, bitcoin has emerged as a significant addition to the global financial system, with characteristics that are useful to both individuals and institutions. MicroStrategy has recognized bitcoin as a legitimate investment asset that can be superior to cash and accordingly has made bitcoin the principal holding in its treasury reserve strategy. - Michael Saylor, CEO MicroStrategy

Traditionally, companies have prepared for cash depreciation by holding investments or cash equivalents such as US treasuries. Putting bitcoin on a corporate balance sheet is unprecedented because it is the first public company to admit holding bitcoin as a hedge against inflation. How long will it take for other CEOs and CFOs to follow? We figured they might have to be quick about it, because we are running out of bitcoin. Let's do a bit of math.

Let's take a look at how many bitcoin the S&P 500 would be able to buy with their cash and cash equivalents. All five hundred companies combined, they hold almost $4 trillion in cash and cash equivalents. We calculated 4 different allocation levels at a current price of $19,375.00 per bitcoin. Note: all data is updated automatically according to the latest bitcoin price in dollars.

Bitcoin allocation in the S&P as a percentage of cash holdings
Allocation Profile Fiat value BTC at current price % current supply
1% Very conservative
$38,038,370,390.00 ₿ 1,963,269.00 10.6%
5% Conservative
$190,191,851,950.00 ₿ 9,816,357.00 53.1%
10% Normal
$380,383,703,900.00 ₿ 19,632,702.00 106.1%
25% Dynamic
$950,959,259,750.00 ₿ 49,081,770.00 265.3%

If every company in the S&P500 would convert at least 5% of their cash holdings into bitcoin, we would run into a supply shortage of bitcoin! This speaks to how much dollar liquidity exists in the world, and how scarce bitcoin as an asset really is. Moreover, knowing that the current supply is approximately ₿18,500,000 and that about 64% of the total mined supply has a UTXO of more than a year old, we only have about ₿6,500,000 available rotating supply. This includes 1 million bitcoin owned by Satoshi that has not been moved in over 11 years, and all bitcoin that has been lost forever. bitcoin as a hard and scarce asset shows that an appreciation in value is imminent. Especially when corporate America starts adopting. We can expect bitcoin adoption - as a currency and as a network - to increase in the coming years across the corporate world.

Visualised differently, look at the following graph to get a better idea of the scarcity if a significant percentage of S&P500 companies start putting bitcoin on their balance sheets:

Great, so bitcoin is scarce. Nothing new... but let's analyze how many bitcoin they can acquire when the price goes up towards $100,000. Companies will have to give up more of their worthless fiat to get the same amount of bitcoin.

Bitcoin allocation in the S&P as a percentage of cash holdings
Allocation Profile BTC at $20K BTC at $50K BTC at $100K
1% Very conservative
₿ 1,902,000.00 ₿ 760,771.00 ₿ 380,408.00
5% Conservative
₿ 9,509,683.00 ₿ 3,803,835.00 ₿ 1,902,000.00
10% Normal
₿ 19,019,212.00 ₿ 7,607,678.00 ₿ 3,803,835.00
25% Dynamic
₿ 47,548,050.00 ₿ 19,019,212.00 ₿ 9,509,683.00

Bitcoin might turn out to be the ultimate fiat black hole of our generation. Additionally, we should ask ourselves who will be willing to sell their bitcoin in the future, as common sense will dictate that fiat is destroying people's wealth? Paul Tudor Jones removed career risk for hedge fund managers from investing in bitcoin. MicroStrategy removed career risk for CFOs from putting company treasury into bitcoin. We cannot wait to see what comes next in the adoption of bitcoin as a hedge against inflation. Each company will individually decide whether or not they will put bitcoin on their balance sheet. It will happen gradually, then suddenly. The following table shows the allocation towards bitcoin per company:

Bitcoin allocation per S&P500 company
Company Cash (End of Q2 2020) 1% BTC 5% BTC 10% BTC
$ABT Abbott Laboratories
$4,763,000,000.00 ₿ 2,458 ₿ 12,292 ₿ 24,583
$ABBV AbbVie
$6,017,000,000.00 ₿ 3,106 ₿ 15,528 ₿ 31,055
$ABMD ABIOMED
$214,827,000.00 ₿ 111 ₿ 554 ₿ 1,109
$ATVI Activision Blizzard
$6,338,000,000.00 ₿ 3,271 ₿ 16,356 ₿ 32,712
$ADBE Adobe
$3,044,000,000.00 ₿ 1,571 ₿ 7,855 ₿ 15,711
$AES The AES Corp.
$1,417,000,000.00 ₿ 731 ₿ 3,657 ₿ 7,314
$AFL Aflac
$5,528,000,000.00 ₿ 2,853 ₿ 14,266 ₿ 28,532
$A Agilent Technologies
$1,324,000,000.00 ₿ 683 ₿ 3,417 ₿ 6,834
$AKAM Akamai Technologies
$572,288,000.00 ₿ 295 ₿ 1,477 ₿ 2,954
$ALK Alaska Air Group
$1,509,000,000.00 ₿ 779 ₿ 3,894 ₿ 7,788
$ALB Albemarle Corp.
$736,696,000.00 ₿ 380 ₿ 1,901 ₿ 3,802
$ALXN Alexion Pharmaceuticals
$2,825,000,000.00 ₿ 1,458 ₿ 7,290 ₿ 14,581
$ALGN Align Technology
$404,359,000.00 ₿ 209 ₿ 1,044 ₿ 2,087
$ALLE Allegion Plc
$302,400,000.00 ₿ 156 ₿ 780 ₿ 1,561
$LNT Alliant Energy Corp.
$208,100,000.00 ₿ 107 ₿ 537 ₿ 1,074
$ALL The Allstate Corp.
$547,000,000.00 ₿ 282 ₿ 1,412 ₿ 2,823
$GOOGL Alphabet
$17,742,000,000.00 ₿ 9,157 ₿ 45,786 ₿ 91,572
$MO Altria Group
$4,826,000,000.00 ₿ 2,491 ₿ 12,454 ₿ 24,908
$AMZN Amazon.com
$37,466,000,000.00 ₿ 19,337 ₿ 96,686 ₿ 193,373
$AMCR Amcor Plc
$537,800,000.00 ₿ 278 ₿ 1,388 ₿ 2,776
$AEE Ameren Corp.
$8,000,000.00 ₿ 4 ₿ 21 ₿ 41
$AEP American Electric Power Co.
$348,800,000.00 ₿ 180 ₿ 900 ₿ 1,800
$AXP American Express Co.
$41,497,000,000.00 ₿ 21,418 ₿ 107,089 ₿ 214,178
$AMT American Tower Corp.
$2,038,100,000.00 ₿ 1,052 ₿ 5,260 ₿ 10,519
$AWK American Water Works Co.
$569,000,000.00 ₿ 294 ₿ 1,468 ₿ 2,937
$ABC AmerisourceBergen Corp.
$3,420,272,000.00 ₿ 1,765 ₿ 8,827 ₿ 17,653
$AME AMETEK
$1,130,975,000.00 ₿ 584 ₿ 2,919 ₿ 5,837
$AMGN Amgen
$9,145,000,000.00 ₿ 4,720 ₿ 23,600 ₿ 47,200
$APH Amphenol Corp.
$1,288,300,000.00 ₿ 665 ₿ 3,325 ₿ 6,649
$ANSS ANSYS
$744,546,000.00 ₿ 384 ₿ 1,921 ₿ 3,843
$ANTM Anthem
$6,028,000,000.00 ₿ 3,111 ₿ 15,556 ₿ 31,112
$AON Aon Plc
$757,000,000.00 ₿ 391 ₿ 1,954 ₿ 3,907
$AOS A. O. Smith Corp.
$442,700,000.00 ₿ 228 ₿ 1,142 ₿ 2,285
$AIV Apartment Investment & Mana...
$398,408,000.00 ₿ 206 ₿ 1,028 ₿ 2,056
$AAPL Apple
$33,383,000,000.00 ₿ 17,230 ₿ 86,150 ₿ 172,299
$APTV Aptiv Plc
$1,885,000,000.00 ₿ 973 ₿ 4,865 ₿ 9,729
$ADM Archer-Daniels-Midland Co.
$1,203,000,000.00 ₿ 621 ₿ 3,105 ₿ 6,209
$ANET Arista Networks
$800,182,000.00 ₿ 413 ₿ 2,065 ₿ 4,130
$AJG Arthur J. Gallagher & Co.
$349,700,000.00 ₿ 180 ₿ 902 ₿ 1,805
$T AT&T
$16,941,000,000.00 ₿ 8,744 ₿ 43,719 ₿ 87,437
$ATO Atmos Energy Corp.
$208,064,000.00 ₿ 107 ₿ 537 ₿ 1,074
$ADSK Autodesk
$1,389,700,000.00 ₿ 717 ₿ 3,586 ₿ 7,173
$AZO AutoZone
$509,118,000.00 ₿ 263 ₿ 1,314 ₿ 2,628
$AVB AvalonBay Communities
$322,817,000.00 ₿ 167 ₿ 833 ₿ 1,666
$AVY Avery Dennison Corp.
$262,600,000.00 ₿ 136 ₿ 678 ₿ 1,355
$BLL Ball Corp.
$643,000,000.00 ₿ 332 ₿ 1,659 ₿ 3,319
$BAC Bank of America Corp.
$295,417,000,000.00 ₿ 152,473 ₿ 762,366 ₿ 1,524,733
$BAX Baxter International
$4,085,000,000.00 ₿ 2,108 ₿ 10,542 ₿ 21,084
$BDX Becton
$2,882,000,000.00 ₿ 1,487 ₿ 7,437 ₿ 14,875
$BIIB Biogen
$2,384,900,000.00 ₿ 1,231 ₿ 6,155 ₿ 12,309
$BLK BlackRock
$5,466,000,000.00 ₿ 2,821 ₿ 14,106 ₿ 28,212
$BA The Boeing Co.
$19,992,000,000.00 ₿ 10,318 ₿ 51,592 ₿ 103,185
$BKNG Booking Holdings
$10,404,000,000.00 ₿ 5,370 ₿ 26,849 ₿ 53,698
$BXP Boston Properties
$1,691,047,000.00 ₿ 873 ₿ 4,364 ₿ 8,728
$MPC Marathon Petroleum Corp.
$1,091,000,000.00 ₿ 563 ₿ 2,815 ₿ 5,631
$BMY Bristol Myers Squibb Co.
$19,934,000,000.00 ₿ 10,289 ₿ 51,443 ₿ 102,885
$AVGO Broadcom
$9,207,000,000.00 ₿ 4,752 ₿ 23,760 ₿ 47,520
$BR Broadridge Financial Solutions
$291,200,000.00 ₿ 150 ₿ 751 ₿ 1,503
$CHRW C.H. Robinson Worldwide
$362,236,000.00 ₿ 187 ₿ 935 ₿ 1,870
$COG Cabot Oil & Gas Corp.
$117,164,000.00 ₿ 60 ₿ 302 ₿ 605
$CPB Campbell Soup Co.
$1,242,000,000.00 ₿ 641 ₿ 3,205 ₿ 6,410
$COF Capital One Financial Corp.
$55,818,000,000.00 ₿ 28,809 ₿ 144,046 ₿ 288,093
$CAH Cardinal Health
$2,771,000,000.00 ₿ 1,430 ₿ 7,151 ₿ 14,302
$CCL Carnival Corp.
$6,881,000,000.00 ₿ 3,551 ₿ 17,757 ₿ 35,515
$CARR Carrier Global Corp.
$2,704,000,000.00 ₿ 1,396 ₿ 6,978 ₿ 13,956
$CBRE CBRE Group
$1,214,213,000.00 ₿ 627 ₿ 3,133 ₿ 6,267
$CDW CDW Corp.
$214,400,000.00 ₿ 111 ₿ 553 ₿ 1,107
$CE Celanese Corp.
$539,000,000.00 ₿ 278 ₿ 1,391 ₿ 2,782
$CNC Centene Corp.
$12,798,000,000.00 ₿ 6,605 ₿ 33,027 ₿ 66,054
$CTL CenturyLink
$1,763,000,000.00 ₿ 910 ₿ 4,550 ₿ 9,099
$CERN Cerner Corp.
$269,895,000.00 ₿ 139 ₿ 697 ₿ 1,393
$CF CF Industries Holdings
$563,000,000.00 ₿ 291 ₿ 1,453 ₿ 2,906
$CHTR Charter Communications
$2,097,000,000.00 ₿ 1,082 ₿ 5,412 ₿ 10,823
$CVX Chevron Corp.
$6,855,000,000.00 ₿ 3,538 ₿ 17,690 ₿ 35,381
$CMG Chipotle Mexican Grill
$605,622,000.00 ₿ 313 ₿ 1,563 ₿ 3,126
$CHD Church & Dwight Co.
$451,700,000.00 ₿ 233 ₿ 1,166 ₿ 2,331
$CI Cigna Corp.
$7,185,000,000.00 ₿ 3,708 ₿ 18,542 ₿ 37,084
$CTAS Cintas Corp.
$145,402,000.00 ₿ 75 ₿ 375 ₿ 750
$CSCO Cisco Systems
$11,809,000,000.00 ₿ 6,095 ₿ 30,475 ₿ 60,950
$C Citigroup
$309,773,000,000.00 ₿ 159,883 ₿ 799,414 ₿ 1,598,828
$CTXS Citrix Systems
$555,072,000.00 ₿ 286 ₿ 1,432 ₿ 2,865
$CME CME Group
$1,405,400,000.00 ₿ 725 ₿ 3,627 ₿ 7,254
$CMS CMS Energy Corp.
$1,587,000,000.00 ₿ 819 ₿ 4,095 ₿ 8,191
$KO The Coca-Cola Co.
$10,037,000,000.00 ₿ 5,180 ₿ 25,902 ₿ 51,804
$CL Colgate-Palmolive Co.
$997,000,000.00 ₿ 515 ₿ 2,573 ₿ 5,146
$CMCSA Comcast Corp.
$13,935,000,000.00 ₿ 7,192 ₿ 35,961 ₿ 71,923
$CMA Comerica
$13,311,000,000.00 ₿ 6,870 ₿ 34,351 ₿ 68,702
$CAG Conagra Brands
$553,300,000.00 ₿ 286 ₿ 1,428 ₿ 2,856
$COP ConocoPhillips
$2,907,000,000.00 ₿ 1,500 ₿ 7,502 ₿ 15,004
$ED Consolidated Edison
$1,144,000,000.00 ₿ 590 ₿ 2,952 ₿ 5,905
$COO The Cooper Cos.
$79,800,000.00 ₿ 41 ₿ 206 ₿ 412
$CPRT Copart
$306,387,000.00 ₿ 158 ₿ 791 ₿ 1,581
$GLW Corning
$2,158,000,000.00 ₿ 1,114 ₿ 5,569 ₿ 11,138
$CTVA Corteva
$2,809,000,000.00 ₿ 1,450 ₿ 7,249 ₿ 14,498
$COTY Coty
$1,278,500,000.00 ₿ 660 ₿ 3,299 ₿ 6,599
$CCI Crown Castle International ...
$2,514,000,000.00 ₿ 1,298 ₿ 6,488 ₿ 12,975
$CSX CSX Corp.
$2,391,000,000.00 ₿ 1,234 ₿ 6,170 ₿ 12,341
$CMI Cummins
$1,751,000,000.00 ₿ 904 ₿ 4,519 ₿ 9,037
$DHI D.R. Horton
$2,353,500,000.00 ₿ 1,215 ₿ 6,074 ₿ 12,147
$DHR Danaher Corp.
$5,539,300,000.00 ₿ 2,859 ₿ 14,295 ₿ 28,590
$DVA DaVita
$2,928,910,000.00 ₿ 1,512 ₿ 7,558 ₿ 15,117
$DE Deere & Co.
$8,900,000,000.00 ₿ 4,594 ₿ 22,968 ₿ 45,935
$DAL Delta Air Lines
$11,366,000,000.00 ₿ 5,866 ₿ 29,332 ₿ 58,663
$XRAY Dentsply Sirona
$1,109,100,000.00 ₿ 572 ₿ 2,862 ₿ 5,724
$DXCM DexCom
$530,000,000.00 ₿ 274 ₿ 1,368 ₿ 2,735
$FANG Diamondback Energy
$51,000,000.00 ₿ 26 ₿ 132 ₿ 263
$DLR Digital Realty Trust
$505,174,000.00 ₿ 261 ₿ 1,304 ₿ 2,607
$DISCA Discovery
$1,683,000,000.00 ₿ 869 ₿ 4,343 ₿ 8,686
$DISCK Discovery
$1,683,000,000.00 ₿ 869 ₿ 4,343 ₿ 8,686
$DISH DISH Network Corp.
$2,589,817,000.00 ₿ 1,337 ₿ 6,683 ₿ 13,367
$DLTR Dollar Tree
$1,755,100,000.00 ₿ 906 ₿ 4,529 ₿ 9,059
$D Dominion Energy
$675,000,000.00 ₿ 348 ₿ 1,742 ₿ 3,484
$DPZ Domino's Pizza
$247,952,000.00 ₿ 128 ₿ 640 ₿ 1,280
$DOW Dow
$3,724,000,000.00 ₿ 1,922 ₿ 9,610 ₿ 19,221
$DTE DTE Energy Co.
$579,000,000.00 ₿ 299 ₿ 1,494 ₿ 2,988
$DUK Duke Energy Corp.
$341,000,000.00 ₿ 176 ₿ 880 ₿ 1,760
$DD DuPont de Nemours
$3,737,000,000.00 ₿ 1,929 ₿ 9,644 ₿ 19,288
$DXC DXC Technology Co.
$5,509,000,000.00 ₿ 2,843 ₿ 14,217 ₿ 28,434
$EMN Eastman Chemical Co.
$704,000,000.00 ₿ 363 ₿ 1,817 ₿ 3,634
$ETN Eaton Corp. Plc
$292,000,000.00 ₿ 151 ₿ 754 ₿ 1,507
$EBAY eBay
$1,006,000,000.00 ₿ 519 ₿ 2,596 ₿ 5,192
$ECL Ecolab
$1,369,000,000.00 ₿ 707 ₿ 3,533 ₿ 7,066
$EIX Edison International
$524,000,000.00 ₿ 270 ₿ 1,352 ₿ 2,705
$EA Electronic Arts
$4,013,000,000.00 ₿ 2,071 ₿ 10,356 ₿ 20,712
$EMR Emerson Electric Co.
$2,450,000,000.00 ₿ 1,265 ₿ 6,323 ₿ 12,645
$ETR Entergy Corp.
$935,468,000.00 ₿ 483 ₿ 2,414 ₿ 4,828
$EFX Equifax
$1,347,400,000.00 ₿ 695 ₿ 3,477 ₿ 6,954
$EQIX Equinix
$4,785,050,000.00 ₿ 2,470 ₿ 12,349 ₿ 24,697
$EQR Equity Residential
$187,416,000.00 ₿ 97 ₿ 484 ₿ 967
$EL The Estée Lauder Companies
$4,876,000,000.00 ₿ 2,517 ₿ 12,583 ₿ 25,166
$EVRG Evergy
$176,200,000.00 ₿ 91 ₿ 455 ₿ 909
$ES Eversource Energy
$64,890,000.00 ₿ 33 ₿ 167 ₿ 335
$EXC Exelon Corp.
$2,129,000,000.00 ₿ 1,099 ₿ 5,494 ₿ 10,988
$EXPE Expedia Group
$5,053,000,000.00 ₿ 2,608 ₿ 13,040 ₿ 26,080
$EXR Extra Space Storage
$56,397,000.00 ₿ 29 ₿ 146 ₿ 291
$XOM Exxon Mobil Corp.
$12,576,000,000.00 ₿ 6,491 ₿ 32,454 ₿ 64,908
$FFIV F5 Networks
$714,268,000.00 ₿ 369 ₿ 1,843 ₿ 3,687
$FB Facebook
$21,045,000,000.00 ₿ 10,862 ₿ 54,310 ₿ 108,619
$FRT Federal Realty Investment T...
$980,039,000.00 ₿ 506 ₿ 2,529 ₿ 5,058
$FDX FedEx Corp.
$4,881,000,000.00 ₿ 2,519 ₿ 12,596 ₿ 25,192
$FITB Fifth Third Bancorp
$3,221,000,000.00 ₿ 1,662 ₿ 8,312 ₿ 16,625
$FE FirstEnergy Corp.
$152,000,000.00 ₿ 78 ₿ 392 ₿ 785
$FRC First Republic Bank (San Fr...
$3,099,170,000.00 ₿ 1,600 ₿ 7,998 ₿ 15,996
$FLT FleetCor Technologies
$765,789,000.00 ₿ 395 ₿ 1,976 ₿ 3,952
$FLIR FLIR Systems
$332,958,000.00 ₿ 172 ₿ 859 ₿ 1,718
$FLS Flowserve Corp.
$561,705,000.00 ₿ 290 ₿ 1,450 ₿ 2,899
$F Ford Motor Co.
$30,989,000,000.00 ₿ 15,994 ₿ 79,972 ₿ 159,943
$FTNT Fortinet
$916,400,000.00 ₿ 473 ₿ 2,365 ₿ 4,730
$FTV Fortive Corp.
$1,063,000,000.00 ₿ 549 ₿ 2,743 ₿ 5,486
$FOXA Fox Corp.
$4,645,000,000.00 ₿ 2,397 ₿ 11,987 ₿ 23,974
$FOX Fox Corp.
$4,645,000,000.00 ₿ 2,397 ₿ 11,987 ₿ 23,974
$BEN Franklin Resources
$6,975,900,000.00 ₿ 3,600 ₿ 18,002 ₿ 36,005
$FCX Freeport-McMoRan
$1,465,000,000.00 ₿ 756 ₿ 3,781 ₿ 7,561
$GRMN Garmin Ltd.
$1,354,924,000.00 ₿ 699 ₿ 3,497 ₿ 6,993
$IT Gartner
$356,633,000.00 ₿ 184 ₿ 920 ₿ 1,841
$GD General Dynamics Corp.
$2,300,000,000.00 ₿ 1,187 ₿ 5,935 ₿ 11,871
$GIS General Mills
$1,677,800,000.00 ₿ 866 ₿ 4,330 ₿ 8,660
$GM General Motors Co.
$28,228,000,000.00 ₿ 14,569 ₿ 72,846 ₿ 145,693
$GILD Gilead Sciences
$6,746,000,000.00 ₿ 3,482 ₿ 17,409 ₿ 34,818
$GL Globe Life
$114,031,000.00 ₿ 59 ₿ 294 ₿ 589
$GPN Global Payments
$1,825,625,000.00 ₿ 942 ₿ 4,711 ₿ 9,423
$GWW W.W. Grainger
$1,603,000,000.00 ₿ 827 ₿ 4,137 ₿ 8,274
$HRB H&R Block
$2,661,914,000.00 ₿ 1,374 ₿ 6,869 ₿ 13,739
$HAL Halliburton Co.
$1,811,000,000.00 ₿ 935 ₿ 4,674 ₿ 9,347
$HOG Harley-Davidson
$3,856,597,000.00 ₿ 1,991 ₿ 9,953 ₿ 19,905
$HIG The Hartford Financial Serv...
$291,000,000.00 ₿ 150 ₿ 751 ₿ 1,502
$HCA HCA Healthcare
$4,638,000,000.00 ₿ 2,394 ₿ 11,969 ₿ 23,938
$PEAK Healthpeak Properties
$730,957,000.00 ₿ 377 ₿ 1,886 ₿ 3,773
$HSY The Hershey Co.
$1,165,331,000.00 ₿ 601 ₿ 3,007 ₿ 6,015
$HES Hess Corp.
$1,646,000,000.00 ₿ 850 ₿ 4,248 ₿ 8,495
$HPE Hewlett-Packard Enterprise Co.
$5,131,000,000.00 ₿ 2,648 ₿ 13,241 ₿ 26,483
$HFC HollyFrontier Corp.
$902,509,000.00 ₿ 466 ₿ 2,329 ₿ 4,658
$HOLX Hologic
$744,200,000.00 ₿ 384 ₿ 1,921 ₿ 3,841
$HD The Home Depot
$8,696,000,000.00 ₿ 4,488 ₿ 22,441 ₿ 44,883
$HRL Hormel Foods Corp.
$606,073,000.00 ₿ 313 ₿ 1,564 ₿ 3,128
$HST Host Hotels & Resorts
$1,578,000,000.00 ₿ 814 ₿ 4,072 ₿ 8,145
$HWM Howmet Aerospace
$1,281,000,000.00 ₿ 661 ₿ 3,306 ₿ 6,612
$HUM Humana
$7,163,000,000.00 ₿ 3,697 ₿ 18,485 ₿ 36,970
$HBAN Huntington Bancshares
$6,375,000,000.00 ₿ 3,290 ₿ 16,452 ₿ 32,903
$IEX IDEX Corp.
$746,348,000.00 ₿ 385 ₿ 1,926 ₿ 3,852
$IDXX IDEXX Laboratories
$105,293,000.00 ₿ 54 ₿ 272 ₿ 543
$INFO IHS Markit Ltd.
$207,800,000.00 ₿ 107 ₿ 536 ₿ 1,073
$ILMN Illumina
$1,770,000,000.00 ₿ 914 ₿ 4,568 ₿ 9,135
$INCY Incyte Corp.
$1,326,730,000.00 ₿ 685 ₿ 3,424 ₿ 6,848
$IR Ingersoll Rand
$1,173,600,000.00 ₿ 606 ₿ 3,029 ₿ 6,057
$INTC Intel Corp.
$8,736,000,000.00 ₿ 4,509 ₿ 22,545 ₿ 45,089
$ICE Intercontinental Exchange
$880,000,000.00 ₿ 454 ₿ 2,271 ₿ 4,542
$IP International Paper Co.
$847,000,000.00 ₿ 437 ₿ 2,186 ₿ 4,372
$IPG Interpublic Group of Cos.
$1,085,400,000.00 ₿ 560 ₿ 2,801 ₿ 5,602
$INTU Intuit
$3,371,000,000.00 ₿ 1,740 ₿ 8,699 ₿ 17,399
$ISRG Intuitive Surgical
$2,035,600,000.00 ₿ 1,051 ₿ 5,253 ₿ 10,506
$IVZ Invesco Ltd.
$1,271,200,000.00 ₿ 656 ₿ 3,281 ₿ 6,561
$IQV IQVIA Holdings
$1,109,000,000.00 ₿ 572 ₿ 2,862 ₿ 5,724
$IRM Iron Mountain
$907,180,000.00 ₿ 468 ₿ 2,341 ₿ 4,682
$JKHY Jack Henry & Associates
$109,514,000.00 ₿ 57 ₿ 283 ₿ 565
$JBHT J.B. Hunt Transport Services
$274,654,000.00 ₿ 142 ₿ 709 ₿ 1,418
$SJM The J. M. Smucker Co.
$391,100,000.00 ₿ 202 ₿ 1,009 ₿ 2,019
$JNJ Johnson & Johnson
$11,174,000,000.00 ₿ 5,767 ₿ 28,836 ₿ 57,672
$JPM JPMorgan Chase & Co.
$493,729,000,000.00 ₿ 254,828 ₿ 1,274,139 ₿ 2,548,279
$JNPR Juniper Networks
$1,460,300,000.00 ₿ 754 ₿ 3,769 ₿ 7,537
$K Kellogg Co.
$1,047,000,000.00 ₿ 540 ₿ 2,702 ₿ 5,404
$KEYS Keysight Technologies
$1,841,000,000.00 ₿ 950 ₿ 4,751 ₿ 9,502
$KMB Kimberly-Clark Corp.
$1,448,000,000.00 ₿ 747 ₿ 3,737 ₿ 7,474
$KMI Kinder Morgan
$526,000,000.00 ₿ 271 ₿ 1,357 ₿ 2,715
$KLAC KLA Corp.
$1,234,409,000.00 ₿ 637 ₿ 3,186 ₿ 6,371
$KSS Kohl's Corp.
$2,039,000,000.00 ₿ 1,052 ₿ 5,262 ₿ 10,524
$KHC The Kraft Heinz Co.
$2,812,000,000.00 ₿ 1,451 ₿ 7,257 ₿ 14,514
$LB L Brands
$957,000,000.00 ₿ 494 ₿ 2,470 ₿ 4,939
$LHX L3Harris Technologies
$1,947,000,000.00 ₿ 1,005 ₿ 5,025 ₿ 10,049
$LRCX Lam Research Corp.
$4,915,172,000.00 ₿ 2,537 ₿ 12,684 ₿ 25,369
$LW Lamb Weston Holdings
$1,364,000,000.00 ₿ 704 ₿ 3,520 ₿ 7,040
$LVS Las Vegas Sands Corp.
$3,016,000,000.00 ₿ 1,557 ₿ 7,783 ₿ 15,566
$LDOS Leidos Holdings
$588,000,000.00 ₿ 303 ₿ 1,517 ₿ 3,035
$LEN Lennar Corp.
$1,641,921,000.00 ₿ 847 ₿ 4,237 ₿ 8,474
$LLY Eli Lilly & Co.
$2,365,100,000.00 ₿ 1,221 ₿ 6,103 ₿ 12,207
$LIN Linde Plc
$4,941,000,000.00 ₿ 2,550 ₿ 12,751 ₿ 25,502
$LYV Live Nation Entertainment
$3,290,052,000.00 ₿ 1,698 ₿ 8,490 ₿ 16,981
$LKQ LKQ Corp.
$476,426,000.00 ₿ 246 ₿ 1,229 ₿ 2,459
$L Loews Corp.
$668,000,000.00 ₿ 345 ₿ 1,724 ₿ 3,448
$LOW Lowe's Cos.
$5,955,000,000.00 ₿ 3,074 ₿ 15,368 ₿ 30,735
$LYB LyondellBasell Industries NV
$2,552,000,000.00 ₿ 1,317 ₿ 6,586 ₿ 13,172
$MRO Marathon Oil Corp.
$522,000,000.00 ₿ 269 ₿ 1,347 ₿ 2,694
$MKTX MarketAxess Holdings
$404,148,000.00 ₿ 209 ₿ 1,043 ₿ 2,086
$MMC Marsh & McLennan Cos.
$1,711,000,000.00 ₿ 883 ₿ 4,415 ₿ 8,831
$MLM Martin Marietta Materials
$70,100,000.00 ₿ 36 ₿ 181 ₿ 362
$MAS Masco Corp.
$1,089,000,000.00 ₿ 562 ₿ 2,810 ₿ 5,621
$MKC McCormick & Co.
$185,000,000.00 ₿ 95 ₿ 477 ₿ 955
$MXIM Maxim Integrated Products
$1,578,670,000.00 ₿ 815 ₿ 4,074 ₿ 8,148
$MCK McKesson Corp.
$2,613,000,000.00 ₿ 1,349 ₿ 6,743 ₿ 13,486
$MRK Merck & Co.
$11,103,000,000.00 ₿ 5,731 ₿ 28,653 ₿ 57,306
$MET MetLife
$24,289,000,000.00 ₿ 12,536 ₿ 62,681 ₿ 125,363
$MGM MGM Resorts International
$4,835,505,000.00 ₿ 2,496 ₿ 12,479 ₿ 24,957
$MCHP Microchip Technology
$378,200,000.00 ₿ 195 ₿ 976 ₿ 1,952
$MSFT Microsoft Corp.
$13,576,000,000.00 ₿ 7,007 ₿ 35,035 ₿ 70,070
$TAP Molson Coors Beverage Co.
$780,800,000.00 ₿ 403 ₿ 2,015 ₿ 4,030
$MDLZ Mondelez International
$1,602,000,000.00 ₿ 827 ₿ 4,134 ₿ 8,268
$MNST Monster Beverage Corp.
$921,326,000.00 ₿ 476 ₿ 2,378 ₿ 4,755
$MOS The Mosaic Co.
$1,073,300,000.00 ₿ 554 ₿ 2,770 ₿ 5,540
$MSI Motorola Solutions
$1,341,000,000.00 ₿ 692 ₿ 3,461 ₿ 6,921
$MSCI MSCI
$1,384,977,000.00 ₿ 715 ₿ 3,574 ₿ 7,148
$NDAQ Nasdaq
$711,000,000.00 ₿ 367 ₿ 1,835 ₿ 3,670
$NOV National Oilwell Varco
$1,447,000,000.00 ₿ 747 ₿ 3,734 ₿ 7,468
$NTAP NetApp
$2,658,000,000.00 ₿ 1,372 ₿ 6,859 ₿ 13,719
$NFLX Netflix
$7,153,248,000.00 ₿ 3,692 ₿ 18,460 ₿ 36,920
$NEM Newmont Corp.
$3,808,000,000.00 ₿ 1,965 ₿ 9,827 ₿ 19,654
$NWSA News Corp.
$1,517,000,000.00 ₿ 783 ₿ 3,915 ₿ 7,830
$NWS News Corp.
$1,517,000,000.00 ₿ 783 ₿ 3,915 ₿ 7,830
$NEE NextEra Energy
$1,009,000,000.00 ₿ 521 ₿ 2,604 ₿ 5,208
$NKE NIKE
$8,348,000,000.00 ₿ 4,309 ₿ 21,543 ₿ 43,086
$NI NiSource
$142,200,000.00 ₿ 73 ₿ 367 ₿ 734
$NBL Noble Energy
$324,000,000.00 ₿ 167 ₿ 836 ₿ 1,672
$JWN Nordstrom
$1,355,000,000.00 ₿ 699 ₿ 3,497 ₿ 6,994
$NTRS Northern Trust Corp.
$49,530,600,000.00 ₿ 25,564 ₿ 127,821 ₿ 255,642
$NOC Northrop Grumman Corp.
$4,178,000,000.00 ₿ 2,156 ₿ 10,782 ₿ 21,564
$NCLH Norwegian Cruise Line Holdi...
$2,259,949,000.00 ₿ 1,166 ₿ 5,832 ₿ 11,664
$NRG NRG Energy
$418,000,000.00 ₿ 216 ₿ 1,079 ₿ 2,157
$NUE Nucor Corp.
$2,789,189,000.00 ₿ 1,440 ₿ 7,198 ₿ 14,396
$NVDA NVIDIA Corp.
$15,494,000,000.00 ₿ 7,997 ₿ 39,985 ₿ 79,969
$ORLY O'Reilly Automotive
$872,423,000.00 ₿ 450 ₿ 2,251 ₿ 4,503
$OXY Occidental Petroleum Corp.
$1,011,000,000.00 ₿ 522 ₿ 2,609 ₿ 5,218
$OMC Omnicom Group
$3,281,000,000.00 ₿ 1,693 ₿ 8,467 ₿ 16,934
$OKE ONEOK
$945,732,000.00 ₿ 488 ₿ 2,441 ₿ 4,881
$ORCL Oracle Corp.
$37,239,000,000.00 ₿ 19,220 ₿ 96,101 ₿ 192,201
$OTIS Otis Worldwide Corp.
$1,912,000,000.00 ₿ 987 ₿ 4,934 ₿ 9,868
$PKG Packaging Corporation of Am...
$853,300,000.00 ₿ 440 ₿ 2,202 ₿ 4,404
$PH Parker-Hannifin Corp.
$685,514,000.00 ₿ 354 ₿ 1,769 ₿ 3,538
$PAYX Paychex
$905,200,000.00 ₿ 467 ₿ 2,336 ₿ 4,672
$PYPL PayPal Holdings
$6,353,000,000.00 ₿ 3,279 ₿ 16,395 ₿ 32,790
$PNR Pentair Plc
$90,600,000.00 ₿ 47 ₿ 234 ₿ 468
$PBCT People's United Financial
$1,479,300,000.00 ₿ 764 ₿ 3,818 ₿ 7,635
$PKI PerkinElmer
$218,536,000.00 ₿ 113 ₿ 564 ₿ 1,128
$PRGO Perrigo Co. Plc
$1,456,300,000.00 ₿ 752 ₿ 3,758 ₿ 7,516
$PFE Pfizer Inc.
$1,801,000,000.00 ₿ 930 ₿ 4,648 ₿ 9,295
$PSX Phillips 66
$1,890,000,000.00 ₿ 975 ₿ 4,877 ₿ 9,755
$PNW Pinnacle West Capital Corp.
$6,763,000.00 ₿ 3 ₿ 17 ₿ 35
$PNC The PNC Financial Services ...
$56,571,000,000.00 ₿ 29,198 ₿ 145,990 ₿ 291,979
$PPG PPG Industries
$2,252,000,000.00 ₿ 1,162 ₿ 5,812 ₿ 11,623
$PPL PPL Corp.
$1,278,000,000.00 ₿ 660 ₿ 3,298 ₿ 6,596
$PG Procter & Gamble Co.
$16,181,000,000.00 ₿ 8,351 ₿ 41,757 ₿ 83,515
$PGR Progressive Corp.
$108,000,000.00 ₿ 56 ₿ 279 ₿ 557
$PRU Prudential Financial
$21,149,000,000.00 ₿ 10,916 ₿ 54,578 ₿ 109,156
$PEG Public Service Enterprise G...
$431,000,000.00 ₿ 222 ₿ 1,112 ₿ 2,225
$PHM PulteGroup
$1,658,530,000.00 ₿ 856 ₿ 4,280 ₿ 8,560
$PVH PVH Corp.
$800,700,000.00 ₿ 413 ₿ 2,066 ₿ 4,133
$QRVO Qorvo
$1,136,302,000.00 ₿ 586 ₿ 2,932 ₿ 5,865
$QCOM QUALCOMM
$6,120,000,000.00 ₿ 3,159 ₿ 15,794 ₿ 31,587
$DGX Quest Diagnostics
$988,000,000.00 ₿ 510 ₿ 2,550 ₿ 5,099
$RL Ralph Lauren Corp.
$2,451,300,000.00 ₿ 1,265 ₿ 6,326 ₿ 12,652
$RTX Raytheon Technologies Corp.
$6,975,000,000.00 ₿ 3,600 ₿ 18,000 ₿ 36,000
$O Realty Income Corp.
$35,345,000.00 ₿ 18 ₿ 91 ₿ 182
$REG Regency Centers Corp.
$583,425,000.00 ₿ 301 ₿ 1,506 ₿ 3,011
$RF Regions Financial Corp.
$13,198,000,000.00 ₿ 6,812 ₿ 34,059 ₿ 68,119
$RSG Republic Services
$269,700,000.00 ₿ 139 ₿ 696 ₿ 1,392
$RMD ResMed
$463,156,000.00 ₿ 239 ₿ 1,195 ₿ 2,390
$ROK Rockwell Automation
$909,800,000.00 ₿ 470 ₿ 2,348 ₿ 4,696
$ROL Rollins
$134,829,000.00 ₿ 70 ₿ 348 ₿ 696
$ROST Ross Stores
$2,669,535,000.00 ₿ 1,378 ₿ 6,889 ₿ 13,778
$RCL Royal Caribbean Cruises Ltd.
$4,146,691,000.00 ₿ 2,140 ₿ 10,701 ₿ 21,402
$SPGI S&P Global
$2,667,000,000.00 ₿ 1,377 ₿ 6,883 ₿ 13,765
$SBAC SBA Communications Corp.
$207,487,000.00 ₿ 107 ₿ 535 ₿ 1,071
$SLB Schlumberger NV
$1,462,000,000.00 ₿ 755 ₿ 3,773 ₿ 7,546
$SEE Sealed Air Corp.
$289,700,000.00 ₿ 150 ₿ 748 ₿ 1,495
$NOW ServiceNow
$837,309,000.00 ₿ 432 ₿ 2,161 ₿ 4,322
$SHW The Sherwin-Williams Co.
$188,100,000.00 ₿ 97 ₿ 485 ₿ 971
$SWKS Skyworks Solutions
$791,300,000.00 ₿ 408 ₿ 2,042 ₿ 4,084
$SLG SL Green Realty Corp.
$1,015,348,000.00 ₿ 524 ₿ 2,620 ₿ 5,241
$SNA Snap-On
$686,200,000.00 ₿ 354 ₿ 1,771 ₿ 3,542
$SO The Southern Co.
$1,879,000,000.00 ₿ 970 ₿ 4,849 ₿ 9,698
$SWK Stanley Black & Decker
$859,800,000.00 ₿ 444 ₿ 2,219 ₿ 4,438
$SBUX Starbucks Corp.
$3,965,900,000.00 ₿ 2,047 ₿ 10,235 ₿ 20,469
$MMM 3M Co.
$4,219,000,000.00 ₿ 2,178 ₿ 10,888 ₿ 21,775
$ACN Accenture Plc
$6,442,261,000.00 ₿ 3,325 ₿ 16,625 ₿ 33,250
$AMD Advanced Micro Devices
$1,775,000,000.00 ₿ 916 ₿ 4,581 ₿ 9,161
$AAP Advance Auto Parts
$1,279,838,000.00 ₿ 661 ₿ 3,303 ₿ 6,606
$APD Air Products & Chemicals
$3,921,400,000.00 ₿ 2,024 ₿ 10,120 ₿ 20,239
$ARE Alexandria Real Estate Equi...
$206,860,000.00 ₿ 107 ₿ 534 ₿ 1,068
$ADS Alliance Data Systems Corp.
$4,960,000,000.00 ₿ 2,560 ₿ 12,800 ₿ 25,600
$GOOG Alphabet
$17,742,000,000.00 ₿ 9,157 ₿ 45,786 ₿ 91,572
$AAL American Airlines Group
$462,000,000.00 ₿ 238 ₿ 1,192 ₿ 2,385
$AIG American International Group
$3,408,000,000.00 ₿ 1,759 ₿ 8,795 ₿ 17,590
$AMP Ameriprise Financial
$7,703,000,000.00 ₿ 3,976 ₿ 19,879 ₿ 39,757
$ADI Analog Devices
$784,937,000.00 ₿ 405 ₿ 2,026 ₿ 4,051
$APA Apache Corp.
$135,000,000.00 ₿ 70 ₿ 348 ₿ 697
$AMAT Applied Materials
$4,350,000,000.00 ₿ 2,245 ₿ 11,226 ₿ 22,452
$AIZ Assurant
$2,137,500,000.00 ₿ 1,103 ₿ 5,516 ₿ 11,032
$ADP Automatic Data Processing
$1,908,500,000.00 ₿ 985 ₿ 4,925 ₿ 9,850
$BKR Baker Hughes Co.
$4,132,000,000.00 ₿ 2,133 ₿ 10,663 ₿ 21,326
$BK The Bank of New York Mellon...
$135,549,000,000.00 ₿ 69,961 ₿ 349,804 ₿ 699,608
$BBY Best Buy Co.
$3,919,000,000.00 ₿ 2,023 ₿ 10,114 ₿ 20,227
$BWA BorgWarner
$2,003,000,000.00 ₿ 1,034 ₿ 5,169 ₿ 10,338
$SYK Stryker Corp.
$6,539,000,000.00 ₿ 3,375 ₿ 16,875 ₿ 33,750
$SYF Synchrony Financial
$16,344,000,000.00 ₿ 8,436 ₿ 42,178 ₿ 84,356
$SNPS Synopsys
$856,424,000.00 ₿ 442 ₿ 2,210 ₿ 4,420
$SYY Sysco Corp.
$6,059,427,000.00 ₿ 3,127 ₿ 15,637 ₿ 31,274
$TMUS T-Mobile US
$11,076,000,000.00 ₿ 5,717 ₿ 28,583 ₿ 57,166
$TTWO Take-Two Interactive Software
$1,404,124,000.00 ₿ 725 ₿ 3,624 ₿ 7,247
$TPR Tapestry
$1,426,300,000.00 ₿ 736 ₿ 3,681 ₿ 7,362
$TGT Target Corp.
$4,566,000,000.00 ₿ 2,357 ₿ 11,783 ₿ 23,566
$FTI TechnipFMC Plc
$4,809,500,000.00 ₿ 2,482 ₿ 12,412 ₿ 24,823
$TFX Teleflex
$553,535,000.00 ₿ 286 ₿ 1,428 ₿ 2,857
$TXN Texas Instruments Incorporated
$4,294,000,000.00 ₿ 2,216 ₿ 11,081 ₿ 22,163
$TMO Thermo Fisher Scientific
$5,818,000,000.00 ₿ 3,003 ₿ 15,014 ₿ 30,028
$TIF Tiffany & Co.
$1,046,200,000.00 ₿ 540 ₿ 2,700 ₿ 5,400
$TJX The TJX Cos.
$4,287,835,000.00 ₿ 2,213 ₿ 11,065 ₿ 22,131
$TT Trane Technologies Plc
$2,366,800,000.00 ₿ 1,222 ₿ 6,108 ₿ 12,216
$TDG TransDigm Group
$4,549,000,000.00 ₿ 2,348 ₿ 11,739 ₿ 23,479
$TFC Truist Financial Corp.
$41,197,000,000.00 ₿ 21,263 ₿ 106,315 ₿ 212,630
$TWTR Twitter
$3,112,454,000.00 ₿ 1,606 ₿ 8,032 ₿ 16,064
$TSN Tyson Foods
$1,365,000,000.00 ₿ 705 ₿ 3,523 ₿ 7,045
$UDR UDR
$833,000.00 ₿ 0 ₿ 2 ₿ 4
$USB U.S. Bancorp
$52,392,000,000.00 ₿ 27,041 ₿ 135,205 ₿ 270,410
$UAA Under Armour
$1,079,409,000.00 ₿ 557 ₿ 2,786 ₿ 5,571
$UA Under Armour
$1,079,409,000.00 ₿ 557 ₿ 2,786 ₿ 5,571
$UAL United Airlines Holdings
$6,505,000,000.00 ₿ 3,357 ₿ 16,787 ₿ 33,574
$UNH UnitedHealth Group
$22,327,000,000.00 ₿ 11,524 ₿ 57,618 ₿ 115,236
$URI United Rentals
$127,000,000.00 ₿ 66 ₿ 328 ₿ 655
$UHS Universal Health Services
$539,622,000.00 ₿ 279 ₿ 1,393 ₿ 2,785
$UNM Unum Group
$165,600,000.00 ₿ 85 ₿ 427 ₿ 855
$VLO Valero Energy Corp.
$2,319,000,000.00 ₿ 1,197 ₿ 5,985 ₿ 11,969
$VAR Varian Medical Systems
$769,200,000.00 ₿ 397 ₿ 1,985 ₿ 3,970
$VRSN VeriSign
$306,701,000.00 ₿ 158 ₿ 791 ₿ 1,583
$VRSK Verisk Analytics
$309,400,000.00 ₿ 160 ₿ 798 ₿ 1,597
$VZ Verizon Communications
$7,882,000,000.00 ₿ 4,068 ₿ 20,341 ₿ 40,681
$VIAC ViacomCBS
$2,288,000,000.00 ₿ 1,181 ₿ 5,905 ₿ 11,809
$V Visa
$13,898,000,000.00 ₿ 7,173 ₿ 35,866 ₿ 71,732
$VNO Vornado Realty Trust
$1,768,459,000.00 ₿ 913 ₿ 4,564 ₿ 9,128
$WRB W.R. Berkley Corp.
$2,430,826,000.00 ₿ 1,255 ₿ 6,273 ₿ 12,546
$WAB Westinghouse Air Brake Tech...
$587,900,000.00 ₿ 303 ₿ 1,517 ₿ 3,034
$WBA Walgreens Boots Alliance
$768,000,000.00 ₿ 396 ₿ 1,982 ₿ 3,964
$DIS The Walt Disney Co.
$23,115,000,000.00 ₿ 11,930 ₿ 59,652 ₿ 119,303
$WAT Waters Corp.
$339,036,000.00 ₿ 175 ₿ 875 ₿ 1,750
$WEC WEC Energy Group
$13,300,000.00 ₿ 7 ₿ 34 ₿ 69
$WFC Wells Fargo & Co.
$262,503,000,000.00 ₿ 135,485 ₿ 677,427 ₿ 1,354,854
$WST West Pharmaceutical Services
$445,900,000.00 ₿ 230 ₿ 1,151 ₿ 2,301
$WDC Western Digital Corp.
$3,048,000,000.00 ₿ 1,573 ₿ 7,866 ₿ 15,732
$WU The Western Union Co.
$1,568,300,000.00 ₿ 809 ₿ 4,047 ₿ 8,094
$WY Weyerhaeuser Co.
$643,000,000.00 ₿ 332 ₿ 1,659 ₿ 3,319
$WHR Whirlpool Corp.
$2,546,000,000.00 ₿ 1,314 ₿ 6,570 ₿ 13,141
$WMB The Williams Cos.
$1,133,000,000.00 ₿ 585 ₿ 2,924 ₿ 5,848
$WYNN Wynn Resorts Ltd.
$3,797,740,000.00 ₿ 1,960 ₿ 9,801 ₿ 19,601
$XEL Xcel Energy
$1,625,000,000.00 ₿ 839 ₿ 4,194 ₿ 8,387
$XRX Xerox Holdings Corp.
$2,272,000,000.00 ₿ 1,173 ₿ 5,863 ₿ 11,726
$XYL Xylem
$1,577,000,000.00 ₿ 814 ₿ 4,070 ₿ 8,139
$YUM Yum! Brands
$1,243,000,000.00 ₿ 642 ₿ 3,208 ₿ 6,415
$ZBRA Zebra Technologies Corp.
$63,000,000.00 ₿ 33 ₿ 163 ₿ 325
$ZION Zions Bancorporation NA
$2,149,000,000.00 ₿ 1,109 ₿ 5,546 ₿ 11,092
$ZTS Zoetis
$3,353,000,000.00 ₿ 1,731 ₿ 8,653 ₿ 17,306
$BSX Boston Scientific Corp.
$1,724,000,000.00 ₿ 890 ₿ 4,449 ₿ 8,898
$CDNS Cadence Design Systems
$1,189,186,000.00 ₿ 614 ₿ 3,069 ₿ 6,138
$KMX CarMax
$658,022,000.00 ₿ 340 ₿ 1,698 ₿ 3,396
$CBOE Cboe Global Markets
$210,100,000.00 ₿ 108 ₿ 542 ₿ 1,084
$CNP CenterPoint Energy
$168,000,000.00 ₿ 87 ₿ 434 ₿ 867
$SCHW The Charles Schwab Corp.
$33,574,000,000.00 ₿ 17,329 ₿ 86,643 ₿ 173,285
$CB Chubb Ltd.
$1,557,000,000.00 ₿ 804 ₿ 4,018 ₿ 8,036
$CINF Cincinnati Financial Corp.
$706,000,000.00 ₿ 364 ₿ 1,822 ₿ 3,644
$CFG Citizens Financial Group
$7,921,000,000.00 ₿ 4,088 ₿ 20,441 ₿ 40,883
$CLX The Clorox Co.
$871,000,000.00 ₿ 450 ₿ 2,248 ₿ 4,495
$CTSH Cognizant Technology Soluti...
$4,422,000,000.00 ₿ 2,282 ₿ 11,412 ₿ 22,823
$CXO Concho Resources
$320,000,000.00 ₿ 165 ₿ 826 ₿ 1,652
$STZ Constellation Brands
$302,800,000.00 ₿ 156 ₿ 781 ₿ 1,563
$COST Costco Wholesale Corp.
$10,826,000,000.00 ₿ 5,588 ₿ 27,938 ₿ 55,876
$CVS CVS Health Corp.
$14,869,000,000.00 ₿ 7,674 ₿ 38,372 ₿ 76,743
$DRI Darden Restaurants
$763,300,000.00 ₿ 394 ₿ 1,970 ₿ 3,940
$DVN Devon Energy Corp.
$1,474,000,000.00 ₿ 761 ₿ 3,804 ₿ 7,608
$DFS Discover Financial Services
$15,138,000,000.00 ₿ 7,813 ₿ 39,066 ₿ 78,132
$DG Dollar General Corp.
$2,673,912,000.00 ₿ 1,380 ₿ 6,900 ₿ 13,801
$DOV Dover Corp.
$649,032,000.00 ₿ 335 ₿ 1,675 ₿ 3,350
$DRE Duke Realty Corp.
$29,870,000.00 ₿ 15 ₿ 77 ₿ 154
$ETFC E*TRADE Financial Corp.
$436,000,000.00 ₿ 225 ₿ 1,125 ₿ 2,250
$EW Edwards Lifesciences Corp.
$903,500,000.00 ₿ 466 ₿ 2,332 ₿ 4,663
$EOG EOG Resources
$2,416,501,000.00 ₿ 1,247 ₿ 6,236 ₿ 12,472
$ESS Essex Property Trust
$246,204,000.00 ₿ 127 ₿ 635 ₿ 1,271
$RE Everest Re Group Ltd.
$922,479,000.00 ₿ 476 ₿ 2,381 ₿ 4,761
$EXPD Expeditors International of...
$1,180,455,000.00 ₿ 609 ₿ 3,046 ₿ 6,093
$FAST Fastenal Co.
$201,500,000.00 ₿ 104 ₿ 520 ₿ 1,040
$FIS Fidelity National Informati...
$1,183,000,000.00 ₿ 611 ₿ 3,053 ₿ 6,106
$FISV Fiserv
$869,000,000.00 ₿ 449 ₿ 2,243 ₿ 4,485
$FMC FMC Corp.
$342,700,000.00 ₿ 177 ₿ 884 ₿ 1,769
$FBHS Fortune Brands Home & Security
$398,400,000.00 ₿ 206 ₿ 1,028 ₿ 2,056
$GPS Gap
$1,028,000,000.00 ₿ 531 ₿ 2,653 ₿ 5,306
$GE General Electric Co.
$41,431,000,000.00 ₿ 21,384 ₿ 106,919 ₿ 213,837
$GPC Genuine Parts Co.
$983,759,000.00 ₿ 508 ₿ 2,539 ₿ 5,077
$GS The Goldman Sachs Group
$132,599,000,000.00 ₿ 68,438 ₿ 342,191 ₿ 684,382
$HBI Hanesbrands
$683,114,000.00 ₿ 353 ₿ 1,763 ₿ 3,526
$HAS Hasbro
$966,116,000.00 ₿ 499 ₿ 2,493 ₿ 4,986
$HSIC Henry Schein
$296,110,000.00 ₿ 153 ₿ 764 ₿ 1,528
$HLT Hilton Worldwide Holdings
$3,503,000,000.00 ₿ 1,808 ₿ 9,040 ₿ 18,080
$HON Honeywell International
$13,778,000,000.00 ₿ 7,111 ₿ 35,556 ₿ 71,112
$HPQ HP
$4,054,000,000.00 ₿ 2,092 ₿ 10,462 ₿ 20,924
$HII Huntington Ingalls Industries
$631,000,000.00 ₿ 326 ₿ 1,628 ₿ 3,257
$ITW Illinois Tool Works
$1,812,000,000.00 ₿ 935 ₿ 4,676 ₿ 9,352
$IBM International Business Mach...
$12,041,000,000.00 ₿ 6,215 ₿ 31,074 ₿ 62,147
$IFF International Flavors & Fra...
$497,412,000.00 ₿ 257 ₿ 1,284 ₿ 2,567
$IPGP IPG Photonics Corp.
$747,859,000.00 ₿ 386 ₿ 1,930 ₿ 3,860
$J Jacobs Engineering Group
$1,024,810,000.00 ₿ 529 ₿ 2,645 ₿ 5,289
$JCI Johnson Controls Internatio...
$2,342,000,000.00 ₿ 1,209 ₿ 6,044 ₿ 12,088
$KSU Kansas City Southern
$620,100,000.00 ₿ 320 ₿ 1,600 ₿ 3,201
$KIM Kimco Realty Corp.
$201,687,000.00 ₿ 104 ₿ 520 ₿ 1,041
$KR The Kroger Co.
$2,726,000,000.00 ₿ 1,407 ₿ 7,035 ₿ 14,070
$LH Laboratory Corp. of America...
$557,000,000.00 ₿ 287 ₿ 1,437 ₿ 2,875
$LEG Leggett & Platt
$208,800,000.00 ₿ 108 ₿ 539 ₿ 1,078
$LNC Lincoln National Corp.
$4,201,000,000.00 ₿ 2,168 ₿ 10,841 ₿ 21,683
$LMT Lockheed Martin Corp.
$2,855,000,000.00 ₿ 1,474 ₿ 7,368 ₿ 14,735
$MTB M&T Bank Corp.
$22,243,156,000.00 ₿ 11,480 ₿ 57,402 ₿ 114,803
$MAR Marriott International
$2,283,000,000.00 ₿ 1,178 ₿ 5,892 ₿ 11,783
$MA Mastercard
$11,137,000,000.00 ₿ 5,748 ₿ 28,741 ₿ 57,481
$MCD McDonald's Corp.
$3,255,700,000.00 ₿ 1,680 ₿ 8,402 ₿ 16,804
$MTD Mettler-Toledo International
$127,277,000.00 ₿ 66 ₿ 328 ₿ 657
$MU Micron Technology
$8,267,000,000.00 ₿ 4,267 ₿ 21,334 ₿ 42,668
$MAA Mid-America Apartment Commu...
$19,667,000.00 ₿ 10 ₿ 51 ₿ 102
$MHK Mohawk Industries
$737,712,000.00 ₿ 381 ₿ 1,904 ₿ 3,808
$MS Morgan Stanley
$106,276,000,000.00 ₿ 54,852 ₿ 274,261 ₿ 548,521
$MYL Mylan NV
$323,600,000.00 ₿ 167 ₿ 835 ₿ 1,670
$NWL Newell Brands
$619,000,000.00 ₿ 319 ₿ 1,597 ₿ 3,195
$NLSN Nielsen Holdings Plc
$438,000,000.00 ₿ 226 ₿ 1,130 ₿ 2,261
$NSC Norfolk Southern Corp.
$1,143,000,000.00 ₿ 590 ₿ 2,950 ₿ 5,899
$NLOK NortonLifeLock
$1,073,000,000.00 ₿ 554 ₿ 2,769 ₿ 5,538
$NVR NVR
$2,000,876,000.00 ₿ 1,033 ₿ 5,164 ₿ 10,327
$ODFL Old Dominion Freight Line
$518,624,000.00 ₿ 268 ₿ 1,338 ₿ 2,677
$PCAR PACCAR
$3,128,000,000.00 ₿ 1,614 ₿ 8,072 ₿ 16,145
$PAYC Paycom Software
$113,518,000.00 ₿ 59 ₿ 293 ₿ 586
$PEP PepsiCo
$8,927,000,000.00 ₿ 4,607 ₿ 23,037 ₿ 46,075
$PM Philip Morris International
$4,200,000,000.00 ₿ 2,168 ₿ 10,839 ₿ 21,677
$PXD Pioneer Natural Resources Co.
$180,000,000.00 ₿ 93 ₿ 465 ₿ 929
$PFG Principal Financial Group
$3,150,400,000.00 ₿ 1,626 ₿ 8,130 ₿ 16,260
$PLD Prologis
$549,129,000.00 ₿ 283 ₿ 1,417 ₿ 2,834
$PSA Public Storage
$1,268,475,000.00 ₿ 655 ₿ 3,273 ₿ 6,547
$PWR Quanta Services
$530,670,000.00 ₿ 274 ₿ 1,369 ₿ 2,739
$RJF Raymond James Financial
$5,632,000,000.00 ₿ 2,907 ₿ 14,534 ₿ 29,068
$REGN Regeneron Pharmaceuticals
$1,992,200,000.00 ₿ 1,028 ₿ 5,141 ₿ 10,282
$RHI Robert Half International
$501,485,000.00 ₿ 259 ₿ 1,294 ₿ 2,588
$ROP Roper Technologies
$1,870,800,000.00 ₿ 966 ₿ 4,828 ₿ 9,656
$CRM salesforce.com
$5,772,000,000.00 ₿ 2,979 ₿ 14,895 ₿ 29,791
$SRE Sempra Energy
$4,894,000,000.00 ₿ 2,526 ₿ 12,630 ₿ 25,259
$SPG Simon Property Group
$3,306,100,000.00 ₿ 1,706 ₿ 8,532 ₿ 17,064
$LUV Southwest Airlines Co.
$12,351,000,000.00 ₿ 6,375 ₿ 31,874 ₿ 63,747
$STT State Street Corp.
$95,721,000,000.00 ₿ 49,404 ₿ 247,022 ₿ 494,044
$STE STERIS Plc (Ireland)
$255,627,000.00 ₿ 132 ₿ 660 ₿ 1,319
$SIVB SVB Financial Group
$13,885,058,000.00 ₿ 7,166 ₿ 35,832 ₿ 71,665
$TROW T. Rowe Price Group
$2,058,100,000.00 ₿ 1,062 ₿ 5,311 ₿ 10,622
$TEL TE Connectivity Ltd.
$474,000,000.00 ₿ 245 ₿ 1,223 ₿ 2,446
$TXT Textron
$2,346,000,000.00 ₿ 1,211 ₿ 6,054 ₿ 12,108
$TSCO Tractor Supply Co.
$1,206,366,000.00 ₿ 623 ₿ 3,113 ₿ 6,226
$TRV The Travelers Cos.
$623,000,000.00 ₿ 322 ₿ 1,608 ₿ 3,215
$ULTA Ulta Beauty
$1,043,540,000.00 ₿ 539 ₿ 2,693 ₿ 5,386
$UNP Union Pacific Corp.
$2,706,000,000.00 ₿ 1,397 ₿ 6,983 ₿ 13,966
$UPS United Parcel Service
$8,813,000,000.00 ₿ 4,549 ₿ 22,743 ₿ 45,486
$VFC VF Corp.
$2,145,111,000.00 ₿ 1,107 ₿ 5,536 ₿ 11,072
$VTR Ventas
$992,824,000.00 ₿ 512 ₿ 2,562 ₿ 5,124
$VRTX Vertex Pharmaceuticals
$4,831,332,000.00 ₿ 2,494 ₿ 12,468 ₿ 24,936
$VMC Vulcan Materials Co.
$816,765,000.00 ₿ 422 ₿ 2,108 ₿ 4,216
$WMT Walmart
$14,930,000,000.00 ₿ 7,706 ₿ 38,529 ₿ 77,058
$WM Waste Management
$2,663,000,000.00 ₿ 1,374 ₿ 6,872 ₿ 13,745
$WELL Welltower
$1,678,770,000.00 ₿ 866 ₿ 4,332 ₿ 8,665
$WRK WestRock Co.
$291,500,000.00 ₿ 150 ₿ 752 ₿ 1,505
$WLTW Willis Towers Watson Plc
$1,087,000,000.00 ₿ 561 ₿ 2,805 ₿ 5,610
$XLNX Xilinx
$1,227,376,000.00 ₿ 633 ₿ 3,167 ₿ 6,335
$ZBH Zimmer Biomet Holdings
$713,400,000.00 ₿ 368 ₿ 1,841 ₿ 3,682
Total $3,803,837,039,000.00 ₿ 1,963,269.00 ₿ 9,816,357.00 ₿ 19,632,702.00

Glancing at a 1% allocation for some of these corporations will help you understand just how tiny bitcoin (and cryptocurrency) as an asset class still is. A company like Boeing ($BA) can easily put more than 10,000 bitcoin on their balance sheet as a cash equivalent and not blink an eye. Will they do so? Most likely not anytime soon. We suspect there will be a catalyst among other smaller, potentially public, companies that move towards bitcoin as a treasury asset first. The big ones will start buying no sooner than a $1 trillion market cap.

What is next?

Looking at the above data, we can only assume the treasury asset trend as undeniably bullish for bitcoin as a whole. Bitcoin has multiple narratives and its place as digital gold is solidifying over time. The other day, Tahinis Restaurants - an SME in Canada - publicly announced the conversion of their entire savings cash reserves into bitcoin. Companies left and right seem to be popping up who have had the same strategy. If this becomes a mainstream trend (we believe it will), this is very bullish for Bitcoin 🚀.

If the consensus of the market is that fiat currencies are going to continue to debase, time is running out for companies to address policy changes, whether they want to put part of their cash holdings in bitcoin, gold or another hard asset. Odds are that bitcoin is the fastest horse in the race to outpace inflation though.

Our World in Bitcoin August 2020
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