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Table 5 The market-based measure of the degree of cryptocurrency exposure

From: Store of value or speculative investment? Market reaction to corporate announcements of cryptocurrency acquisition

Company

Announcement date

Degree of cryptocurrency exposure

Crypto acquisition (USD million)

Assets (USD Million)

Ratio (%)

MicroStrategy Incorporated

11/Aug./2020

High

250

917

27.3

NEXON Co., Ltd

27/Apr./2021

High

100

862

11.6

The Brooker Group Public Company

11/May/2021

High

7

82

8.0

Ruffer_Out

07/Jun./2021

High

1,840

27,300

6.7

Phunware, Inc

06/Apr./2021

High

2

32

4.7

Tesla, Inc

08/Feb./2021

Medium

1,500

52,148

2.9

Ruffer Investment Company Limited

15/Dec./2020

Medium

744

27,300

2.7

Tesla_Out

20/Jul./2022

Medium

936

52,148

1.8

Block, Inc

08/Oct./2020

Medium

50

4551

1.1

Meitu, Inc

08/Mar./2021

Medium

40

4507

0.9

Aker ASA

08/Mar./2021

Low

50

6779

0.7

Townsquare Media, Inc

10/May/2022

Low

5

726

0.7

Metromile, Inc

11/Aug./2021

Low

1

202

0.5

MercadoLibre, Inc

05/May/2021

Low

8

6526

0.1

Globant S.A

24/May/2021

Low

1

1289

0.0

  1. This table reports all the corporate announcements of direct acquisition or divestment of cryptocurrency (N = 15). All events refer to BTC, except for Meitu, Inc., which announced the addition of BTC and ETH. The total USD value of cryptocurrency is obtained from regulatory fillings (e.g., 10-Q, 8-K), firms' announcements, or media posts. The USD value of total assets is obtained from the Financial Statements right before the cryptocurrency announcement. The data is sorted by the ratio of Crypto Acquisition / Total Assets of the firm. Degree of Cryptocurrency Exposure is a categorical variable that equals 3 (High) if the ratio of crypto acquisition over total assets is in the top tercile, 2 (Medium) if it is in the middle tercile, and 1 (Low) if in the bottom tercile