- Following the latest purchase this week, MicroStrategy’s filing puts its bitcoin holdings at 130,000 bitcoins worth $2.5 billion.
- This is 0.62% of the total bitcoin supply.
- The combined holdings of the other 36 public companies investing in bitcoin equal to 0.61%.
- Holdings are weaker than those of Anonymous founder Satoshi Nakamoto, who holds 1 million bitcoins, equivalent to about 5.2% of the total supply.
- The private company Block.one, which is behind the cryptocurrency EOS, holds more bitcoins than MicroStrategy, with 140,000 bitcoins equal to two-thirds of one percent of the total supply.
- Tesla sold 75% of its stake earlier this year, currently holds 10,725 coins
As bitcoin adoption has steadily increased, attention has turned to what companies are placing it on their balance sheets. Thrown into the mainstream by Tesla’s high-profile purchases last year, a slow but steady stream of companies have bought bitcoin in hopes that it will appreciate long-term, as well as provide diversification benefits.
We wanted to assess which public companies hold the most bitcoin, so we jumped into the data.
1. Micro Strategy
Look up MicroStrategy on Wikipedia and you’ll see the company’s description as “Business Intelligence, Mobile Software and Cloud-Based Services”.
In fact, they are a bitcoin holding company.
Topping up their balance sheet, their revenue last year stood at $510 million. Meanwhile, they currently hold five times that value — $2.5 billion — on their balance sheets in the form of bitcoin, following another purchase of 301 bitcoins this week.
Co-founder Michael Sayer is the man driving the vision, and his views on bitcoin are sometimes based on religious worship.
“Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding the fire of truth, growing faster, faster, and stronger behind a wall of encrypted energy”.
2. Galaxy Digital Holdings
Galaxy Digital Holdings comes next in the standings, although with only $750 million in holdings, their stake is three times smaller than that of Microstrategy.
It makes sense for a financial services company to have a lot of bitcoin – it specializes in digital assets, which means that unlike Microstrategy, its business is tied to the largest cryptocurrency in the world.
3. Voyager Digital
Voyager Digital ranks third with $232 million in bitcoin.
Perhaps Voyager, more than any other, is a symbol of how bad the market has been for bitcoin this year. The crypto lender led a wave of withdrawals that filed for bankruptcy protection in July after the infectious crisis it did not have enough liquidity to honor.
Tesla stunned the market when it bought a huge bag of bitcoins worth $1.5 billion last year. However, he announced in a quarterly filing earlier this year that he sold 75% of that amount and that his stack is currently only worth $200 million.
That’s only 0.05% of the total supply, a sell move originally driven by environmental concerns around bitcoin mining, which is apparently close to the bone for the electric-vehicle carmaker.
For what it’s worth, Elon Musk said in March that he personally would not sell his bitcoin (neither Ethereum or Doge). Then again, the richest man in the world says a lot on Twitter, I think it’s fair to say.
As a general principle, for those taking advice from this formula, it is generally better to own physical things like a house or stock in companies that make good products in your opinion, compared to the dollar when inflation is high. needed.
I still own my bitcoin, ethereum or doge fwiw and will not sell.
— Elon Musk (@elonmusk) 14 March 2022
Some critics point to a large amount of bitcoin’s limited supply being held by a small number of wallets. The concern is that these wallets may have an undue influence on the network.
Looking at public companies, this concern doesn’t seem significant outside of MicroStrategy’s 0.62% stake.
Interestingly, looking at private companies, there are few big known wallets. The most infamous is Mount Gox, which holds 141,686 bitcoins, accounting for 0.675% of the total supply – some of which will be distributed to customers hacked into the infamous scam, after the conclusion of long-running court proceedings.
However, Block.one, the firm behind the cryptocurrency EOS, holds 140,000 bitcoins – which is even bigger than MicroStrategy’s holdings and just behind Mt Gox. Interestingly, there isn’t as much talk about the company’s vast reserves compared to the other whales on this list.
The graph below puts together the holdings of both public and private companies.
His staggering amount of blocks. One’s holdings account for about 0.67% of the total supply of bitcoin.
In the end, Microstrategy is the runaway leader in terms of bitcoin holdings among public companies, but when compared to private companies too – it is the block that is leading the charge.
But none has come close to the over 1 million bitcoins and >5% of the supply that sits in Satoshi Nakamoto’s wallet.
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