As of 304 days or about nine months ago, 42 companies held bitcoin on their balance sheets with a total total of 1,350,073 bitcoins as of March 1, 2021. Today, measurements show that there are 59 companies, a few countries and exchange-traded funds (ETFs) with 1,499,493 bitcoins held in treasuries.
Private and Public Companies, ETFs and Countries – Treasury Bill List Highlights 59 Companies with Bitcoin on Their Balance Sheets
Over the past 12 months, a large number of companies have revealed that they have added bitcoin (BTC) to the company’s balance sheet and even countries like El Salvador are now storing BTC in their national treasuries.
On March 1, 2021, Bitcoin.com News reported that there were 42 companies made up of public and private companies, as well as Bitcoin funds. At the time, 1,350,073 BTC were held by the company and represented 6.43% of the 21 million maximum supply.
Like Microstrategy which occasionally announces a BTC purchase, Salvadoran President Nayib Bukele has also briefed the public on BTC acquisitions from El Salvador. For example, El Salvador bought 21 BTC to celebrate the 21st day, year, and century on December 21.
The Bitcoin Treasuries list hosted on buybitcoinworldwide.com shows that there are 59 companies that hold BTC on their balance sheets and five different countries. At the time of writing, the web portal claims that 1,499,493 BTC are held by these entities.
This equates to $ 71.6 billion in USD value and 7.14% of the supply cap of 21 million BTC. Now, the Bitcoin Treasuries listing shows that five countries own BTC and the first on the list is Bulgaria, however, the 213,519 BTC stash held by Bulgarian authorities is controversial and many people believe the coins have been sold.
In April 2018, regional news publication Bivol explained that Bulgarian Finance Minister Vladislav Goranov explained that BTC had been sold. Goranov noted that BTC had been sold to “several Asian sovereign funds and investors”. He also noted that Deloitte and the FBI helped facilitate sales and that BTC was sold for € 15,000 per unit.
If this reserve is removed from the aggregate of the Bitcoin Treasuries list, the current BTC held by companies and four countries would be 1,285,974 BTC worth $ 61.1 billion. The Bitcoin Treasuries list then indicates that El Salvador has 1,391 BTC, the UK government 46,351 BTC, Finland 1,981 BTC and Georgia 66 BTC.
Microstrategy, Tesla and Galaxy Digital hold the top 3 public company positions – Block.one, Tezos Foundation, Stone Ridge hold the top 3 private company positions
That would leave the list of Bitcoin treasures to ETFs, private companies, and public companies. The publicly traded company with the most BTC at the time of writing according to the Bitcoin Treasuries list is Microstrategy, with 122,478 BTC or $ 5.8 billion in coins.
However, the company’s CEO Michael Saylor told the public he bought 1,914 BTC on Thursday. The Bitcoin Treasuries list shows that Tesla and Galaxy Digital hold the second and third largest amounts of bitcoin in terms of state-owned companies.
Tesla holds 42,902 BTC according to the listing and Galaxy Digital has a reserve of 16,400 BTC. These two public companies are followed by Voyager Digital LTD (12,260 BTC), Square Inc. (8,027 BTC) and Marathon Digital Holdings (7,649 BTC).
That leaves 39 state-owned companies holding BTC on their balance sheets with companies like MOGO Financing (18 BTC), Phunware, Inc. (127 BTC), Coinbase Global, Inc. (4,482 BTC) and Brooker Group’s BROOK (BKK) (1 150 BTC).
Six private companies also hold bitcoins, including Block.one (140,000), The Tezos Foundation (17,500), Stone Ridge Holdings Group (10,000), Massachusetts Mutual (3,500), Lisk Foundation (1,898) and Seetee AS (1170).
Grayscale’s Bitcoin Trust Dominates Entire Bitcoin Treasure List, ‘Who Owns All Bitcoin’ Lists Not Completely Accurate
14 funds hold 809,848 BTC according to the list and the Grayscale Bitcoin Trust (GBTC) holds 648,069 BTC of this total. After GBTC, there are funds like CoinShares / XBT with 48,466 BTC, Purpose Bitcoin ETF with 22,411 BTC and 3iQ Coinshares Bitcoin ETF which holds 21,237 BTC.
The Bitcoin Treasuries list gives a pretty good overview of a number of companies claiming to have BTC on their balance sheets and this is much larger than last year. However, just like the discrepancy with the Bulgarian bitcoin pool mentioned above, none of the so-called “who owns all the bitcoin” lists are entirely accurate.
In fact, without cryptographic proof, these types of lists don’t hold up when it comes to real on-chain verification and “proof of reservations”. Despite this problem, the listings are useful for a visual perspective of what might be the case if the majority of these entities are telling the truth about their BTC stash.
What do you think of the Bitcoin Treasuries list at the end of the year? Let us know what you think of this topic in the comments section below.
Jamie Redman is Head of News at Bitcoin.com News and a FinTech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code, and decentralized applications. As of September 2015, Redman has written over 5,000 articles for Bitcoin.com News on the disruptive protocols emerging today.
Image credits: Shutterstock, Pixabay, Wiki Commons, buybitcoinworldwide.com Bitcoin Treasure List.
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