New Bitcoin Whales Emerge in the Corporate World
#HotTrends #CryptoWhaleWatch While Tesla is the most familiar name across the worldās largest corporate buyers, several companies have amassed far more bitcoin - leading their share prices to skyrocket in value last year. At the same time, the vast majority are found in North America, with the exception of Nexon, a Japanese-based video game publisher.
MicroStrategy at the Top
As the worldās largest corporate owner of bitcoin, MicroStrategy holds 174,530 bitcoin valued at an estimatedĀ $9.1 billionĀ as of February 22, 2024.
Headquartered in Virginia, the intelligence software firm first began buying bitcoin in 2020 and has since grown its holdings to become roughly 10 times bigger than the next highest corporate owner. MicroStrategy shares soared over 350% in 2023 thanks to its scale of bitcoin holdings.
Hereās who holds the most bitcoins globally across public companies as of February 22, 2024:
Tesla is the fourth-largest owner on the list, with bitcoin holdings worthĀ $546.7 million.
In 2021, the company announced that it bought $1.5 billion in bitcoin to help boost the companyās bottom line. It also served as a way to provide liquidity to customers who could buy its products with the cryptocurrency. Yet the following year, the company sold a large share of its holdings at a steep loss during the crypto crash.
Two Canadian companies, Hut 8 and Hive Blockchain, are top holders of bitcoin. These cryptocurrency mining companies have seen their shares surge over 191% and 144%, respectively.
With even stronger returns, bitcoin miner CleanSpark saw its shares boom over 425% in 2023. This year, the company announced plans to purchase four new facilities for mining bitcoin. Three of these are located in Mississippi, purchased for a total of $19.8 million.
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