Original title: (As Bitcoin Approaches $100,000, Examining the Institutional Forces Behind Over 2.7 Million Bitcoin Holdings)
Original author: Nancy, PANews
Bitcoin has strongly broken through the $97,000 mark today, setting a new historical record. As the price of bitcoin continues to soar, calls globally to include bitcoin as part of national reserve assets are growing louder, while many institutions are also accelerating their pace of increasing bitcoin holdings.
According to PANews, an increasing number of governments are reassessing the value of bitcoin as an asset, with many publicly advocating for the inclusion of bitcoin as part of national reserve assets.
According to statistics from BitcoinTreasuries.com, as of November 21, nine known countries collectively hold over 529,000 bitcoins (valued at about $50.24 billion), accounting for 2.5% of the total bitcoin supply. Among these countries, the U.S., China, and the U.K. are the main forces, holding 207,000, 194,000, and 61,000 bitcoins, respectively, with the three accounting for 46.2% of the total holdings of these countries. However, most of the bitcoins held by these countries were obtained through law enforcement actions, while only Bhutan and El Salvador acquired bitcoins through mining or direct purchases.
Countries holding bitcoin
Publicly traded companies: Holdings valued at over $42.2 billion, with MicroStrategy accounting for nearly 80%
Publicly traded companies are becoming an important force in bitcoin allocation. Data from BitcoinTreasuries.com shows that as of November 21, 43 publicly traded companies directly hold nearly 445,000 bitcoins, currently valued at about $42.22 billion, including MicroStrategy, Marathon Digital, Riot Platforms, Tesla, Hut 8, and Coinbase Global.
For example, MicroStrategy owns over 331,000 bitcoins (valued at over $31.43 billion), accounting for nearly 74.4% of the total bitcoin holdings of publicly traded companies. Based on the current bitcoin price of about $97,000, MicroStrategy's unrealized gains exceed $14.6 billion. With its bitcoin investment strategy, MicroStrategy has entered the top 100 publicly traded companies in the U.S. by market capitalization, significantly boosting its stock price; Tradingview data shows that its stock MSTR had a trading volume of $33.27 billion yesterday (November 20), second only to Nvidia. Currently, MicroStrategy has not stopped buying bitcoins; the institution recently announced it would increase the issuance of zero-interest convertible senior notes to $2.6 billion, with part of the net proceeds used to purchase bitcoins. Additionally, it disclosed that there is still $15.3 billion in unused funds planned for purchasing bitcoins through stock issuance and sales.
Bitcoin mining company Marathon Digital holds nearly 26,000 bitcoins, currently valued at about $2.46 billion. The bitcoins of Marathon Digital mainly come from mining and purchases; its third-quarter financial report shows that it produced 2,070 bitcoins and purchased 6,210 bitcoins during that quarter. Marathon Digital is also issuing $850 million in convertible notes, which can be expanded to $1 billion, to repurchase debt and acquire bitcoins.
Tesla announced the purchase of $1.5 billion worth of bitcoin in 2021, and only sold 4,320 bitcoins in March 2021, followed by selling 29,160 bitcoins in 2022, totaling about 75% of its bitcoin holdings. Currently, Tesla still holds 9,720 bitcoins, valued at over $920 million, but this accounts for less than 0.7% of Tesla's total assets ($119.8 billion) and only 0.046% of the total bitcoin supply.
Top ten publicly traded companies by bitcoin holdings
Private companies: Reserve value exceeds $34.8 billion
Many private crypto institutions also hold a significant amount of bitcoin. Data from BitcoinTreasuries.com shows that as of November 21, 12 private companies including Block.one, Tether, Xapo Bank, BitMEX, and Mt. Gox collectively hold about 367,000 bitcoins, currently valued at over $34.81 billion, accounting for 1.7% of the total bitcoin supply.
For instance, Block.one holds 140,000 bitcoins, valued at over $13.28 billion, primarily sourced from ICO fundraising. Tether has held over 82,000 bitcoins since announcing in 2022 that it would include bitcoin as part of its asset reserves, valued at over $7.82 billion; crypto bank Xapo Bank holds nearly 34,000 bitcoins, valued at over $3.69 billion, and this year became the first bank in the UK to offer interest-bearing bitcoin and fiat currency accounts.
Publicly disclosed private companies holding bitcoin
Bitcoin mining companies: Holdings account for less than 0.3% of total bitcoin supply
Cryptocurrency mining companies are also significant holders of bitcoin. Data from BitcoinTreasuries.com shows that as of November 21, 14 bitcoin mining companies collectively hold over 61,000 bitcoins, currently valued at $5.84 billion, accounting for less than 0.3% of the total bitcoin supply. Among them, Marathon Digital holds the largest amount, far exceeding other similar companies; followed by Riot Platforms, which holds about 10,000 bitcoins, but according to its latest quarterly report, the company has incurred significant losses, with the vast majority of its revenue coming from bitcoin mining; Hut 8 ranks third with 9,109 bitcoins, and after receiving a $150 million investment in June this year, the company is committed to building AI-related infrastructure and has purchased a large number of mining machines from Bitmain, as well as collaborating to launch new mining machines.
Original link
Welcome to join the official community of BlockBeats:
Telegram subscription group: https://t.me/theblockbeats
Telegram discussion group: https://t.me/BlockBeats_App
Twitter official account: https://twitter.com/BlockBeatsAsia
