The 10 Public Companies With the Biggest Bitcoin Portfolios – Decrypt

In brief

  • Institutional investors are increasingly buying up Bitcoin.
  • Several major firms, among them Tesla, Block, and Coinbase, have collectively purchased hundreds of millions of dollars worth of the cryptocurrency.

For many years, the estimate that publicly traded corporations might buy Bitcoin for their reserves was considered amusing. The top cryptocurrency was considered excessively volatile, excessively bang to be embraced by any serious business .
Over the past year and a half, fueled by the economic effects of the COVID-19 pandemic, that taboo has been well and in truth broken, with a number of major institutional investors buying up Bitcoin. The floodgates first opened when cloud software caller MicroStrategy bought $ 425 million worth of Bitcoin in August and September 2020. Others followed courtship, including payments processor Square and EV manufacturer Tesla.

For investors unwilling to buy Bitcoin themselves, buying shares in public companies that hold Bitcoin can be a room of gaining exposure to the asset without the harass of arranging self-custody. indeed, some experts think that the extent of MicroStrategy ‘s Bitcoin purchases have made the company a de facto Bitcoin ETF .

1 .MicroStrategy

MicroStrategy, a outstanding business analytics platform, has adopted Bitcoin as its elementary modesty asset .
Throughout 2021, the firm—which produces mobile software and cloud-based services—continued its Bitcoin buy spree. As of December 2021, it holds 124,391 BTC in allow, equivalent to over $ 5.8 billion in BTC. At one compass point, MicroStrategy CEO Michael Saylor said, he was buying $ 1,000 in Bitcoin every second .

Unlike other CEOs who typically shy away from discussing their personal investments, Saylor has made it public that he personally holds 17,732 BTC—currently worth over $ 832 million .

As per datum from BitInfoCharts, this positions Saylor among the peak 100 Bitcoin owners—assuming it is all have within a individual address. It ’ second something of an about-face for the MicroStrategy CEO, who in 2013 claimed that Bitcoin ’ second days were numbered .
Bitcoin distribution by number of addresses. Image: BitInfoCharts
On New Year ‘s Eve, 2020, Morgan Stanley revealed that it had purchased 10.9 % of MicroStrategy. And MicroStrategy is looking to get early companies invested in Bitcoin ; in February 2021, it hosted a Bitcoin for Corporations strand during its World.Now conference, aimed at getting companies up to speed with the crypto asset .
During the conference, Saylor stated that he anticipated an “ avalanche of companies ” converting their balance sheets into Bitcoin in the approach class .

Speaking at Binance Blockchain Week, Saylor explained why he ‘d opted for Bitcoin all over gold as a reserve asset. “ The returns on gold didn ’ thyroxine look closely deoxyadenosine monophosphate compel as Bitcoin, ” said Saylor, adding, “ if you ’ ra looking for a non-fiat derivatives shop of prize in an inflationary environment, that ’ s legitimate that you would settle upon Bitcoin as digital gold. ”

2 .Tesla

A Tesla Cybertruck. Image: Tesla
Electric vehicle manufacturer Tesla has joined the ranks of companies holding Bitcoin, with an SEC filing disclosure that the company invested “ an sum $ 1.50 billion ” in the cryptocurrency ; the company ‘s 42,902 BTC are presently worth $ 2.04 billion .
Tesla sold 10 % of its Bitcoin holdings in Q1 2021 ; according to CEO Elon Musk, this was “ to prove liquid of Bitcoin as an alternative to holding cash on symmetry sheet. ”

According to its SEC filing, Tesla ‘s Bitcoin purchase reflects an update investment policy aimed at diversifying its cash on hand and maximizing returns. The file states that, “ we may invest a share of such cash in certain option reserve assets including digital assets, amber bullion, gold exchange-traded funds and other assets as specified in the future. ”
The company ‘s Bitcoin bring followed months of meditation, as CEO Elon Musk took to Twitter to discuss the cryptocurrency. In late 2020, MicroStrategy ‘s Saylor offered to plowshare his “ playbook ” for Bitcoin investing with Musk, after arguing that a move into Bitcoin would be doing Tesla shareholders a “ $ 100 billion privilege. ”

soon afterwards, at the end of January 2021, Musk changed his chitter bio to the # Bitcoin hashtag ; in review, apparently hinting at Tesla ‘s interest in the cryptocurrency .
however, Musk ‘s relationship with Bitcoin is n’t completely positivist. After announcing that Tesla would accept payments in Bitcoin for its products and services in March 2021, good two months later the CEO abruptly announced that the caller would no longer accept the cryptocurrency for payments .

Citing the “ quickly increasing use of fossil fuels for Bitcoin mining and transactions ”, Musk revealed that the company would n’t be selling any of its Bitcoin holdings, and would consider using it for transactions again once mining “ transitions to more sustainable energy. ” He former clarified that the caller would resume using Bitcoin for transactions once miners are using 50 % clean energy .
Musk, who ‘s emerged as a acute advocate of Dogecoin over the run of 2021, has announced that Tesla will enable Dogecoin purchases for some Tesla trade .

3 .Galaxy Digital Holdings

The largest institutional holder of Bitcoin to be immediately involved with the crypto diligence, crypto-focused merchant deposit Galaxy Digital Holdings holds 16,400 BTC, according to bitcointreasuries.org —worth just over $ 779 million at current prices .
Founded by Michael Novogratz in January 2018, the company has partnered with crypto firms including Block.one and BlockFi. Novogratz is, unsurprisingly, a cutting advocate for Bitcoin. In April 2020, he noted that stimulation measures announced in response to the coronavirus pandemic were driving interest in cryptocurrencies, calling it Bitcoin ‘s “ moment ” and arguing that “ money does n’t grow on trees. ”
however, later in the year, Novogratz argued that the cryptocurrency ‘s volatility meant that amber was a safer bet, stating that, “ My sense is that Bitcoin room outperforms gold, but I would tell people to hold a batch less than they do gold. Just because of the excitability. ” In September 2021, Galaxy Digital launched a articulation marriage proposal for a spot Bitcoin ETF ; to date, the U.S. Securities and Exchange Commission has only approved Bitcoin futures ETFs .

4 .Voyager Digital LTD

Crypto brokerage Voyager Digital holds 12,260 BTC according to bitcointreasuries.org, worth about $ 582 million at stream prices. The tauten aims to provide a one-stop shop for deal digital assets, and in May 2021 reported quarterly tax income of $ 60.4 million, up 16x from the former quarter. “ We saw exponential adoption of cryptocurrencies as a recognized and investable asset course, ” said CEO Steven Ehrlich at the time.

In its June 2021 filing with canadian regulators, the company strikes a more deliberate tone, noting that, “ a significant drop in bitcoin price may have a material adverse effect on the Company ’ s results of operations, ” and pointing to the “ drastic drop ” in the price of Bitcoin in March 2020 as a solution of market doubt around the coronavirus pandemic .

5 .Block, Inc.

Alongside Tesla, Block ( once known as Square ), lit the fuse for institutional investing in Bitcoin with its October 2020 investment of $ 50 million in the cryptocurrency .
Since then, the payments company has continued to invest in Bitcoin, revealing that it had scooped up another $ 170 million worth in its Q4 2020 earnings statement. It was, possibly, unsurprising, considering that CEO Jack Dorsey is an enthusiastic advocate for Bitcoin ( even running his own Bitcoin node ) .

At the time, the company described the investing as “ separate of Square ’ s ongoing committedness to bitcoin, ” noting that “ the company plans to assess its aggregate investment in bitcoin relative to its other investments on an ongoing basis. ”
With its holdings now amounting to 8,207 BTC, worth $ 381 million at current prices, Block has n’t changed its tune on Bitcoin. In March 2021, the company ‘s CFO Amrita Ahuja argued that, “ There ‘s absolutely a case for every balance plane to have Bitcoin on it, ” in an interview with Fortune, while reaffirming the company ‘s commitment to holding the cryptoasset “ for the long term. ”
In May 2021, the company reaffirmed its commitment to its Bitcoin buying scheme, following an interview in which Ahuja had said the company had no plans to make far Bitcoin purchases. Block has besides made promote efforts to build out the Bitcoin ecosystem, launching a $ 5 million investment company to far crypto education and leaping to Bitcoin ‘s defense with a white newspaper defending the cryptocurrency ‘s environmental impact .
The company is besides getting involved with Bitcoin technology, announcing plans to plans to develop a Bitcoin hardware wallet in July 2021, while in October 2021, Dorsey tweeted that the party was considering building Bitcoin mine rigs .
The company changed its identify from Square to Block in December 2021, in an apparent character to the blockchain engineering that underpins Bitcoin. The rebrand followed Dorsey ‘s announcement a workweek early that he was stepping down ampere Twitter CEO to focus on the payments party .

6 .Marathon Digital Holdings Inc.

Bitcoin mining company Marathon Digital, unsurprisingly, is besides a large holder of Bitcoin, with 7,649 BTC in its corporate treasury ( worth about $ 363 million at stream prices ). The company, which aims to build “ the largest Bitcoin mining operation in North America at one of the lowest department of energy costs, ” originated as a patent holding firm ( and was often referred to as a patent troll ) before its pivot into crypto mine .

The company ‘s had a effective 2021, kicking off the class with a $ 200 million capital raise before rounding out January with a $ 150 million Bitcoin purchase. Over the last year, its stock price has surged by over 3,000 %, boosted by the exodus of crypto miners from China ( indeed, it ‘s outperformed Bitcoin over the class to date ) .
Marathon Digital finally aims to have over 199,000 Bitcoin miners churning out 23.3 EH/s a sidereal day by 2023, a 600 % increase from its December 2021 hashish rate. That month, the caller placed a gigantic order of 78,000 Antminer mining machines from Bitmain, to be delivered throughout 2022 .

7 .Hut 8 Mining Corp

canadian crypto mining firm Hut 8 holds 5,242 BTC, worth $ 249 million, according to bitcointreasuries.org. In June 2021, the caller listed on the Nasdaq Global Select Market under the HUT ticker, with the company ‘s SEC file noting that it ‘s “ commit to growing stockholder value by increasing the count and value of our bitcoin holdings ” .

The company besides explained that it generates decree income by leveraging its reserve of self-mined and held Bitcoin, “ via output score arrangements with lead digital asset prime brokerages ” .
In June 2021, Hut 8 shared its ambitious goal of mining 5,000 BTC by the end of the year ; with the company snapping up modern mining machines and China ‘s crackdown reducing Bitcoin ‘s mine difficulty, unsurprisingly the company ‘s affirmative that the “ favorable geopolitical environment ” will benefit its mine operations in 2021 .

8 .Coinbase Global, Inc.

arguably the best-known crypto fast in this list, crypto exchange Coinbase went populace in a calculate list on the Nasdaq in April 2021 .
The move was hailed as a landmark for the crypto diligence, though that has n’t been borne out by Coinbase ‘s declining store monetary value ; having debuted at $ 381, COIN ended the year at around $ 250 .
Ahead of its listing, in February 2021, Coinbase revealed that it held $ 230 million in Bitcoin on its counterweight sheet ; by December 2021, its Bitcoin holdings had slipped to $ 213 million ( 4,482 BTC ) .

9 .Riot Blockchain, Inc.

Another crypto mine outfit, US-based Riot Blockchain holds 3,995 BTC, deserving $ 189 million at nowadays ‘s prices .
With its valuation surging from below $ 200 million in 2020 to highs of over $ 6 billion in 2021, the Nasdaq-listed party has been on an aggressive expansion force of recently. In April 2021, it spent $ 650 million on a one-gigawatt Bitcoin mine adeptness in Rockdale, Texas ; describing the purchase as a “ transformative event ” that would make the company the “ largest publicly-traded Bitcoin mining and hosting party in North America, as measured by total break capability. ”
however, Riot ‘s parcel price has declined since hitting its all-time high in of February 2021 ; at the meter of the Rockdale purchase, it was trading at $ 48 a share ; by the conclusion of the year it had slipped to around $ 23 a contribution, a drop of 52 % .

10 .Bitcoin Group SE

Germany-based venture capital tauten Bitcoin Group SE brings up the rise of the list, with relatively meek holdings of 3,947 BTC, worth $ 187 million at nowadays ‘s prices. Its investments include crypto exchange Bitcoin.de and Futurum bank, which merged in October 2020 to form “ Germany ‘s first gear crypto bank ” .
The affect followed the german parliament ‘s decision to enable banks to sell and store cryptocurrencies, with Bitcoin Group SE managing film director Marco Bodewein highlighting the opportunity to introduce the depository financial institution ‘s institutional investors to crypto ‘s “ high returns and condom features. ”

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