Largest Bitcoin Treasury Holders

Summary: MicroStrategy leads as the top corporate holder with a substantial stash of 226,331 Bitcoin, while the USA solidifies its position as the top country in Bitcoin possession, accounting for a remarkable 203,239 Bitcoin in total.

Additionally, the emergence of Bitcoin ETFs, led by iShares with 352,843 BTC, signals a new era of institutional adoption. Crypto exchanges like Coinbase and Binance also hold large amounts of Bitcoin, further illustrating the diverse range of Bitcoin holders.

Bitcoin Treasury Holdings

In recent years, a growing number of established companies have turned their attention towards the potential of Bitcoin as a form of treasury reserve asset. Diversifying their holdings to include this prominent cryptocurrency not only underscores a forward-thinking approach but also potentially brings substantial value growth.

Besides traditional corporations, cryptocurrency exchanges like Coinbase and Binance hold vast amounts of Bitcoin. Coinbase, for instance, is the largest holder among exchanges with approximately 1 million BTC. Notably, Satoshi Nakamoto, the pseudonymous creator of Bitcoin, is presumed to be the largest individual holder with 1.1 million BTC.

Below are the public companies with the largest Bitcoin holdings.

#
Company Name
Symbol
Country
Total Bitcoin
Today's Value (USD)
% of Bitcoin Supply
1
MicroStrategy Inc.
NASDAQ:MSTR
US
226,331
$14,213,888,682
1.078%
2
Marathon Digital Holdings
NASDAQ:MARA
US
17,320
$1,087,719,102
0.082%
3
Galaxy Digital Holdings
TSE:GLXY
US
15,449
$970,276,211
0.074%
4
Tesla, Inc.
NASDAQ:TSLA
US
11,509
$722,780,551
0.055%
5
Coinbase Global, Inc
NASDAQ:COIN
US
9,183
$576,704,648
0.044%
6
Hut 8 Mining Corp
NASDAQ:HUT
CA
9,102
$571,617,740
0.043%
7
Riot Platforms, Inc
NASDAQ:RIOT
US
8,490
$533,183,324
0.040%
8
Block Inc.
NYSE:SQ
US
8,038
$504,797,121
0.038%
9
CleanSpark Inc.
NASDAQ:CLSK
US
6,154
$386,479,408
0.029%
10
Hive Digital
NASDAQ:HIVE
CA
2,287
$143,626,650
0.011%
11
Exodus Movement Inc
EXOD:OTCMKTS
US
1,792
$112,539,990
0.009%
12
Cipher Mining
NASDAQ:CIFR
US
1,730
$108,646,307
0.008%
13
NEXON Co Ltd
TYO:3659
JP
1,717
$107,829,890
0.008%
14
Bit Digital, Inc
NASDAQ:BTBT
US
992
$62,324,044
0.005%
15
Meitu Inc
HKG:1357
HK
940
$59,064,466
0.004%

Country Treasuries Holding Bitcoin

Following the trend set by visionary corporations, an increasing number of sovereign countries are also recognizing the potential advantages of integrating Bitcoin into their national treasuries. This strategic move marks a turn in the global financial paradigm, with countries eyeing opportunities for economic growth and diversification from US government debt and equivalent instruments.

The US continues to lead with 203,239 BTC, much of which was seized during criminal investigations, including the infamous Silk Road case. China follows closely with 194,000 BTC, although there is speculation about whether these holdings have been liquidated. Other countries, such as El Salvador actively purchasing Bitcoin as part of its national strategy, including a commitment to buying 1 Bitcoin per day.

Country
Total Bitcoin
Cost Basis
% of Bitcoin Supply
USA
203,239
N/A
0.97%
China
194,000
N/A
0.92%
UK
61,245
N/A
0.29%
Ukraine (govt)
46,351
N/A
0.22%
El Salvador
5,855
$108,000,000
0.03%

What Government Owns the Most Bitcoin?

Currently leading the pack in Bitcoin ownership is the United States, possessing a staggering hoard of 203,239 BTC, majority of which was seized during the infamous Silk Road case. In stark contrast, El Salvador, under the proactive leadership of President Nayib Bukele, has consciously integrated Bitcoin into their economic framework, actively acquiring a sum of 5,855 BTC.

An interesting fact (now more of an urban legend) is that in 2017, Bulgarian authorities seized 213,519 Bitcoin during a crackdown on a criminal network involved in customs fraud. However, the current status of these funds is unclear, with conflicting reports suggesting they may have been sold in secret auctions or that the private keys might be lost, leaving the holdings potentially inaccessible.

Exchange-Traded Funds (ETFs) Holding Bitcoin

As Bitcoin matures as a financial asset, Exchange-Traded Funds (ETFs) have emerged as a key avenue for institutional investors to gain exposure to Bitcoin. With the launch of Bitcoin spot ETFs in the United States, entities like iShares, Grayscale, and Fidelity have become major holders of Bitcoin through their ETF products. As of August 2024, BlackRock's IBIT leads the pack with 352,843 BTC.

ETF Name
Symbol
Bitcoin Holdings
% of Bitcoin Supply
iShares Bitcoin Trust
IBIT
352,843
1.68%
Grayscale Bitcoin Trust
GBTC
228,778
1.09%
Fidelity Wise Origin Bitcoin Fund
FBTC
178,394
0.85%
ARK 21Shares Bitcoin ETF
ARKB
47,634
0.23%
Bitwise Bitcoin ETF
BITB
37,421
0.18%
Grayscale Bitcoin Mini Trust
BTC
31,828
0.15%

Cryptocurrency Exchanges Holding Bitcoin

In addition to public and private companies, crypto exchanges are some of the largest holders of Bitcoin. These exchanges hold Bitcoin not only as part of their operations but also as custodians for their users.

Coinbase takes the top spot among exchanges, with 859,603 BTC under management, serving both its customers and its own operational needs. Binance and Bitfinex also hold large amounts, with over 667,146 and 207,155 BTC, respectively.

Exchange
Bitcoin Holdings
% of Bitcoin Supply
Coinbase
859,603
4.09%
Binance
667,146
3.18%
Bitfinex
207,155
0.99%
Kraken
196,067
0.93%
Robinhood
143,222
0.68%
OKX
129,031
0.61%
Gemini
71,998
0.34%
Upbit
72,553
0.35%

Bottom Line

In this updated analysis, we've expanded our view to include not just the acquisitions of Bitcoin by global companies, but also the rise of ETFs and the role of crypto exchanges as major holders.

MicroStrategy continues to lead in corporate holdings, while the US government and financial institutions like BlackRock are playing increasingly prominent roles. The gap between retail and institutional investors will probably only continue to grow from here.