The rising adoption of cryptocurrencies across the globe is evident from the size of some of the largest Bitcoin treasuries that exist today. Let’s take a look at the top 10.
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10 companies with the biggest bitcoin portfolios
By CNBCTV18.com | IST (Published)
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From ridiculing the idea of a Bitcoin reserve to hoarding it like gold, corporate and institutional adoption of Bitcoin has come a long way. The global effects of the COVID-19 pandemic completely changed the financial dynamics and invigorated corporate interest in cryptocurrency investments. The rising adoption of cryptocurrencies across the globe is evident from the size of some of the largest Bitcoin treasuries that exist today. Let’s take a look at the top 10. (Image: Shutterstock)
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No.10 | Riot Blockchain, Inc. | Bitcoin Reserves: 1,175 BTC | Current Value: $46,496,608 | Riot is a company that drives revenue through Bitcoin mining. Its treasury is majorly filled with self-mined BTC, as if the case with Hut 8. In May 2021, Riot acquired Whinestone US – the owner of the largest mining facility in North America. Therefore, its BTC holdings are expected to increase at a strong rate going forward. (Image: Shutterstock)
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No.9 | Voyager Digital LTD | Bitcoin Reserves: 1,239 BTC | Current Value: $49,029,189 | This crypto brokerage firm once owned 12,260 BTC worth $390 million in October 2021, but its holdings have declined to ~10% of its original share. Data pertaining to when the holdings changed are currently unavailable and therefore open for speculation. It is possible that the massive price crash in cryptocurrency prices could have led to a liquidation move. (Image: Shutterstock)
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No.8 | NEXON Co Ltd | Bitcoin Reserves: 1,717 BTC | Current Value: $67,159,366 | This Japanese mobile gaming company forayed into Bitcoin in April 2021 when it purchased 1,717 BTC for $100 million. Considering that the purchase was made at an average price of $58,226, the organisation has lost a great deal of value on its holding. Since the purchase, Nexon has neither added nor shed any part of its Bitcoin portfolio. (Image: Shutterstock)
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No.7 | Coinbase | Bitcoin Reserves: 4,483 BTC | Current Value: $175,349,702 | Coinbase is one of the most prominent names on this list. The exchange went public in April 2021 and is currently the largest crypto exchange in the world. In its publicly disclosed holdings in Q1 of 2021, the exchange revealed that it was holding 4,483 BTC worth $230 million (the value of which has eroded now) and has had Bitcoin assets since 2012. (Image: Reuters)
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No.6 | Hut 8 Mining Corp | Bitcoin Reserves: 4,724 BTC | Current Value: $184,776,264 | Hut 8 currently holds the largest self-mined reserve of Bitcoin in the world. All the bitcoin holdings on its balance sheet are self-mined, with no addition of BTC through any purchases. The company is also looking to optimize its operations and increase its BTC holding by 31% by the end of 2022. Hut 8 CEO Jaime Leverton has previously stated that BTC ‘HODLing’ is the core of their strategy of incrementally adding value for investors. (Image: Reuters)
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No.5 | Marathon Digital Holdings | Bitcoin Reserves: 4,813 BTC | Current Value: $188,257,443 | Formerly known as the Marathon Patent Group, this is a US-based Bitcoin mining company. In January 2021, it purchased 4,813 BTC at an average price of $31,135 in a deal worth $150 million. At the time, the company was also adding 2 BTC per day through its mining activities. (Image: Reuters)
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No.4 | Square Inc. | Bitcoin Reserves: 8,027 BTC | Current Value: $313,971,015 | Co-founded by Jack Dorsey (ex Twitter CEO), payments firm Square Inc. first ventured into Bitcoin in October 2020, purchasing 4,709 BTC worth around $50 million. It then added 3,318 BTC worth $170 million again in February 2021. Square Inc has made a name for itself in the e-commerce space with its hardware and software wallets that facilitate cryptocurrency payments. (Image: Reuters)
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No.3 | Galaxy Digital Holdings | Bitcoin Reserves: 16,402 BTC | Current Value: $641,553,829 | Galaxy Digital Holdings is a crypto-focused bank based out of Canada. This organisation has direct ties with the world of cryptocurrencies and stands as the largest institutional Bitcoin holder. The company is also partnered with crypto firms Block.one and BlockFi. (Image: Reuters)
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No.2 | Tesla | Bitcoin Reserves: 48,000 BTC | Current Value: $1,877,489,561 | High-performance electric car manufacturer Tesla took cues from the MicroStrategy CEO Michael Saylor, who urged other corporate leaders to follow in his stride. In February 2021, Tesla made its first purchase worth $1.5 billion in BTC. Tesla also sold 10% of its holdings in Q1 of 2021 to prove that liquidating BTC was just as easy as holding cash. (Image: Reuters)
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No.1 | MicroStrategy | Bitcoin Reserves: 121,044 BTC | Current Value: $4,734,559,300 | MicroStrategy is a business analytics platform that also offers mobile software and cloud services. It also boasts the largest Bitcoin treasury on earth, with over 120K bitcoins valued at more than $4.7 billion. The company made its first bitcoin purchase in Aug 2020 and ramped up investments over the last two years. (Image: Reuters)
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