Top 10 Public Companies in World That Currently Own Bitcoin, Check Out The Highest Holder
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Bitcoin has witnessed unprecedented growth since its advent into the finance industry. However, this growth did not come by on a platter of gold. The benchmark cryptocurrency has weathered all storms, emerging from being the most criticized asset class to being the most preferred store of value in today’s world. Although Bitcoin is still criticized to date, the digital asset has ridden atop the critiques, creating a new high now and then.
In its move to the top, Bitcoin has attracted the attention of mainstream institutions which keep pumping billions of dollars into the digital asset. Most of these institutions consider Bitcoin as Gold 2.0 or even more due to its huge potentials. Currently, several public companies hold the benchmark cryptocurrency in their balance sheets. Notwithstanding, in this post, we will look at 10 public firms that currently hold Bitcoin, to generate significant profits from it.
Microstrategy is at the top of our list because of the number of Bitcoins it owns. The software giant is headed by Michael Saylor, who is a foremost Bitcoin proponent. Until late 2020, Michael Saylor was a Bitcoin critic. Since he started supporting the asset, MicroStrategy has continued to buy Bitcoin at every dip. The buying spree has enabled the company to acquire more than 100,000 BTC on its balance sheet. Microstrategy holds exactly 105,085 BTC valued at $3.3 billion.
The electric vehicle manufacturer has Elon Musk to thank for its Bitcoin purchases. Unarguably, Elon Musk has been a huge force behind Bitcoin, contributing to almost every fall and rise of the asset through his unique tweets. Tesla began purchasing Bitcoin in February this year, testing the waters with a $1.5 billion purchase of the flagship cryptocurrency.
Later in March, Tesla sold 10% of its Bitcoin holdings, which according to a tweet posted by Elon Musk, was done to determine the asset’s liquidity. Tesla’s sell-off would later trigger a downtrend on Bitcoin’s price, but it recovered following a bull run in April. Tesla’s 42,902 BTC holdings are valued at $1.37 billion, after suffering impairment loss between $25 million and $100 million in the next quarter. In the wake of a price surge in October, the EV firm may likely recover from its loss and if possible, print new gains.
Galaxy Digital Holdings
Owned by another die-hard Bitcoin proponent, Mike Novogratz, Galaxy Digital also holds Bitcoin in its balance sheet. Galaxy Digital is directly involved with the crypto industry, a big-time investor in several cryptocurrency projects and a crypto asset manager. It holds up to 16,400 BTC approximately worth $1 million based on current prices.
Voyager Digital LTD
Crypto brokerage Voyager Digital is currently in possession of 12,260 BTC estimated to be worth $390 million. The services offered by Voyager Digital revolved around the trading of digital assets, meaning they provide a platform for crypto trading. With all of this, the firm was able to generate $60.4 million as of May 2021, 16 times higher than its profits in the last quarter. Voyager Digital LTD is headed by Steven Ehrlich.
Square is a payments firm owned by the Twitter founder, Jack Dorsey who also doubles as the CEO of Square. In October 2020, Square purchased 4,709 BTC for $50 million. The payments giant doubled up its Bitcoin investment by purchasing an additional 3,318 Bitcoin for $170 million in February this year. The average price of Square’s Bitcoin purchases is $27,407 per BTC.
Although Square has stated that it no longer plans to purchase Bitcoin, it is now focused on releasing crypto-based products including an assisted custody hardware Bitcoin wallet that will help its users store their Bitcoin holdings securely. Meanwhile, Dorsey’s Twitter is not left out of the Bitcoin-inspired products. Recently, it added a feature to its social platform, which will enable users to tip themselves with Bitcoin.
Marathon Digital Holdings
The US-based Bitcoin mining company took its Bitcoin holdings up to 5,518 Bitcoins with an additional purchase in May. Back in January 2021, Marathon Digital bought 4,813 BTC at an average price of $36,857. Between January and May, Marathon Digital mined 580.5 BTC approximately worth $29 million.
Coinbase Global, Inc.
Apart from Voyager Digital, Coinbase is the only crypto exchange on our list. Coinbase is a leading US-based crypto trading platform with up to 180 million users across the world. The exchange did not become a public firm until April when it filed for an IPO to the US Securities and Exchange Commission and got a direct listing on Nasdaq with the ticker symbol COIN. Before its listing on the stock exchange, Coinbase reported in February that it had $230 million in Bitcoin on its balance sheet. However, in the wake of a market-wide decline in July, the worth of its Bitcoin holdings fell to $143 million (4,482 BTC).
Bitcoin Group SE
Bitcoin Group is a Germany-based venture capital company with just 3,947 BTC in its custody. The VC firm owns a crypto exchange Bitcoin.de and Futurum bank, both of which formed a merger to establish Germany’s first crypto bank in October 2020.
Hut 8 Mining Corp
Hut 8 is another crypto mining firm but it is based in Canada and holds 3,522 BTC valued at $112 million. crypto-mineriner also received a public listing on Nasdaq in June. In the same month, Hut 8 pledged to mine 5000 BTC by the end of 2021, after purchasing new mining hardware.
Riot Blockchain, Inc.
At the end of our list is Riot Blockchain, another mining firm, however, carries out all of its mining operations in the US. Riot Blockchain holds the lowest number of Bitcoin on our top 10 list, slightly above 2,000 BTC and valued at $71 million.
As long as Bitcoin continues to gain mainstream adoption, some of these institutions will keep expanding their Bitcoin holdings. There are reports that Bitcoin will soon lose its appeal and institutional investors will start looking at other cryptocurrencies. While this may be a strong point, it is not likely to happen given the huge potentials Bitcoin bears that there are indications that the asset will achieve a $100k ATH before the close of the year.