A few years ago, the idea that a listed company might buy Bitcoin as its reserve seemed ridiculous. Bitcoin is considered to be volatile in price and too marginalized, making it unacceptable for any large enterprise. However, in the past year and a half, under the inflationary environment caused by the epidemic, this taboo has been completely broken, and many institutional investors have bought Bitcoin.
The curtain was first opened when the mobile software development company MicroStrategy purchased $425 million worth of Bitcoin from August to September 2020. Other companies have followed suit, including payment processor Square and electric car maker Tesla.
For investors who are unwilling to buy bitcoins on their own, buying shares of listed companies that hold bitcoins can be a way to gain exposure to assets without the need for self-custodial bitcoins. Some experts believe that MicroStrategy’s massive purchase of Bitcoin is turning it into a “Bitcoin ETF.”
Based on data compiled by the authoritative Bitcoin data website Bitcoin Worldwide, this article counts the current top 10 listed companies that own Bitcoin.
MicroStrategy has used Bitcoin as its main reserve asset.
Microstrategy was founded in 1989, and its founder, Michael Saylor, began to provide consulting services for DuPont. With the money earned from consulting, Thaler invested in real innovation-data mining. Since then, Microstrategy has continued to create other business units and finally went public in 1998. Now he focuses on business intelligence, data analysis, mobile software development and cloud computing. It was not until August 2020 that Microstratrgy purchased Bitcoin for the first time.
Picture: Microstrategy CEO Michael Seiler
Throughout 2021, Microstratrgy continued to buy Bitcoin. On December 31, the company once again “buy on dips”, buying 1,914 bitcoins at an average price of $49,229 per bitcoin. The company now holds 124,391 bitcoins, which is the largest corporate bitcoin holdings outside of trusts and exchange-traded funds (ETFs).
CEO Michael Thaler once revealed that he buys $1,000 in Bitcoin every second. Unlike other CEOs who usually avoid discussing personal investment, Seiler publicly stated that he personally holds 17,732 bitcoins, which are currently valued at more than $832 million. According to data from BitInfoCharts, this makes Thaler one of the top 100 Bitcoin holders. But Thaler is not the first CEO to support Bitcoin, because he tweeted in 2013 that he satirized Bitcoin: Bitcoin’s era is already numbered, and it will take the path of online gambling: competition or regulation no longer exists .
On New Year’s Eve 2020, Morgan Stanley revealed that it has purchased a 10.9% stake in MicroStrategy.
In addition, MicroStrategy is seeking to get other companies to invest in Bitcoin. In February 2021, Seiler hosted a Bitcoin event during the World.Now conference, aimed at allowing the company executives attending the conference to keep up with Bitcoin. During the meeting, Seiler stated that he expects “a large number of companies” to add bitcoin to the balance sheet in the coming year.
In his speech at Binance Blockchain Week, Seiler explained why he chose Bitcoin as a reserve asset instead of gold: “The return on gold does not look as compelling as Bitcoin. If you are in an inflationary environment Find a means of storing value for non-statutory derivatives, then Bitcoin will be a logical digital gold.”
Electric car manufacturer Tesla has joined the ranks of companies holding Bitcoin, but it may also be the most controversial company on this list.
On December 20, 2020, after Michael Thaler of Microstrategy advised other CEOs to follow his example, Tesla CEO Elon Musk expressed his interest in buying Bitcoin for the first time. Soon after, in late January 2021, Musk changed his Twitter profile to the hashtag #Bitcoin, and Tesla finally announced that it had purchased $1.5 billion in Bitcoin in February 2021.
Picture: Elon Musk, CEO of Tesla and SpaceX
According to a SEC document, Tesla currently holds 42,902 bitcoins, valued at 2.04 billion U.S. dollars. Tesla’s purchase of Bitcoin reflects a new investment policy designed to diversify its cash on hand and maximize returns. The document stated: “We may invest part of this cash in certain future alternative reserve assets, including crypto assets, gold bullion, gold ETFs and other assets.”
Tesla sold 10% of its bitcoin holdings in the first quarter of 2021. According to Musk, this is “proving that bitcoin’s liquidity can make it an alternative to holding cash on the company’s balance sheet. Taste.”
However, Musk’s relationship with Bitcoin is not entirely positive. After announcing that Tesla will accept its products and services to be purchased with Bitcoin in March, only two months later, Musk renewed his “Bitcoin mining and The transaction increased the use of fossil fuels,” announced that the company will no longer accept bitcoin as payment, but will not sell its bitcoin holdings. Once mining transitions to “more sustainable energy”, it will consider using it again. For trading. He later clarified that once miners use 50% of clean energy, the company will resume using Bitcoin for transactions.
In addition, Musk became an ardent supporter of Dogecoin in 2021. He announced last month that Tesla will enable Dogecoin payments for certain products.
3. Galaxy Digital
According to data from Bitcoin Worldwide, as the largest Bitcoin institutional holder directly involved in the crypto industry, the crypto-focused commercial bank Galaxy Digital holds a total of 16,400 Bitcoin, which is worth slightly more than US$779 million at current prices.
The company was founded by Michael Novogratz in January 2018 and has partnered with crypto companies including Blockone and BlockFi. Novogratz is a loyal supporter of Bitcoin. In April 2020, he pointed out that the global stimulus measures introduced in response to the epidemic are driving people’s interest in encrypted assets, calling it the “moment” of Bitcoin.
Picture: CEO of Galaxy Digital, Michael Novogratz
However, later this year, Novogratz believes that the volatility of cryptocurrencies means that gold is a safer investment, and pointed out: “My feeling is that Bitcoin performs better than gold, just because the price fluctuates. Sexuality.” In September 2021, Galaxy Digital co-sponsored the Bitcoin spot ETF proposal, but so far, the SEC has only approved the Bitcoin futures ETF.
4. Voyager Digital
According to data from Bitcoin Worldwide, crypto broker Voyager Digital holds 12,260 Bitcoins, which are worth approximately $582 million at current prices. The company aims to provide a one-stop service for trading encrypted assets. The first quarter revenue reported in May 2021 was $60.4 million, a 16-fold increase from the previous quarter. Steven Ehrlich, the CEO at the time, said: “We are seeing exponential growth in crypto assets as a recognized and investable asset class.”
Image: NBA Dallas Mavericks President Mark Cuban (left) and Voyager Digital CEO Steve Ehrlich (right) discuss their new five-year partnership in the Game Center. As part of the deal, Voyager won the naming rights for the Mavericks’ team in the NBA 2K game.
In the documents submitted to Canadian regulators in June 2021, Voyager Digital adopted a more cautious tone, stating that “the sharp drop in the price of bitcoin may have a significant adverse impact on the company’s operating results” and pointed out that the price of bitcoin The “sharp drop” of the epidemic is due to market uncertainty caused by the epidemic.
5. Block (Square)
Block (formerly Square) is the second large company created by former Twitter CEO Jack Dorsey (Jack Dorsey), known for its e-commerce payment software and hardware. It is also the creator of the very popular payment application Cash App, which allowed its customers to buy Bitcoin for the first time in 2018.
Picture: Block CEO Jack Dorsey speaks at the <Bitcoin2021> conference
Block made a $50 million investment in Bitcoin in October 2020. Since then, the payment company has continued to invest in Bitcoin and revealed in its earnings statement for the fourth quarter of 2020 that it has increased its holdings of Bitcoin by $170 million. Considering that Jack Dorsey is an advocate of Bitcoin (even running a Bitcoin node himself), this may not be surprising.
Block’s Bitcoin holdings now reach 8,207 BTC, which is worth about 381 million U.S. dollars at current prices, but it has not changed its attitude towards Bitcoin. In March 2021, the company’s chief financial officer, Amrita Ahuja, stated in an interview with Fortune magazine, “In the future, every company will have Bitcoin on its balance sheet. “Reasonable” and reiterated the company’s commitment to “long-term” Bitcoin holdings.
Block has also made further efforts to establish a Bitcoin ecosystem and launched a $5 million fund to further develop crypto education. In addition, in November 2021, the company released the white paper of the decentralized bitcoin exchange tbDEX, aiming to build a bridge connecting the fiat currency and the crypto world, and to meet the legal, regulatory or any other risks, using the lowest The required identity information establishes a ubiquitous encrypted world entrance and exit for ordinary people.
The company changed its name from Square to Block in December 2021, apparently to strongly support blockchain technology.
6. Marathon Digital
Bitcoin mining company Marathon Digital is also a large holder of Bitcoin. Its company reserves 7,649 Bitcoins, which are worth about 363 million U.S. dollars at current prices. The predecessor of Marathon Digital was Marathon Patent Group, which was originally a patent holding group, often referred to as the “patent troll.” After turning to the crypto industry, the company aims to build “the largest Bitcoin mining business in North America” with the lowest energy costs.
Image: Marathon Digital showing its mine
To summarize Marathon Digital’s Bitcoin moment in 2021, it started with a financing of USD 200 million and ended with a USD 150 million purchase of Bitcoin in January.
Marathon Digital purchased the Hardin Power Station in Montana, USA in 2021, which can generate 107MW of electricity for the company’s large-scale Bitcoin mining. The company’s ultimate goal is to have more than 199,000 Bitcoin miners by 2023, with a daily output of 23.3 EH/sa, which is a 600% increase from the hash rate in December 2021. That month, the company ordered 78,000 Antminer mining machines from Bitmain, which will be delivered in 2022.
It is worth mentioning that the company once predicted in the report that crypto assets are still in their infancy. As more and more people realize the superior characteristics of making it an excellent store of value in the post-legal world, Bitcoin’s Prices will rise. Bitcoin will become the mainstream, and crypto miners will become the “gold miners” of the digital age.
7. Hut 8 Mining
According to data from Bitcoin Worldwide, Canadian crypto mining company Hut 8 holds 5,242 bitcoins, valued at approximately US$249 million. In June 2021, the company’s stock was listed on the Nasdaq Global Select Market. According to documents submitted to the SEC, the company “is committed to developing shareholder value by increasing the number and value of Bitcoin holdings.”
The company also generates statutory income “through revenue accounts with leading digital asset prime brokerage companies” by using its mining and holdings of bitcoin reserves.
Picture: Hut 8 showing its mine
It can be said that almost all of Hut 8’s bitcoins are mined by their own mining farms. To prove their determination, Hut 8’s CEO Jaime Leverton said: “Our commitment to’holding’ bitcoins is ours The core of the strategy to create incremental value for Hut 8 investors.”
It can be said that Coinbase is a crypto brand that almost every trader has heard of, and so far, it is one of the most well-known crypto exchanges in the world. Coinbase was listed on the Nasdaq in April 2021, a move that was hailed as a milestone in the crypto industry.
Image: The Coinbase logo is displayed on the Nasdaq billboard in Times Square, New York, April 14, 2021.
Before going public in February 2021, Coinbase disclosed that it held USD 230 million in Bitcoin on its balance sheet; as of December 2021, its Bitcoin holdings had fallen to USD 213 million (4,482 BTC).
9. Riot Blockchain
Another crypto mining company, Riot Blockchain, headquartered in the United States, holds 3,995 Bitcoins, equivalent to approximately US$189 million.
As the company’s valuation has soared from less than US$200 million in 2020 to more than US$6 billion in 2021, the Nasdaq-listed company has been actively expanding recently. In April 2021, it spent US$650 million to build a 1 million kilowatt Bitcoin mining facility in Rockdale, Texas. This acquisition will make the company “the largest publicly traded Bitcoin in North America.” Mining and hosting company”.
Picture: Riot Blockchain showcases its mining farm
10. Bitcoin Group SE
Bitcoin Group SE, a German-based venture capital firm, ranked tenth. It acquired Bitcoin for the first time in 2016 and has increased its holdings every year since then. Currently holds 3,947 Bitcoins, equivalent to approximately US$187 million.
Picture: Logo display of Bitcoin Group SE.
Its investment in crypto exchanges Bitcoin.de and Futurum Bank merged in October 2020 to become “Germany’s first crypto bank”, and Bitcoin Group SE participates in the operation of Bitcoin.de, making the latter the largest crypto transaction in Europe platform.
These measures were made after the German Parliament decided to allow banks to trade and store crypto assets. Marco Bodewein, the managing director of Bitcoin Group SE, believes that this has the opportunity to introduce institutional investors to the “high value of crypto assets”. Payback and safety features”.
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