- The approval of a spot Bitcoin ETF kicked off a tremendous Bitcoin rally, causing the asset to hit all-time high of $74,000.
- The price of 1 ounce of Gold (worth ~$1300) in 2014 would be worth $79,400 today if it had been invested in Bitcoin instead.
- MicroStrategy is the largest Bitcoin-holding public company globally with over 210,000 BTC in its stash.
- Two companies, Marathon and Riot have joined the top 7 public companies holding BTC after topping up their holdings.
The rise of Bitcoin has been exponential, even though halving is still three weeks away. With the rise in popularity of Bitcoin, large multinational corporations and hedge funds have accumulated Bitcoin, increasing demand for the asset among non-crypto investors.
Among the major advances in Bitcoin adoption this year was the approval of a spot Bitcoin ETF on January 10, 2024. Since then, Bitcoin (BTC) has witnessed a tremendous rally, hitting an all-time high of $74,000.
This article explores a list of the top companies in the world that have bought and are holding Bitcoin (BTC).
Bitcoin – A Store of Value
Bitcoin has long been regarded as a store of value by many crypto enthusiasts seeing as it has only gained against the U.S. Dollar over the past fifteen years.
In other circles, Bitcoin is referred to as Gold 2.0, or Digital Gold due to its inherent value driven by increasing demand and scarcity.
Billion and trillion-dollar companies are beginning to warm up to the narrative of Bitcoin as a hedge against inflation.
Famous Gold perma-bulls like Peter Schiff who have constantly bashed Bitcoin can only stay quiet during these times.
By comparison, if you bought 1 ounce of Gold (worth ~$1300) in 2014 and held till today, you would have only gained $900 in profit. However, if you had put the same amount of money ($1300) in Bitcoin, you would acquire 1.18 BTC, which today would be worth $79,400. This is a 6,000% increase in 10 years.
It is for this reason – the rapid growth of this asset’s value that major companies are investing in it. Here are some of them
Top 7 Largest Companies Holding Bitcoin
1. MicroStrategy Inc.
MicroStrategy (NASDAQ: MSTR) is perhaps the world’s leading public company that holds the most amount of BTC. The CEO, Michael Saylor, a known Bitcoin permabull, continues to accumulate the asset even after it hit its all-time high price recently.
The $26 billion-dollar giant has a total stack of 214,246 BTC as of March 20, 2024. The company’s most recent purchase took place two days ago when it added 9,245 BTC to its existing holdings.
2. Marathon Digital Holdings
A new player in the crypto industry, Marathon Digital (NASDAQ: MARA) has climbed up the ranks to become the second largest company to hold the most Bitcoin.
Boasting a market valuation of over $6 billion, Marathon Digital owns 16,930 BTC as of March 20, 2024. The company’s last BTC purchase was made on February 29, 2024.
Headquartered in Las Vegas, the company deals with digital assets, specifically mining cryptocurrencies.
3. Tesla, Inc.
Tesla (NASDAQ: TSLA), the American automotive manufacturing company holds 9,720 Bitcoins. Initially, Tesla had more than this, but the company has been consistently selling the asset in a bid to fund its operations.
The last Tesla Bitcoin purchase took place on February 8, 2021, right at the beginning stages of the 2021 bull market. The company is currently valued at a mammoth $559 billion market cap, owing to the success of the Tesla electric car sales.
4. Coinbase Global, Inc
Coinbase (NASDAQ: COIN) is no stranger to many crypto folks as a majority of crypto traders use their centralized exchange.
The company also owns one of the largest regulatory-compliant crypto currency exchanges in the United States of America, making them a monopoly entity in the American crypto space.
With a total market cap of $62 billion, Coinbase has 9,480 BTC as of March 21, 2024. The last purchase took place on December 31, 2022.
5. Hut 8 Mining Corp
Hut 8 (NASDAQ: HUT) is lesser known to many people, but among Bitcoin miners and enthusiasts, it is a common name. The Bitcoin mining company, which recently shut down one of its mining sites in Canada, owns 9,195 BTC.
The company has a market cap of $807 million and the last time to purchase Bitcoins was on January 5, 2024.
6. Riot Platforms, Inc.
Riot (NASDAQ: RIOT) only recently came into the top ranking companies when it comes to holding Bitcoin. It is a Bitcoin mining company with its headquarters in North Ametrica.
The last additoon of Bitcoin to their stash was on February 29, 2024.
The company has a total marketcap of $3.1 billion and owns 8,067 BTC.
7. Block Inc.
Formerly Square Inc., Block (NASDAQ: SQ) is an America-based company that creates toold for processing payments sich as hardware financial products like card readers.
Block stands at a total valuation of $50 billion, and holds 8,027 Bitcoins, which is 0.038% of the total BTC supply.
The last Bitcoin purchase by Block was on February 23, 2021.
Final Thoughts
These holdings reflect the growing interest of institutional investors in Bitcoin as a digital asset and a potential hedge against inflation. It’s important to note that the cryptocurrency market is highly volatile, and the value of these holdings can change rapidly. For the most current information, it’s recommended to check the latest financial reports and market data.