Even if the world of cryptocurrencies seems unfamiliar, Bitcoin (BTC) likely rings a bell — it is the pioneer and largest cryptocurrency by market capitalisation.
Despite its decentralised nature, significant players, often dubbed as "whales," wield considerable influence in this digital ocean.
Chainalysis, a blockchain analysis firm, recently highlighted a trend: an increasing number of public companies are integrating Bitcoin into their balance sheets.
According to their Crypto Spring report, these companies collectively hold over $19 billion worth of Bitcoin.
Surprisingly, only 21% of this amount is held by crypto-native firms.
With Bitcoin's limited total supply — roughly 19.5 million in circulation and a maximum of 21 million — investors are naturally curious about the identities of these large-scale holders.
Source: Technopedia
According to Bitcoin research and analysis firm River Intelligence, Satoshi Nakamoto, the elusive creator of Bitcoin, reigns as the foremost BTC holder as of 2024.
The company reveals that Nakamoto's stash comprises approximately 1.1 million BTC tokens spread across about 22,000 different addresses.
Meanwhile, BitInfoCharts, a platform monitoring Bitcoin billionaire and millionaire wallets, points to a significant presence of top Bitcoin holders affiliated with the Binance and Bitfinex crypto exchanges.
Their data, as seen below, showcases an extensive list of the top 15 Bitcoin wallets as of 9 May 2024.
Source: BitInfoCharts
While wallet addresses are public and readily accessible, the identities of their owners remain undisclosed unless voluntarily shared.
This veil of anonymity adds complexity to pinpointing the exact individuals or entities commanding the most significant Bitcoin holdings.
In recent years, corporations, financial institutions, and alternative investment funds have been amassing Bitcoin due to its prominence as the premier cryptocurrency.
But who tops the list among publicly traded companies?
While Tesla may be the most recognisable name, several others have accumulated significantly more Bitcoin, propelling their stock values to dizzying heights in the past year.
Leading the pack in the Chainalysis ranking is MicroStrategy, led by the co-founder and executive chairman Michael Saylor.
Saylor's business intelligence firm boasts a whopping 1% of Bitcoin's total supply, holding 214,246 BTC valued at $13.5 billion based on Chainalysis' report.
Source: Chainalysis Crypto Spring Report 2024
Based in Virginia, the company began its Bitcoin buying spree in 2020 and has since dwarfed its competitors, holding roughly ten times more Bitcoin than the next closest corporate holder.
MicroStrategy's stock surged over 350% in 2023, fuelled by its massive Bitcoin holdings.
Chainalysis said:
"Such disclosures not only reflect the widening acceptance and legitimisation of cryptocurrency in the corporate world, but also signal a positive outlook for the market at large.When prominent companies publicly commit to holding cryptocurrencies, it can stimulate investor confidence and interest."
According to Bloomberg data, Saylor, has reportedly generated approximately $400 million in revenue through planned daily sales of around 5,000 shares of the enterprise software company from January to the previous week.
Interestingly, MicroStrategy's stock has seen a remarkable surge, doubling in value this year to reach about $1,290, outpacing even the gains of Bitcoin during the same period.
Comparatively, back in 2014, MicroStrategy was trading around $160.
In its latest financial report, MicroStrategy revealed its acquisition of over 25,000 BTC during the first four months of 2024, amounting to more than 1 percent of all Bitcoins in circulation.
With this substantial accumulation, MicroStrategy solidifies its position as the largest corporate holder of Bitcoin globally, boasting holdings over ten times larger than the second-largest public company, mining firm Marathon Digital Holdings.
Impressively, the company's Bitcoin reserves now surpass those of the United States (US), which holds 213,246 BTC valued at $13 billion, as reported by Bitcoin Treasuries at the time of writing.
Notably, crypto-native companies collectively hold 65,519 Bitcoin.
Bitcoin miners such as Marathon Digital, Hut 8, Riot Platforms, and CleanSpark secure four of the top 10 positions.
Additionally, crypto exchange Coinbase and crypto asset management firm Galaxy Digital are significant players in Bitcoin accumulation.
Among non-crypto firms, electric car maker Tesla, Twitter co-founder Jack Dorsey's Block, and financial consulting firm The Bitcoin Group jointly hold 237,535 Bitcoin, nearly worth $15 billion.
However, it is worth noting that MicroStrategy's substantial reserves account for the lion's share of this total.
At the time of writing, based on data from Bitcoin Treasuries, MicroStrategy holds 214,278 BTC.
Source: Bitcoin Treasuries
The report refrained from including certain companies in its rankings due to undisclosed specific amounts in their filings.
For instance, social media platform Reddit disclosed holdings of Bitcoin, Ethereum, and Polygon in its IPO filing but did not specify the quantities.
Nevertheless, the report highlights Reddit as emblematic of the increasing trend of public companies integrating crypto assets into their balance sheets.
Based on data by Bitcoin Treasuries, the US is in the lead with 214,246 BTC.
China is not far behind with 190,000 BTC, which is more than double of the United Kingdom's 61,000 BTC.
As the list goes down, the amount of BTC held by other countries decreases drastically.
Source: Bitcoin Treasuries
According to Chainalysis, as we analyse the evolution of the crypto ecosystem, particularly focusing on wallet activity and ownership, it becomes evident that we are witnessing a profound transformation in both the perception and utilisation of crypto assets.
Transfer activity during the recent market surge has surpassed previous peaks observed in late 2020 and 2021, indicating that this market cycle has been notably more dynamic than the preceding bull run.
Source: Chainalysis Crypto Spring Report 2024
The rapid pace of growth compared to past cycles may signal heightened confidence in the market.
Despite the cryptocurrency market's volatility, with prolonged bearish periods, the increase in wallets holding a positive balance continues to follow a steady upward trajectory, with over 400 million wallets actively engaged in cryptocurrency holdings.
While it is essential to note that one wallet does not necessarily equate to one user, given that institutions and individuals may possess multiple wallets, the significant growth in numbers suggests a rising adoption of cryptocurrency.
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