The Top 10 Public Companies with the Biggest Bitcoin Portfolios
Bitcoin, the world’s largest and most popular cryptocurrency, has attracted the attention of many investors, both individual and institutional. Some of the most prominent public companies have decided to allocate a portion of their cash reserves to Bitcoin, seeing it as a store of value, a hedge against inflation, and a way to diversify their portfolios.
In this article, we will look at the top 10 public companies that have the biggest Bitcoin portfolios, based on data from CoinGecko as of August 10, 2023. We will also explore their motivations for buying Bitcoin, and how their investments have performed over time.
1. MicroStrategy Inc.
MicroStrategy Inc. (NASDAQ:MSTR) is a business intelligence and software company that has become a torchbearer for Bitcoin among publicly traded companies. Led by CEO Michael Saylor, the company has been aggressively buying Bitcoin since August 2020, when it announced its first purchase of 21,454 BTC for $250 million.
Since then, MicroStrategy has continued to accumulate more Bitcoin through various methods, including issuing convertible notes and selling common stock. As of August 10, 2023, the company holds 152,333 BTC, worth about $4.5 billion at current prices. This represents about 0.725% of the total Bitcoin supply and about 80% of MicroStrategy’s market capitalization.
Saylor has been vocal about his bullish views on Bitcoin, calling it “digital gold” and “the ultimate inflation hedge”. He believes that Bitcoin is superior to cash as a store of value and that it will appreciate significantly in the long term. He has also encouraged other companies to follow his example and adopt Bitcoin as their primary treasury reserve asset.
2. Marathon Digital Holdings
Marathon Digital Holdings (NASDAQ:MARA) is a Bitcoin mining company that operates one of the largest and most efficient mining operations in North America. The company not only mines new Bitcoins but also buys them on the open market. In January 2021, Marathon announced that it had purchased 4,812 BTC for $150 million. In March 2021, it added another 253 BTC for $7.8 million.
As of August 10, 2023, Marathon holds 12,964 BTC, worth about $386 million at current prices. This represents about 0.062% of the total Bitcoin supply and about 20% of Marathon’s market capitalization.
Marathon’s CEO Fred Thiel has stated that the company’s goal is to become “the de facto investment choice for individuals and institutions who are seeking exposure to this new asset class”. He has also expressed confidence in Bitcoin’s long-term value proposition and growth potential.
3. Galaxy Digital Holdings
Galaxy Digital Holdings (TSE:GLXY) is a diversified financial services and investment management company focused on the digital asset and blockchain sector. Founded by former hedge fund manager and Bitcoin advocate Mike Novogratz, Galaxy Digital offers a range of products and services, including trading, asset management, advisory, principal investments, and mining.
Galaxy Digital is one of the earliest and most active investors in Bitcoin and other cryptocurrencies. The company does not disclose its exact Bitcoin holdings, but according to its latest quarterly report, it had $1.6 billion worth of digital assets under management as of March 31, 2023. Based on CoinGecko’s data, we estimate that Galaxy Digital holds about 12,545 BTC, worth about $374 million at current prices. This represents about 0.06% of the total Bitcoin supply and about 15% of Galaxy Digital’s market capitalization.
Novogratz has been a vocal proponent of Bitcoin for years, calling it “digital gold” and “the best brand of the past decade”. He has also predicted that Bitcoin will reach $100,000 by the end of 2023.
4. Coinbase Global Inc.
Coinbase Global Inc. (NASDAQ:COIN) is one of the largest and most popular cryptocurrency exchanges in the world. Founded in 2012, Coinbase allows users to buy, sell, store, and use various cryptocurrencies, including Bitcoin. Coinbase also offers other services such as custody, brokerage, commerce, and institutional trading.
Coinbase is not only a platform for trading cryptocurrencies but also an investor in them. In February 2021, Coinbase announced that it had purchased $230 million worth of Bitcoin as part of its treasury reserve policy. In April 2021, Coinbase became the first major cryptocurrency company to go public through a direct listing on Nasdaq.
As of August 10, 2023, Coinbase holds 10,766 BTC, worth about $321 million at current prices. This represents about 0.051% of the total Bitcoin supply and about 1% of Coinbase’s market capitalization.
Coinbase’s CEO Brian Armstrong has stated that the company’s decision to buy Bitcoin was driven by its belief in the cryptocurrency’s long-term potential and its alignment with the company’s mission to create an open financial system for the world.
5. Tesla Inc.
Tesla Inc. (NASDAQ:TSLA) is a leading electric vehicle and clean energy company that has made headlines for its involvement in Bitcoin. In February 2021, Tesla announced that it had bought $1.5 billion worth of Bitcoin as part of its treasury reserve policy. In March 2021, Tesla also started accepting Bitcoin as a payment option for its products.
However, in May 2021, Tesla reversed its decision to accept Bitcoin, citing environmental concerns over the cryptocurrency’s energy consumption and carbon footprint. This sparked a backlash from the Bitcoin community and a sharp drop in the cryptocurrency’s price. In June 2021, Tesla’s CEO Elon Musk clarified that Tesla still holds its Bitcoin and that it will resume accepting it once there is confirmation of reasonable clean energy usage by miners.
As of August 10, 2023, Tesla holds 10,500 BTC, worth about $313 million at current prices. This represents about 0.05% of the total Bitcoin supply and about 0.2% of Tesla’s market capitalization.
Musk has been a controversial figure in the Bitcoin space, often influencing the market sentiment with his tweets and comments. He has expressed both admiration and criticism for Bitcoin, calling it “a brilliant thing” and “a little bit too much energy intensive” at different times .
6. Hut 8 Mining Corp.
Hut 8 Mining Corp. (NASDAQ:HUT) is another Bitcoin mining company that operates one of the largest and most efficient mining operations in North America. The company not only mines new Bitcoins but also holds them as part of its treasury reserve policy. In June 2021, Hut 8 became the first Canadian cryptocurrency company to list on Nasdaq.
As of August 10, 2023, Hut 8 holds 9,315 BTC, worth about $277 million at current prices. This represents about 0.044% of the total Bitcoin supply and about 70% of Hut 8’s market capitalization.
Hut 8’s CEO Jaime Leverton has stated that the company’s goal is to be “the best way for investors to get direct exposure to Bitcoin”. She has also highlighted the company’s commitment to environmental sustainability and social responsibility in its mining operations.
7. Block Inc.
Block Inc., previously known as Square Inc (NYSE:SQ), is a financial services and digital payments company that has been a pioneer in the Bitcoin space. Founded by Twitter’s CEO Jack Dorsey, Block offers a popular mobile app called Cash App that allows users to buy, sell, and send Bitcoin easily. Block also operates a business division called Square Crypto that supports open-source development in the Bitcoin and cryptocurrency ecosystem.
Block is not only a facilitator of Bitcoin transactions but also an investor in the cryptocurrency. In October 2020, Block announced that it had purchased $50 million worth of Bitcoin as part of its treasury reserve policy. In February 2021, Block added another $170 million worth of Bitcoin to its holdings.
As of August 10, 2023, Block holds 8,027 BTC, worth about $239 million at current prices1. This represents about 0.038% of the total Bitcoin supply and about 0.5% of Block’s market capitalization.
Dorsey has been a vocal supporter of Bitcoin for years, calling it “the native currency of the internet” and “the best candidate for a global currency”. He has also expressed his vision of making Bitcoin more accessible and inclusive for everyone through Block’s products and services.
8. Riot Platforms Inc.
Riot Platforms Inc. (NASDAQ:RIOT) is yet another Bitcoin mining company that operates one of the largest and most efficient mining operations in North America. The company not only mines new Bitcoins but also holds them as part of its treasury reserve policy. In March 2021, Riot announced that it had achieved a milestone of holding over 1,000 BTC on its balance sheet.
As of August 10, 2023, Riot holds 7,094 BTC, worth about $211 million at current prices. This represents about 0.034% of the total Bitcoin supply and about 15% of Riot’s market capitalization.
Riot’s CEO Jason Les has stated that the company’s mission is to “become one of the most relevant and significant companies supporting the Bitcoin network and greater Bitcoin ecosystem”. He has also emphasized the company’s focus on expanding its mining capacity and efficiency, as well as its commitment to environmental, social, and governance (ESG) standards.
9. Hive Blockchain
Hive Blockchain (NASDAQ:HVBT) is a Bitcoin and Ethereum mining company that operates in Canada, Sweden, and Iceland. The company not only mines new Bitcoins and Ethereums but also holds them as part of its treasury reserve policy. In June 2021, Hive announced that it had reached a milestone of holding over 1,000 BTC on its balance sheet.
As of August 10, 2023, Hive holds 6,500 BTC, worth about $194 million at current prices. This represents about 0.031% of the total Bitcoin supply and about 40% of Hive’s market capitalization.
Hive’s Executive Chairman Frank Holmes has stated that the company’s goal is to “create long-term shareholder value through the accumulation of cryptocurrencies”. He has also highlighted the company’s competitive advantages in terms of low-cost green energy sources, high-performance mining equipment, and diversified revenue streams.
10. NEXON Co Ltd
NEXON Co Ltd (TYO:3659) is a leading video game developer and publisher that has made a significant investment in Bitcoin. In April 2021, NEXON announced that it had purchased 1,717 BTC for $100 million. This was the largest purchase of Bitcoin by a publicly traded company in Japan and one of the largest by a video game company in the world.
As of August 10, 2023, NEXON holds 1,717 BTC, worth about $51 million at current prices. This represents about 0.008% of the total Bitcoin supply and about 0.4% of NEXON’s market capitalization.
NEXON’s CEO Owen Mahoney has stated that the company’s decision to buy Bitcoin was driven by its “disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets”. He has also expressed confidence in Bitcoin’s long-term stability and liquidity as “the global standard for digital currencies”.
Source: Coingecko
Conclusion
These are the top 10 public companies that have the biggest Bitcoin portfolios as of August 10, 2023. Together, they hold about 230,951 BTC, worth about $6.9 billion at current prices. This represents about 1.1% of the total Bitcoin supply and about 2.4% of their combined market capitalization.
These companies have shown their faith in Bitcoin as a valuable asset class that can enhance their returns, diversify their risks, and hedge against inflation. They have also demonstrated their vision for the future of finance and technology, where Bitcoin plays a key role as a global currency and a network for innovation.
By investing in Bitcoin, these companies are not only benefiting themselves but also supporting the growth and development of the Bitcoin ecosystem. They are contributing to the security and decentralization of the Bitcoin network, as well as the adoption and awareness of the cryptocurrency among their customers, partners, and stakeholders.
As more public companies join the ranks of these Bitcoin pioneers, we can expect to see more demand and appreciation for the cryptocurrency in the coming years. Bitcoin is not only here to stay but also here to thrive.
Sources 🔗
- Public Companies with Bitcoin Holdings | CoinGecko
- Bitcoin Price History Chart (2009, 2010 to 2023) | Buy Bitcoin Online
- Bitcoin USD (BTC-USD) Price History & Historical Data | Yahoo Finance
- Bitcoin Price History 2009 to 2022 | Forbes Advisor
- 100% Complete Bitcoin Price History Graph + Related Events 2009 - 2023 | 99Bitcoins
- The 10 Public Companies With the Biggest Bitcoin Portfolios | Decrypt
- Tesla and other top companies capitalize on bitcoin portfolio | Investing.com
- Top 11 Public Companies Investing in Cryptocurrency | BeInCrypto
- Top 5 Bitcoin Investors | Investopedia
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