According to data from bitcointreasuries.org, as of the end of 2020, 29 well-known companies collectively hold over 1.1 million Bitcoin, valued at more than $30 billion. This milestone was catalyzed by MicroStrategy's $250 million Bitcoin purchase in August 2020, triggering a wave of corporate treasury allocation into the cryptocurrency.
Publicly Traded Firms Hold Over 100,000 BTC
The public company category includes 15 firms: MicroStrategy Inc., Galaxy Digital Holdings, Square Inc., Hut 8 Mining Corp, Voyager Digital LTD, Riot Blockchain Inc., Bit Digital Inc., Coin Citadel Inc., Advanced Bitcoin Technologies AG, Digitalx, Hive Blockchain, Cypherpunk Holdings Inc., Bigg Digital Assets Inc., Argo Blockchain, and Frmo Corp. These entities collectively hold approximately 100,003 BTC. MicroStrategy alone accounts for 70,470 BTC, representing 0.336% of the total Bitcoin supply.
Private Companies and ETFs Dominate Holdings
Only four private companies—Mtgox k.k., Block.one, Tezos Foundation, and Stone Ridge Holdings Group—hold a massive 317,383 BTC. The ETF-like holder category comprises nine funds: Grayscale Bitcoin Trust, Coinshares, Ruffer Investment, 3iq The Bitcoin Fund, Grayscale Digital Large Cap, Bitwise 10 Crypto Index Fund, WisdomTree Bitcoin, 21shares AG, and ETC Group Bitcoin ETP. These nine funds combined hold 734,232 BTC, with the Grayscale Bitcoin Trust being the largest single holder at 572,644 BTC.
Growing Trend of Bitcoin-Based Corporate Reserves
Beyond the 29 listed entities, additional firms have embraced Bitcoin as a treasury asset. Canadian restaurant chain Tahini's converted all its cash reserves into BTC, while graphics software company Snappa swapped 40% of its cash holdings for Bitcoin. Publicly listed Canadian firm Mogo invested 1.5% of its reserves in Bitcoin and plans further purchases in the coming year. Tahini's executives boldly stated, "Gold's years as a reliable safe haven are numbered because of Bitcoin."
The bitcointreasuries.org list continues to expand as corporate adoption of Bitcoin for treasury management shifts from early adoption to mainstream practice.