According to the Bitcoin Treasuries list compiled by buybitcoinworldwide.com, as of December 31, 2021, a total of 59 companies, 5 countries, and 14 exchange-traded funds (ETFs) hold 1,499,493 bitcoins on their balance sheets or national treasuries. This stash is valued at approximately $71.6 billion, representing 7.14% of the 21 million maximum supply. The figure marks an 11% increase from March 1, 2021, when 42 entities held 1,350,073 BTC.
Top Public Companies: MicroStrategy, Tesla, Galaxy Digital
Among publicly traded firms, MicroStrategy holds the largest position with 122,478 BTC (worth $5.8 billion). The company's CEO Michael Saylor announced the purchase of an additional 1,914 BTC on December 30. Tesla follows with 42,902 BTC, and Galaxy Digital holds 16,400 BTC. Other notable public holders include Voyager Digital LTD (12,260 BTC), Square Inc. (8,027 BTC), and Marathon Digital Holdings (7,649 BTC). Coinbase Global holds 4,482 BTC, while smaller holdings include Phunware (127 BTC) and MOGO Financing (18 BTC).
Private Companies: Block.one Dominates
Six private companies collectively hold approximately 174,068 BTC. Block.one leads with 140,000 BTC, followed by the Tezos Foundation (17,500 BTC), Stone Ridge Holdings Group (10,000 BTC), Massachusetts Mutual (3,500 BTC), Lisk Foundation (1,898 BTC), and Seetee AS (1,170 BTC).
Country Holdings: Bulgaria's Controversial Stash
Five countries are listed as holding bitcoin. Bulgaria is credited with 213,519 BTC, but the accuracy of this figure is disputed. In April 2018, Bulgarian Finance Minister Vladislav Goranov stated that the BTC had been sold to sovereign wealth funds and Asian investors at €15,000 per unit, with assistance from Deloitte and the FBI. If Bulgaria's stash is excluded, the remaining total held by companies and four countries drops to 1,285,974 BTC. El Salvador, the first country to adopt bitcoin as legal tender, holds 1,391 BTC. The UK government holds 46,351 BTC, Finland holds 1,981 BTC, and Georgia holds 66 BTC.
ETF Holdings: Grayscale Bitcoin Trust Leads
Fourteen bitcoin funds hold a combined 809,848 BTC. The Grayscale Bitcoin Trust (GBTC) alone holds 648,069 BTC, accounting for 80% of the fund total. Other major funds include CoinShares/XBT (48,466 BTC), Purpose Bitcoin ETF (22,411 BTC), and 3iQ Coinshares Bitcoin ETF (21,237 BTC).
Data Limitations: Lack of On-Chain Proof
While the Bitcoin Treasuries list offers a useful snapshot, the authors caution that all such "who owns all the bitcoin" lists are inherently inaccurate without cryptographic proof or verifiable proof-of-reserves. The list relies on self-reported data and public disclosures, which may not reflect actual on-chain holdings. Therefore, the figures should be treated as estimates rather than absolute truths.