According to the latest data from the Bitcoin Treasuries list hosted by buybitcoinworldwide.com, as of December 31, 2021, a total of 59 public and private companies, five countries, and 14 exchange-traded funds (ETFs) have disclosed holdings of bitcoin, amounting to 1,499,493 BTC valued at approximately $71.6 billion, representing 7.14% of the 21 million maximum supply. This marks a significant increase from March 1, 2021, when only 42 entities held 1,350,073 BTC, reflecting accelerated corporate adoption throughout the year.
Government Holdings: Bulgaria Dispute, El Salvador's Steady Accumulation
The list identifies five countries holding bitcoin: Bulgaria (213,519 BTC), the United Kingdom (46,351 BTC), Finland (1,981 BTC), El Salvador (1,391 BTC), and Georgia (66 BTC). However, Bulgaria's position is highly controversial. In April 2018, the regional news outlet Bivol reported that Bulgarian Finance Minister Vladislav Goranov stated the country's confiscated bitcoin had been sold to multiple sovereign wealth funds and Asian investors at around €15,000 per coin, with assistance from Deloitte and the FBI. Excluding Bulgaria's stash, the aggregate drops to 1,285,974 BTC ($61.1 billion). El Salvador President Nayib Bukele has continued purchasing bitcoin, including 21 BTC on December 21 to celebrate the 21st day, year, and century, bringing the nation's total to 1,391 BTC.
Top Public Companies: MicroStrategy, Tesla, Galaxy Digital
Among publicly listed firms, MicroStrategy remains the largest corporate holder with 122,478 BTC ($5.8 billion), and CEO Michael Saylor announced an additional purchase of 1,914 BTC on December 30. Tesla holds 42,902 BTC in second place, followed by Galaxy Digital with 16,400 BTC. Other notable public companies include Voyager Digital LTD (12,260 BTC), Square Inc. (8,027 BTC), Marathon Digital Holdings (7,649 BTC), and Coinbase Global (4,482 BTC). MicroStrategy's holdings alone exceed the combined totals of the second- and third-largest corporate holders.
Private Companies and ETF Dominance
Six private companies hold bitcoin: Block.one (140,000 BTC), 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). In the ETF and fund category, 14 products collectively hold 809,848 BTC, with Grayscale Bitcoin Trust (GBTC) accounting for 648,069 BTC — representing 80% of this segment. 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 valuable snapshot of institutional and sovereign bitcoin holdings, its editors caution that the figures are not entirely accurate. The Bulgaria controversy exemplifies how reported holdings may be outdated or incorrect. Without cryptographic proof-of-reserves or on-chain verification, the listed amounts cannot be independently confirmed. Nonetheless, the list provides a useful visualization of the growing trend of bitcoin adoption among corporations and governments, with over 7% of the total supply now held in official or institutional treasuries by the end of 2021. This momentum is expected to continue into 2022.