The Bitcoin Treasuries list, updated on December 31, 2021, reveals that 59 companies, 5 countries, and 14 exchange-traded funds (ETFs) collectively hold 1,499,493 Bitcoin, valued at approximately $71.6 billion. This represents 7.14% of the total 21 million BTC supply cap. The figure marks a sharp increase from March 1, 2021, when 42 entities held 1,350,073 BTC, reflecting growing institutional adoption of Bitcoin as a treasury reserve asset.
Top Public Companies: MicroStrategy Dominates, Tesla Holds Second
Among publicly traded firms, MicroStrategy leads with 122,478 Bitcoin (~$5.8 billion). CEO Michael Saylor announced another purchase of 1,914 BTC on December 30. Tesla holds 42,902 BTC, ranking second, followed by Galaxy Digital (16,400 BTC). Other notable public holders include Voyager Digital (12,260 BTC), Square Inc. (8,027 BTC), and Marathon Digital Holdings (7,649 BTC). A total of 39 public companies disclosed Bitcoin holdings, ranging from Coinbase Global (4,482 BTC) to MOGO Financing (18 BTC).
In the private sector, Block.one tops the list with 140,000 BTC, followed by Tezos Foundation (17,500), Stone Ridge Holdings Group (10,000), Massachusetts Mutual (3,500), Lisk Foundation (1,898), and Seetee AS (1,170).
Country Holdings: Bulgaria's Controversial Stash, El Salvador as a Pioneer
The list includes five sovereign holders. Bulgaria's reported 213,519 BTC (worth ~$10.2 billion) is highly controversial. According to a 2018 report by regional media Bivol, Bulgarian Finance Minister Vladislav Goranov stated that the coins were sold to "several sovereign wealth funds and Asian investors" at €15,000 per unit, with assistance from Deloitte and the FBI. If this cache is excluded, the remaining holdings of companies and four countries total 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 (likely from seizures), Finland holds 1,981 BTC, and Georgia holds 66 BTC.
ETFs and Funds: Grayscale Bitcoin Trust Dominates
Fourteen funds collectively own 809,848 Bitcoin, with Grayscale Bitcoin Trust (GBTC) accounting for 648,069 BTC — 80% of the fund total. Other significant funds include CoinShares/XBT (48,466 BTC), Purpose Bitcoin ETF (22,411 BTC), and 3iQ Coinshares Bitcoin ETF (21,237 BTC).
Limitations: Lack of On-Chain Proof
While the Bitcoin Treasuries list offers a useful snapshot, the original article cautions that all "who owns all the Bitcoin" lists are inherently inaccurate. Many entities have not provided cryptographic proof or audited on-chain reserves. The Bulgaria case exemplifies how claimed holdings may not reflect actual ownership. Without proper Proof-of-Reserves, the data should be viewed as indicative based on public disclosures, not verified on-chain ownership.