The Bitcoin Treasuries list, maintained by buybitcoinworldwide.com, reveals that 59 companies, five countries, and 14 exchange-traded funds collectively hold 1,499,493 Bitcoin (BTC) as of December 2021, worth approximately $71.6 billion. This represents 7.14% of the 21 million BTC supply cap. The figure marks a significant increase from March 1, 2021, when only 42 companies held 1,350,073 BTC.
Country Holdings: Bulgaria’s Controversial Stash May Be Sold
Among sovereign holders, Bulgaria tops the list with 213,519 BTC, but the actual status is disputed. In April 2018, Bulgarian Finance Minister Vladislav Goranov stated that the seized coins were sold through Deloitte and the FBI to sovereign wealth funds and Asian investors at €15,000 per BTC. If removed, the remaining four countries hold a combined 49,789 BTC: El Salvador (1,391 BTC), the UK government (46,351 BTC), Finland (1,981 BTC), and Georgia (66 BTC).
Public Companies: MicroStrategy, Tesla, Galaxy Digital Lead
MicroStrategy remains the largest publicly listed holder with 122,478 BTC ($5.8 billion), after 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 firms include Voyager Digital (12,260 BTC), Square Inc. (8,027 BTC), Marathon Digital Holdings (7,649 BTC), Coinbase Global (4,482 BTC), Phunware (127 BTC), and MOGO Financing (18 BTC).
Private Companies: Block.one Dominates
Six private companies have disclosed Bitcoin holdings. Block.one leads with 140,000 BTC, followed by 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).
ETFs and Funds: Grayscale Bitcoin Trust Holds Dominant Share
Fourteen funds collectively hold 809,848 BTC, with the Grayscale Bitcoin Trust (GBTC) accounting for 648,069 BTC — the largest single entity on the entire list. Other major funds include CoinShares/XBT (48,466 BTC), Purpose Bitcoin ETF (22,411 BTC), and 3iQ Coinshares Bitcoin ETF (21,237 BTC).
Accuracy Concerns: No On-Chain Proof of Reserves
While the Bitcoin Treasuries list provides an informative snapshot, the article notes that all such “who owns all the Bitcoin” lists are inherently unreliable without cryptographic proof. The Bulgaria controversy highlights how outdated or incorrect data can persist. Without actual on-chain verification (proof-of-reserves), these figures should be treated as estimates rather than verified truths. Investors are urged to exercise caution when relying on such aggregated data.