The decision by Microstrategy Inc. to purchase $425 million worth of bitcoin in August and September 2020, making the cryptocurrency its primary reserve asset, marked a pivotal moment for institutional adoption. As of October 2020, data from bitcointreasuries.org shows that 13 publicly traded companies collectively hold 598,237 BTC, equivalent to 2.85% of the total 21 million supply. These entities span digital asset trusts, enterprise software firms, payment providers, and mining companies, signaling a broadening acceptance of bitcoin as a corporate treasury asset.
Grayscale Bitcoin Trust — 449,596 BTC (2.14% of Supply)
Grayscale Investments remains the largest holder through its Bitcoin Trust (GBTC), which holds 449,596 BTC valued at approximately $5.1 billion. GBTC, listed on the OTCQX market, has absorbed about 70% of all newly mined bitcoin in 2020, nearly doubling its portfolio. The trust is designed for accredited institutional investors seeking bitcoin exposure without the complexities of direct ownership. Grayscale also manages nine other crypto investment products, including Ethereum, Bitcoin Cash, Zcash, and XRP trusts.
Microstrategy Inc. — 38,250 BTC (0.18% of Supply)
Nasdaq-listed Microstrategy shocked the market by converting a significant portion of its cash reserves into bitcoin. The company now holds 38,250 BTC, purchased for $425 million, which has since appreciated by approximately $8 million. CEO Michael Saylor stated, "Bitcoin is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash." This move inspired other corporate treasurers to reconsider bitcoin as a hedge against fiat currency debasement.
Square Inc. — 4,709 BTC (0.022% of Supply)
On October 8, 2020, Jack Dorsey's payments firm Square invested $50 million in bitcoin, acquiring 4,709 BTC—representing 1% of its total assets. CFO Amrita Ahuja explained, "Bitcoin has the potential to be a more ubiquitous currency in the future." The announcement triggered an 8% bitcoin price surge within 72 hours, from $10,500 to over $11,300. Square's move further validated bitcoin as a corporate treasury asset, given its established user base and payment infrastructure.
CoinShares — 69,730 BTC (0.33% of Supply)
UK-based CoinShares is a digital asset investment manager with over $1 billion in assets under management, nearly 80% allocated to bitcoin. The firm holds 69,730 BTC valued at $790 million on behalf of investors. Through its subsidiary XBT Provider, CoinShares offers bitcoin and ether exchange-traded notes (ETNs) listed on Nasdaq Nordic in Stockholm. However, the UK Financial Conduct Authority recently banned the sale of these ETNs to retail investors, limiting access for some market participants.
Other Notable Holders
The bitcointreasuries.org list includes several bitcoin miners: Hut 8 Mining (TSX: HUT) holds 2,954 BTC; Argo Blockchain (LSE: ARB) holds 126 BTC; Riot Blockchain (NASDAQ: RIOT) holds 1,053 BTC. Galaxy Digital Holdings, led by Mike Novogratz, holds 16,651 BTC (approximately $188 million). Galaxy provides asset management, trading, and advisory services. Voyager Digital Ltd, Cypherpunk Holdings, and DigitalX also appear on the list. These companies view bitcoin as a strategic hedge against fiat inflation, echoing the sentiment that bitcoin's fixed supply offers protection in an era of unprecedented monetary expansion.
While the current total represents only 2.85% of bitcoin's circulating supply, the trend is accelerating. As more public companies follow Microstrategy and Square's lead, bitcoin's role as a corporate treasury asset is likely to deepen, further integrating the cryptocurrency into mainstream finance.