During the last two years, a number of public and private companies, exchange-traded products (ETPs), and countries have added bitcoin to their balance sheet. However, during the last nine months of 2022, the number of bitcoin stored in these types of treasuries dropped by 57,481 bitcoin, worth around $1.1 billion using today’s exchange rates.
$1.1 Billion Worth of Bitcoin Removed from Treasury List
As of October 17, 2022, 65 companies, ETPs and countries hold bitcoin (BTC) on their balance sheets. The data stems from the Bitcoin Treasury List, which combines publicly traded and private companies, ETPs, and existing bitcoin holdings in countries.
At the time of writing and as of September 8, 2022, the bitcoin treasuries list indicates that roughly 65 of the aforementioned types of entities own approximately 1,443,925 BTC or 6.876% of the 21 million capped supply. While the balance is a large sum, 57,481 BTC worth $1.1 billion has been erased from the bitcoin treasuries list since the start of 2022.
Using current spot market prices, 1.44 million BTC is worth approximately $27.76 billion in Treasuries today. Data saved via archive.org shows that when 2022 began, 65 more publicly traded private companies, ETPs and countries held 1,501,406 BTC.
At the time, the 1.501 million BTC was worth $63.25 billion using exchange rates on January 2, 2022. The largest change during the last nine months was Tesla’s balance sheet, which saw 32,177 BTC removed from the firm’s treasury.
Tesla once held 42,902 BTC and today, the firm has 10,725 BTC in its coffers. 32,177 BTC represents 55.98% of the 57,481 BTC erased from the bitcoin treasury list since the beginning of the year.
4 out of 65 Entities Hold More Than 100,000 Bitcoin
While firms like Tesla unloaded BTC, the list also shows a few companies increasing their stash. For instance, Microstrategy had 124,391 BTC on January 2, 2022, and today, the company holds approximately 130,000 BTC.
Microstrategy’s cache has increased by 4.51% since the beginning of the year. Tesla’s balance sheet, on the other hand, saw its bitcoin holdings shrink by about 75%.
The largest treasury holder on the bitcoin treasuries list is the ETP managed by Grayscale Investments. Grayscale’s Bitcoin Trust (OTCMKTS: GBTC) holds 643,572 BTC according to the bitcoin treasuries list, which equates to $12.37 billion in USD value using today’s exchange rates.
Of the 21 million supply, the BTC held by GBTC represents 3.065% and GBTC’s cash is equivalent to 44.57% of the 1.44 million BTC in the treasury today. Of all the 60 entities that have BTC on their balance sheets, only four have more than 100,000 BTC.
The four organizations holding more than 100K BTC include Grayscale’s Bitcoin Trust (643K), Microstrategy (130K), Mt Gox (141K), and Block.one (140K). These four entities alone command 1,054,000 BTC of the 1.44 million BTC held by 65 entities.
Despite the deletion of 57,481 BTC since January 2, the list has grown since July 17, 2022 as the number of BTC in treasuries stood at around 1,325,396 BTC. With 1.44 million held today, approximately 120,000 bitcoins have been added to the balance sheet since July 17.
Statistics for the current bitcoin treasuries list mentioned in this article are derived from the web portal buybitcoinworldwide.com, and archive.org metrics saved on January 2, 2022, from the same website.
