Bitcoin broke through the $97,000 mark today, setting a new record high. As Bitcoin prices continue to soar, calls for countries to include Bitcoin in their national reserve assets have been growing globally, and many institutions are also accelerating their pace of Bitcoin accumulation.
According to the latest data from BitcoinTreasuries.com, as of November 21, 93 entities (ETFs, countries, publicly traded companies, and private companies, etc.) have publicly held over 2.728 million Bit, accounting for nearly 13% of the total Bit supply. This trend further indicates that institutional investors have gradually replaced retail investors as the dominant force in this bull market.
ETFs: Assets worth over $110 billion, IBIT holdings account for over 38%
Bit spot ETFs have become an important investment channel for institutions. BitcoinTreasuries.com data shows that as of November 21, Bit spot ETFs hold over 1.231 million Bit, with a current value of over $116.89 billion, accounting for more than 5.8% of the total Bit supply. Meanwhile, data from The Block shows that since the launch of the US Bit spot ETF earlier this year, the cumulative trading volume has exceeded $520 billion.
In terms of asset size,
the top three Bit spot ETFs are BlackRock's IBIT, Grayscale's GBTC, and Fidelity's FBTC.
Among them, BlackRock's IBIT, with 475,000 Bit, has become the ETF with the largest holdings, with a holding value of about $45.05 billion, accounting for about 38.6% of the total ETF holdings. Fintel's statistics show that IBIT has 698 institutional holders, with a total shareholding of nearly 160 million shares, including Millennium Management, Goldman Sachs, IMC, Aristeia, Capula Management, Schonfeld, Morgan Stanley, and Graham Capital Management.
Grayscale's GBTC holds over 218,000 Bit, worth over $20.71 billion. Fintel's statistics show that GBTC has 647 institutional holders, holding a total of 44.459 million shares. GBTC's shareholders include trust funds under HorizonKinetics, Goldman Sachs, Multicoin Capital, LPL Financial, Greenwich Wealth Management, Colony Group, and HighTower Advisors.
Fidelity's FBTC follows closely with 194,000 Bit, with a holding value of $18.42 billion. Fintel's statistics show that FBTC has 246 institutional holders, with a total shareholding of over 5.1688 million shares, including Millennium Management, Capula Management, Schonfeld Strategic Advisors, DE Shaw & Co., Hina International Group, Jane Street, Hbk Investments LP, Goldman Sachs, and Pine Ridge Advisers.
Countries: Holding nearly 530,000 Bit, the US, China, and the UK account for nearly half
Many countries have become important Bit holders globally. Currently, more and more governments are re-evaluating the asset value of Bit, and some are even publicly advocating for the inclusion of Bit in national reserve assets.
According to the statistics of BitcoinTreasuries.com, as of November 21, 9 known countries collectively hold over 529,000 Bit (worth about $50.24 billion), accounting for 2.5% of the total Bit supply. Among these countries, the United States, China, and the United Kingdom are the main forces, holding 207,000, 194,000, and 61,000 Bit respectively, accounting for 46.2% of the total holdings of these countries. However, the Bit held by these countries is mostly obtained through law enforcement actions, while only Bhutan and El Salvador have obtained Bit through mining or purchasing with real money.
Public Companies: Holding over $42.2 billion in value, MicroStrategy accounts for nearly 80%
Public companies are becoming an important force in Bit allocation. BitcoinTreasuries.com data shows that as of November 21, 43 publicly traded companies directly hold nearly 445,000 Bit, with a current value of about $42.22 billion, including MicroStrategy, Marathon Digital, Riot Platforms, Tesla, Hut 8, and Coinbase Global.
For example, MicroStrategy owns over 331,000 Bit (worth over $31.43 billion), accounting for nearly 74.4% of the total Bit holdings of public companies. At the current Bit price of around $97,000, MicroStrategy's holdings have a floating profit of over $14.6 billion. Leveraging its Bit investment strategy, MicroStrategy has risen to become one of the top 100 publicly traded companies in the US by market capitalization, and its stock price has soared. According to Tradingview data, its stock MSTR had a trading volume of $33.27 billion on November 20, second only to Nvidia. MicroStrategy has not stopped buying Bit, and the company has recently announced plans to increase the size of its zero-coupon convertible senior notes offering to $2.6 billion, with a portion of the net proceeds to be used to purchase Bit, and it also disclosed plans to raise funds through stock issuance and sales to buy Bit, with $15.3 billion in unused capacity.
Bit mining company Marathon Digital holds nearly 26,000 Bit, currently worth about $2.46 billion. Marathon Digital's Bit mainly comes from mining and fund purchases, with its Q3 financial report showing that it produced 2,070 Bit and purchased 6,210 Bit in the quarter. Marathon Digital is also issuing $850 million in convertible notes, which can be expanded to $1 billion, to repurchase debt and acquire Bit.
After announcing the purchase of $1.5 billion in Bit in 2021, Tesla sold 4,320 Bit in March 2021 and 29,160 Bit in 2022, selling about 75% of its Bit holdings. Tesla still holds 9,720 Bit, currently worth over $920 million, but this only accounts for less than 0.7% of Tesla's total assets ($119.8 billion) and only 0.046% of the total Bit supply.
Private Companies: Reserves worth over $34.81 billion
Many private crypto companies also hold a significant amount of Bit. BitcoinTreasuries.com data shows that as of November 21, 12 private companies, including Block.one, Tether, Xapo Bank, BitMEX, and Mt. Gox, collectively hold about 367,000 Bit, currently worth over $34.81 billion, accounting for 1.7% of the total Bit supply.
For example, Block.one holds 140,000 Bit, worth over $13.28 billion, with its Bit mainly coming from ICO fundraising. After announcing in 2022 that it would use Bit as part of its asset reserves, Tether now holds over 82,000 Bit, worth over $7.82 billion. The crypto bank Xapo Bank holds nearly 34,000 Bit, worth over $3.69 billion, and this year it became the first bank in the UK to offer interest-bearing Bit and fiat currency bank accounts.
Bit Mining Companies: Holding less than 0.3% of the total Bit supply
Crypto mining companies are also important Bit holders. BitcoinTreasuries.com data shows that as of November 21, 14 Bit mining companies collectively hold over 61,000 Bit, currently worth $5.84 billion, accounting for less than 0.3% of the total Bit supply. Among them, the aforementioned Marathon Digital is the largest Bit holder among Bit mining companies, far exceeding other similar companies. Riot Platforms, which holds about 10,000 Bit, is the second largest, but its latest quarterly report shows significant losses, with the majority of its revenue coming from Bit mining. Hut 8, which holds 9,109 Bit, ranks third, and after receiving a $150 million investment in June this year, the company is committed to building AI-related infrastructure and has purchased a large number of mining machines from Bitmain, as well as launching new mining machines in collaboration.
