During the cryptocurrency’s historic run of 2021, several publicly traded companies increased their exposure to Bitcoin and others shifted exposure to the largest cryptocurrency in the market. In a recent article, crypto-data aggregation platform CoinGecko listed the top 10 public companies that own Bitcoin.
According to the study, Michael Saylor’s MicroStrategy is the company with the largest holdings of Bitcoin. The company has 152,333 BTC and an unrealized return on investment (ROI) of 11.07%, which equates to $456,712,092 in earnings today (assuming BTC is around $30,000).
The other top 10 publicly traded companies that currently own bitcoin see unrealized earnings ranging between 9.79% (Block Inc) and 106.3% (Marathon Digital Holdings). Moreover, the two companies currently experiencing an unrealized loss of their bitcoin holdings are NEXON Co and Tesla of -48.32% and -5.97% respectively.
Meanwhile, mining companies Hut 8 Mining Corp. and Riot Platforms, Inc. And Hive Blockchain is seeing the largest unrealized gain per Bitcoin. This can be explained by considering the nature of the mining business, where your entry price is $0 per bitcoin (excluding expenses such as labor, utilities, and electricity costs).
As CoinGecko points out, among the seven companies in the top 10 that are not in the digital currency mining space, Marathon Digital Holdings currently has the highest percentage of unrealized earnings: 106.3%.
The company has an approximate net worth of $189,087,000 in 2021 and currently has a net worth of approximately $390,087,792. Moreover, Marathon also increased its total Bitcoin holdings by 28.94%, going from 10,054 BTC to 12,964 BTC.
Also according to CoinGecko, four of the seven companies that have remained in the top 10 since 2021 have increased their total bitcoin holdings. MicroStrategy, for example, has been regularly adding more BTC to its portfolio since 2021 (22,634 BTC). Meanwhile, the other three added 2,910 BTC (Marathon Digital Holdings), 10,766 BTC (Coinbase Global, Inc), and 2,237 BTC (Hut 8 Mining Corp.).
Block and NEXON have completely held their holdings since 2021. Hive Blockchain, a Canadian cryptocurrency miner, was the only company to reduce its Bitcoin holdings by selling 759 BTC. It is a reduction of 24.56% from its participation from 3,091 to 2,332.
In addition, three new companies entered the top 10 publicly traded companies with bitcoin on their balance sheets. Galaxy Digital Holdings (12,545 BTC), Tesla (10,500 BTC), and Riot Platforms (7,275 BTC) rank third, fifth, and eighth in total bitcoins.
Tesla and BTC
As noted by CoinGecko, Tesla has seen the most volatility in its cryptocurrency holdings in the past two years. In February 2021, Elon Musk’s company bought approximately $1.5 billion in bitcoin at an average price of $36,000 per coin.
However, the company announced in its financial statement for the second quarter of 2022 that it had sold 75% of its total stakes, with a profit of $64 million.
At the time, Tesla cited environmental concerns and the need to rebalance its assets as its main reasons. The company held the remaining 25% (about 10,500 BTC) without buying or selling anything since then.
a Stady Powered by CoinGecko Analyze the 10 largest publicly traded companies with the largest Bitcoin wallets As per the amount of Bitcoin (BTC) held, extracted from reported financial results, as of August 3, 2023. The current value of Bitcoin ($30,090.08) was obtained by calculating the average daily price of Bitcoin at 00 hours: 00 UTC in July 2023.