Want to Know How Popular Bitcoin Is in the Business World? Check Out These Companies That Hold the Most Bitcoin.
Aluxers, you know that we’ve been punting and promoting Bitcoin since day dot, institutional investors and companies share our sentiment, which is why they’re piling into Bitcoin.
Here are 10 Companies that hold an exceptional amount of Bitcoin.
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Voyager Digital – $146,000
When you’re a cryptocurrency broker like Voyager Digital, it makes sense that you’d own a fair share of Bitcoin. Voyager Digital offers APIs and mobile apps for Bitcoin trading.
Registered on the Canadian Stock Exchange, CSE, they have more than 2,500 BTC on their balance sheet which was filed in November 2020.
In February 2021, Voyager Digital announced that they had raised $100 million in a private placement of common shares, with shares costing $13.10. Money raised will be used for general corporate purposes, with Co-founder and CEO stating, “We are well on our way to achieving our goals by educating individual investors about creating wealth through cryptocurrencies by offering over 50 digital assets with 22 bearing interest, all on a commission-free and easy to use platform.”
Hut 8 Mining – $168,000
Another company based in Canada is bitcoin mining company, Hut 8 Mining. Hut 8 mining recently made headlines when their bitcoin balance hit 3,012 – meaning that they hold more self-mined bitcoin than any other publicly traded bitcoin miner in the world… according to newswire.ca.
Hut 8s bitcoin production is currently at around 6.8 bitcoin every day.
The reason why Hut 8 is so attractive to investors is that they receive direct exposure to bitcoin without the need to know or understand all the complexity’s that go along with it. Investors don’t need to worry about online wallets and can safely store their bitcoin knowing that Hut 8 is looking after their best interests.
Aluxers, our channel has everything you need to know about investing in Bitcoin and Crypto, so be sure to subscribe and soon we’ll share details of a course that you should prioritize if you’re keen to start trading.
Square: $400 Million
Payment facilitator, Square, has been buying a lot of Bitcoin of late. Square’s main focus when starting up was to provide every kind of business owner, an easier way to accept credit cards and online payments.
Square recently ventured out and bought majority ownership of Jay-Z’s Tidal. It’s one of the reasons Jay Z’s bank balance grew exponentially recently. Be sure to find out how else he makes his money by watching our video, 10 Richest Rappers with Impressive Businesses.
Owned by Twitter’s Jack Dorsey and Jim McKelvey, Square first bought $50 million worth of bitcoin in the 3rd quarter of 2020 and then another $170 million a few weeks later. 5% of Square’s assets are bitcoin.
Square has a peer-to-peer payment platform called Cash App. The app generates revenue through merchant, transfer and investment fees but it’s the bitcoin exchange that is proving highly successful. Bitcoin injected $4.57 billion in Cash App revenue for 2020, 9 times more than 2019!
Currently, Square owns 8,027 bitcoins in total.
Galaxy Digital Holdings – $770 Million
This financial firm specializes in asset management, trading, investment, and… bitcoin. They work with digital assets, cryptocurrencies and blockchain and currently have 16,402 bitcoins.
According to decrypt.co, “These investment funds don’t hold Bitcoin on their own behalf, instead doing so in order to enable accredited investors to gain exposure to Bitcoin without holding or managing the cryptoasset directly.”
Michael Novogratz founded the company in 2008, and he predicts that bitcoin could soar to $500,000 in the future. He credits a “paradigm shift” with banks who are, “frantically trying to figure out how to get into crypto.”
Galaxy Digital Holdings has a market value of $4.4 billion and Novogratz believes that cryptocurrencies have staying power, which is why they’ll keep on doing what they’re doing, because they’re doing it well.
3iQ – The Bitcoin Fund – $1 Billion
Another Canadian firm on our list, and according to bitcointreasuries.org, have bitcoin valued at over $1 billion. That’s 22,590 BTC.
Aluxers, 3iQ’s Bitcoin fund is the first public fund listed in Canada on the Toronto Stock Exchange. It took several years to get there, but they were listed in April 2020. It was a momentous occasion as it enabled Canadians to be able to invest in Bitcoin through their own regulated investment managers.
Fast-forward to September 2020 and they’re now listed on the Gibraltar Stock Exchange.
In October 2020, 3iQ had a record $100 million worth of cryptocurrency, which means it’s experienced 900% growth to get that exponential amount of $1 billion.
President and CEO Fred Pye said their vision is to become the “biggest regulated Bitcoin fund in the world.” Well, so far… so good.
Tesla Motors: $1.5 Billion
Aluxers, we all know that Elon Musk is a supporter of Bitcoin. But whatever you do, do not fall victim to the Elon Musk crypto scam. A poor guy in Germany lost half a million dollars’ worth of bitcoin after believing a Tweet posted by a Musk imposter, promised to double his money. With a clock pushing for urgency, the man gave away all his bitcoin and then had to break the news to his wife…
Remember, if it sounds too good to be true, it normally is!
So, back to Tesla. On the 8th of Feb, Tesla Motors confirmed that they had purchased $1.5 billion worth of Bitcoin and they also announced they would be accepting Bitcoin as payment for their products, where possible by law. They are also considering hanging onto the bitcoin after payment, as opposed to selling it.
Tesla closed 2020 off with $19.4 billion, so it’s less than 8% of it’s capital invested into Bitcoin, which is nothing in the greater scheme of things.
Musk has also been tweeting about dogecoin, and just recently, thanks to a Tweet, Dogecoin was up about 35 percent from its 24-hour low in February.
In another Twitter post, Musk ran a poll whereby he asked his 45 million plus followers to select “the future currency of Earth.”
Option 1 – “Dogecoin to the Moooonn”
Option 2 – “All other crypto combined.”
71.3% chose “Dogecoin to the Moooonn”
Who knows, maybe our next article will be top 10 companies that have the most Dogecoin…
If you are a fan of Elon Musk, don’t forget to check out 15 Books Elon Musk Thinks Everyone Should Read.
Ruffer Investment Company – $2 Billion
Our one and only London-based company is asset manager Ruffer Investment Company who jumped on-board with a huge investment in Bitcoin in December 2020. They allocated 2.5% of their multi-strategies fund to bitcoin which secured them 45,000 BTC. At the time of purchase, it was worth $870 million, and is now valued at over $2 billion.
Co-manager of Ruffer Investment told Telegraph Money that, “We’ve been surprised by how well it has done and how quickly. We did not expect immediate fireworks,”
Aluxers, we know that bitcoin can be overwhelming but it’s worth investing your time into learning more about it and how you can start investing into the few remaining ones that are left. We built Bitcoin Essentials especially for this reason.
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MicroStrategy: $2.19 Billion
Michael Saylor is the CEO of MicroStrategy. He’s been the focus of many heated debates and conversations about Bitcoin, and here’s why. His company has spent $2.186 billion on Bitcoin. And that’s all very well if you’re a company like Tesla with a balance of over $19 billion, but MicroStrategy turned to debt offerings to purchase more Bitcoin.
MicroStrategy is a publicly traded business intelligence company. A software solutions company that aims to offer services that empower people with as they say, “actionable intelligence.”
As you know, there are only 21 million bitcoin tokens available. Once they’re gone, they’re gone. Saylor believes that buying bitcoin is the logical way to store value over the long run. However, his actual business of providing software has run at a loss for the last 6 years according to fool.com.
Investopaedia confirms that as of February 24, 2021, there was 2.362 million bitcoins still to be mined.
CoinShares – $3.2 Billion
The CoinShares Group has been leading the pack when it comes to Bitcoin, and lay claim to being the first firm to launch a regulated Bitcoin hedge fun and the first to exchange-traded Bitcoin product.
CoinShares is a St. Helier, Jersey-based asset manager, recently launched their new physically backed ETP, CoinShares Physical Bitcoin. What’s significant about this Physical Bitcoin is that it gives their clients’ a passive exposure to bitcoin as well the convenience of “an exchange traded product,” according to their site coinshares.com.
Their CEO, Jean-Marie Mognetti, said in a press release, “Investors used to consider it a risk to allocate to Bitcoin. Now it’s a risk not to allocate to Bitcoin.”
Grayscale Bitcoin Trust – $30 Billion
When it comes to owning Bitcoin, Grayscale Bitcoin Trust puts everyone on our list in the shade. They officially have the largest portfolio of Bitcoin, sitting with a value of $30 billion. That’s more than 3% of the total supply of Bitcoin!
Grayscale launched in 2013 and proved popular with investors who wanted to add bitcoin to their portfolio but weren’t too keen to directly buy the cryptocurrency. For many years, Grayscale was the only option where investors could gain easy access to bitcoin, and they took full advantage of this by charging investors an annual fee of 2%.
They finally have some competition coming their way in the form of Osprey Bitcoin Trust, who have an annual fee of 0.49%, greatly undercutting Grayscale’s fees. So far, they’ve gained roughly $103 million in assets.
However, things could change swiftly again as Grayscale are looking into launching their own bitcoin, leaving this truly a case of … time will tell.
Aluxers, do you think Michael Novogratz might be right when he predicted that the price of bitcoin could be as much as $500,000? We’d love to hear your thoughts.