Author: Nancy, PANews

BTC today broke through the $97,000 mark strongly, once again refreshing historical records. With the continuous surge in BTC prices, the global call for BTC to be included in national reserve assets is growing louder, and many institutions are also accelerating their pace of increasing their holdings of BTC.

In this article, PANews took stock of the BTCHoldings of major institutions according to the latest data from BitcoinTreasuries.com. As of November 21, a total of 93 entities (ETFs, countries, listed companies, private companies, etc.) publicly hold over 2.728 million BTC, accounting for nearly 13% of the total BTC supply. This trend further indicates that institutional investors have gradually replaced retail investors as the dominant force in this Bull Market.

ETF: Asset value exceeds USD 110 billion, IBIT's position accounts for over 38%

BTCSpotETF has become an important Holdings channel for institutions. According to BitcoinTreasuries.com, as of November 21, the BTC holdings of BTCSpotETF exceeded 1.231 million coins, with a current value of over 116.89 billion US dollars, accounting for more than 5.8% of the total BTC supply; at the same time, The Block data shows that since its launch earlier this year, the cumulative volume of the US BTCSpotETF has exceeded 520 billion US dollars.

In terms of asset size, the current top three BTCSpotETFs are BlackRock IBIT, Grayscale GBTC, and Fidelity FBTC.

Among them, BlackRock's IBIT became the ETF with the largest holding size with 475,000 BTC, with a holding value of approximately $45.05 billion, accounting for about 38.6% of all ETF holdings. According to Fintel statistics, 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, etc.

Grayscale's GBTC holds over 218,000 BTC, worth over $20.71 billion. According to Fintel's statistics, GBTC is held by 647 institutions, with 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 FBTC is closely followed by 194,000 BTC, with Holdings worth $18.42 billion. According to Fintel statistics, FBTC has 246 institutional holders with a total holding of over 5168.8 shares, including shareholders such as Millennium Management, Capula Management, Schonfeld Strategic Advisors, DE Shaw & Co., Hana International Group, Jane Street, Hbk Investments LP, Goldman Sachs, and Pine Ridge Advisers.

Country: Holds nearly 530,000 BTC, with the US, China, and the UK accounting for nearly half

Several countries around the world have become important holders of Bitcoin (BTC). PANews previously reported that an increasing number of governments are re-evaluating the value of BTC as an asset, and many have publicly advocated for including BTC in their national reserves.

According to data from BitcoinTreasuries.com, as of November 21, a total of more than 529,000 BTC (valued at approximately US$50.24 billion), accounting for 2.5% of the total BTC, is known to be held by 9 countries. Among these countries, the United States, China, and the United Kingdom are the main players, holding 207,000, 194,000, and 61,000 BTC, respectively, totaling 46.2% of the total holdings of these countries. However, most of the BTC held by these countries were obtained through law enforcement actions, while only Bhutan and El Salvador acquired BTC through mining or purchasing with real money.

Countries holding BTC

Listed Companies: Holding Value Over $42.2 Billion, MicroStrategy Accounts for Nearly 80%

Listed companies are becoming important forces in BTC allocation. According to BitcoinTreasuries.com, as of November 21st, 43 listed companies directly hold nearly 445,000 BTC, with a current value of approximately $42.22 billion, including MicroStrategy, Marathon Digital, Riot Platforms, TSL, Hut 8, and Coinbase Global, etc.

For example, MicroStrategy owns over 331,000 BTC (worth over $31.43 billion), accounting for nearly 74.4% of the total BTC holdings of the listed company. Based on the current price of BTC at around $97,000, MicroStrategy's Holdings have a floating profit of over $14.6 billion. With the BTC investment strategy, MicroStrategy has become one of the top 100 listed companies in terms of market capitalization in the United States, and its stock price has soared. According to Tradingview data, its stock MSTR had a trading volume of $33.27 billion, second only to Nvidia, on November 20th. Currently, MicroStrategy has not stopped buying BTC. The institution recently announced that it will increase the size of its zero-coupon convertible senior notes issuance to $2.6 billion, and part of the net proceeds will be used to purchase BTC. It also disclosed that there is still $15.3 billion in unused funds for purchasing BTC through stock issuance and sales.

Marathon Digital, a BTC mining company, holds nearly 26,000 BTC, currently valued at approximately $2.46 billion. The company's BTC mainly comes from Mining and capital acquisition. The third-quarter financial report alone shows that it produced 2,070 BTC and acquired 6,210 BTC. Marathon Digital is also issuing $850 million in convertible notes, with the option to expand to $1 billion, for debt repurchase and Bitcoin acquisition.

After announcing the purchase of $1.5 billion worth of Bitcoin in 2021, TSL sold 4,320 BTC in March 2021 and 29,160 BTC in 2022, totaling about 75% of its BTC Holdings. Currently, TSL still holds 9,720 BTC, which is worth over $920 million, but it accounts for less than 0.7% of TSL's total assets ($119.8 billion) and only 0.046% of the total BTC supply.

Top ten holding listed companies

Private Company: Reserves Worth over $34.8 Billion

Many private encryption institutions also hold a large amount of BTC. According to BitcoinTreasuries.com data, as of November 21st, 12 private companies including Block.one, Tether, Xapo Bank, BitMEX, and Mt. Gox collectively hold approximately 367,000 BTC, with a current value of over $34.81 billion, accounting for 1.7% of the total BTC.

For example, Block.one holds 140,000 BTC, worth over $13.28 billion. Its BTC mainly comes from IC0 fundraising. Since announcing BTC as its asset reserve in 2022, Tether now holds over 82,000 BTC, worth over $7.82 billion. Xapo Bank, an encryption bank, holds nearly 34,000 BTC, worth over $3.69 billion. This institution also became the first bank in the UK to launch interest-bearing BTC and fiat currency bank accounts this year.

Publicly held private enterprises

BTC Mining Companies: Less than 0.3% of Total BTC Held

encryption mining enterprises are also important holders of BTC. According to BitcoinTreasuries.com data, as of November 21, 14 BTC mining enterprises collectively hold over 61,000 BTC, currently valued at 5.84 billion US dollars, accounting for less than 0.3% of the total BTC. Among them, Marathon Digital mentioned earlier holds the most BTC among mining enterprises, far exceeding other similar companies; closely following is Riot Platforms holding about 10,000 BTC. However, based on its latest quarterly financial report, the company has incurred substantial losses, with the majority of its revenue coming from BTC mining; Hut 8 ranks third with 9,109 BTC. After receiving a $150 million investment in June this year, the company is dedicated to establishing AI-related infrastructure, purchasing a large number of Mining Rigs from Bitmain, and collaborating to launch new Mining Rigs.