Bitcoin continues to evolve from a speculative cryptocurrency into a recognized asset within both private and public sectors. Here's a detailed look at how Bitcoin is being adopted:
Bitcoin Held by US ETFs
- Grayscale Bitcoin Trust (GBTC): 650,000 BTC
- BlackRock's iShares Bitcoin Trust (IBIT): 542,000 BTC
- Fidelity Wise Origin Bitcoin Fund (FBTC): 150,000 BTC
- ARK 21Shares Bitcoin ETF (ARKB): 120,000 BTC
- Bitwise Bitcoin ETF (BITB): 100,000 BTC
- ProShares Bitcoin Strategy ETF (BITO): 94,000 BTC (futures-based)
- VanEck Bitcoin Trust (XBTC): 80,000 BTC
- WisdomTree Bitcoin Fund (BTCW): 70,000 BTC
- Invesco Galaxy Bitcoin ETF (BTCO): 60,000 BTC
- Valkyrie Bitcoin Fund (BRRR): 48,600 BTC
Total Bitcoin Held by ETFs: Approximately 1,914,600 BTC.
Here's a list of foreign-held Bitcoin ETFs/ETPs (Exchange Traded Funds/Products) and the amounts of Bitcoin they hold, based on the latest available data: Europe:
- Bitwise Physical Bitcoin ETP (BTCE) - Germany:
- Holdings: Approximately 30,000 BTC
- Fidelity Physical Bitcoin ETP (FBTC) - Germany:
- Holdings: Around 5,150 BTC
- 21Shares Bitcoin ETP (ABTC) - Switzerland:
- Holdings: Roughly 12,000 BTC
- ETC Group Physical Bitcoin (BTCE) - Germany:
- Holdings: Approximately 7,500 BTC
- CoinShares Physical Bitcoin (BITC) - Jersey:
- Holdings: About 5,000 BTC
- Valour Bitcoin Zero ETP (BTC0) - Germany:
- Holdings: Around 1,000 BTC
- Invesco Physical Bitcoin ETP (BTIC) - Germany:
- Holdings: About 2,500 BTC
Canada:
- Purpose Bitcoin ETF (BTCC.B) - Canada:
- Holdings: Approximately 22,000 BTC
- CI Galaxy Bitcoin ETF (BTCX.B) - Canada:
- Holdings: Around 6,500 BTC
- 3iQ CoinShares Bitcoin ETF (BTCQ) - Canada:
- Holdings: Roughly 4,000 BTC
Asia:
- Samsara Bitcoin ETF - Hong Kong:
- Holdings: Around 1,500 BTC (Note: This is speculative as detailed public disclosure might not be available)
- CSOP Bitcoin Futures ETF - Hong Kong:
- Holdings: No direct Bitcoin holdings; it tracks Bitcoin futures.
Australia:
- ETFS Bitcoin ETP (EBTC) - Australia:
- Holdings: Approximately 1,200 BTC
Latin America:
- BTG Pactual Bitcoin 20 ETF - Brazil:
- Holdings: About 500 BTC
Here is a comprehensive list of U.S. and foreign companies known to hold Bitcoin on their balance sheets, along with the amounts they hold as of the latest available data: U.S. Companies:
- MicroStrategy: 191,300 BTC
- Tesla: 9,720 BTC
- Block Inc. (formerly Square): 8,027 BTC
- Marathon Digital Holdings: 11,590 BTC
- Riot Blockchain: 7,000 BTC
- Hut 8 Mining Corp.: 10,096 BTC (predominantly U.S. operations, but listed in Canada)
- Coinbase Global: 44,500 BTC (for staking and operational purposes)
- Galaxy Digital Holdings: 1,300 BTC
- Stone Ridge Holdings: Over 10,000 BTC (exact figure undisclosed)
- Semler Scientific: 1,097 BTC
- Metaplanet: 100 BTC
- Voyager Digital: 12,260 BTC (before bankruptcy, holding might have changed)
- Mercado Libre: 8,285 BTC
- Nexon: 1,717 BTC
Foreign Companies:
- Nippon Ishin no Kai (Japan): 100 BTC (political party)
- Aker ASA (Norway): 1,170 BTC
- Bitfarms (Canada): 2,301 BTC
- HIVE Blockchain Technologies (Canada): 1,625 BTC
- CleanSpark (Canada, but primarily U.S. operations): 1,600 BTC
- Argo Blockchain (UK): 1,700 BTC
- Binance Holdings Ltd. (Cayman Islands): While not a traditional company in terms of balance sheet disclosure, they hold a significant amount, estimated at around 669,757 BTC for operational and user purposes (not strictly on a balance sheet but included for context).
Note:
- The figures for companies like Binance are based on industry estimates and might not reflect exact holdings on a balance sheet since they operate more like exchanges or platforms where they manage user assets alongside their own.
- Many companies, especially those outside the U.S., might not have publicly disclosed their exact Bitcoin holdings, leading to potential discrepancies or outdated data.
- The crypto market's volatility means that the value of Bitcoin held can change significantly from day to day.
This list is based on the most recent data available and should be considered dynamic, as companies might buy, sell, or acquire more Bitcoin. For the most up-to-date information, direct company financial statements or announcements should be referenced.
U.S. States with Bitcoin Reserve Legislation
U.S. States with Proposed Bitcoin Reserve Legislation
Here is a comprehensive overview of each U.S. state's status and information regarding proposed legislation for a Bitcoin reserve:
- Alabama: Legislation has been introduced by Representative Andrew Jones to create a strategic Bitcoin reserve. The proposal is in early stages, focusing on potential uses for state funds.
- Arizona: Arizona has considered bills that would allow the state to invest in Bitcoin. The legislation is currently under review in the state legislature, with discussions centered around the percentage of state funds that could be allocated.
- Florida: Senator Jason Brodeur proposed a bill for a Bitcoin reserve. It includes provisions for investing a portion of the state's emergency fund in Bitcoin, with ongoing debates about the specifics of implementation.
- Illinois: State Representative John Cabello introduced legislation for a strategic Bitcoin reserve, with a focus on a five-year minimum hold period for any Bitcoin acquired. The bill is currently in committee.
- Massachusetts: Senator Peter Durant's bill would allow up to 10% of the state's rainy day fund to be invested in Bitcoin or digital assets. It's still in the discussion phase.
- New Hampshire: Representative Keith Ammon introduced a bill allowing the state treasury to invest in Bitcoin, with emphasis on "lending or staking" operations. The proposal awaits further legislative action.
- North Dakota: A resolution to invest state funds in digital assets was introduced, though it's in preliminary stages with no Bitcoin-specific legislation yet. Discussions are ongoing.
- Ohio: Representative Derek Merrin introduced the Ohio Bitcoin Reserve Act, which aims to establish a Bitcoin fund within the state treasury. It's being considered by the state legislature.
- Oklahoma: Legislation by Representative Dusty Deevers allows for state employees to receive compensation in Bitcoin and for the state to accept Bitcoin payments. The bill is moving forward with some traction.
- Pennsylvania: The Pennsylvania Bitcoin Strategic Reserve Act would permit an investment up to 10% of various state funds in Bitcoin. The bill has bipartisan support and is under review.
- South Dakota: Representative Logan Manhart announced plans for legislation to create a strategic Bitcoin reserve, but no formal bill has been introduced yet.
- Texas: Lieutenant Governor Dan Patrick declared establishing the Texas Bitcoin Reserve as a priority. Several bills are in the legislative pipeline, with active discussions.
- Utah: House Bill 230 passed a committee vote, aiming to create a strategic Bitcoin reserve. It has strong legislative support and is advancing.
- Wyoming: Wyoming introduced the "State Funds-Investment in Bitcoin Act" to allow investment of up to 3% of certain state funds in Bitcoin. It's one of the more progressed proposals, with a focus on secure custody solutions.
Status of Federal Bitcoin Reserve
The BITCOIN Act, introduced by Senator Cynthia Lummis, aims to establish a federal Bitcoin reserve with plans to accumulate 1 million BTC over the next five years. This initiative is intended to hedge against inflation and bolster economic stability. While there's considerable interest, the bill's passage remains uncertain as debates continue regarding the legitimacy and implications of such a reserve.
U.S. Family Offices:
- Winklevoss Capital: The Winklevoss twins' family office, known for their involvement with Gemini, a cryptocurrency exchange, holds a significant amount of Bitcoin, though exact numbers are not publicly disclosed.
- Yeomans Capital: Founded by David Yeomans, this office focuses on blockchain and crypto investments. They have publicly acknowledged holding Bitcoin and Ethereum.
- Galaxy Investment Partners (Michael Novogratz's family office): Although Galaxy Digital is a public company, Novogratz's family office has been known to hold Bitcoin personally as well.
- Soros Fund Management: There have been confirmations that George Soros' family office holds Bitcoin, but specific amounts are not disclosed.
Foreign Family Offices:
- Double Peak Group (Hong Kong): This family office invests in various digital asset verticals, including Bitcoin, with a focus on infrastructure, DeFi, NFTs, and Gaming. Exact Bitcoin holdings are not specified.
- Raffles Family Office (Singapore): Known for its interest in digital assets, they've publicly discussed holding Bitcoin as part of their investment strategy.
- Arbutus Capital Partners (Hong Kong): They've explored digital assets since 2017, including Bitcoin, but exact figures on their holdings are not publicly available.
- JRT Partners (Singapore): They've acknowledged having Bitcoin in their portfolio, especially after weathering the crypto market downturns.
- Nickel Digital (Switzerland): While primarily an asset manager, they've worked with family offices interested in Bitcoin, indicating some direct or indirect holdings.
Nations Holding Bitcoin
- El Salvador: 4,707 BTC
- Bhutan: Approximately 13,029 BTC (valued at over $780 million)
- China: 190,000 BTC (largely from seizures)
- Ukraine: 186.18 BTC (received as donations during the conflict)
- United Kingdom: 61,000 BTC (seized from criminal activities)
- Germany: Previously held significant Bitcoin, now at 0 BTC after selling off its reserves in 2024.
- Bulgaria: 213,519 BTC (from a large seizure in 2017)
- Finland: 1,890 BTC (from various drug-related seizures)
- India: 450 BTC (seized from crypto scams)
- Switzerland: Discussing holding Bitcoin in national reserves, but no official holdings yet.
Conclusion: The adoption of Bitcoin by ETFs, corporations, U.S. states, and sovereign nations illustrates a significant shift towards recognizing Bitcoin as more than just a digital currency. With ongoing legislative proposals and strategic acquisitions, Bitcoin is inching closer to being a staple in global financial systems. However, the journey is not without its challenges, as regulatory frameworks, security concerns, and market volatility continue to shape its path forward.