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Over the past two years, a number of public and private companies, exchange-traded products (ETPs) and countries have added bitcoin to their balance sheets. However, during the last nine months of 2022, the number of bitcoins stored in these types of treasuries fell by 57,481 bitcoins, worth about $1.1 billion using today’s exchange rates.
As of October 17, 2022, 65 companies, ETPs and countries have bitcoin (BTC) on their balance sheets. The data originates from the bitcoin treasuries list, which aggregates current bitcoin holdings in listed and private companies, ETPs and countries.
At the time of writing and as of September 8, 2022, the bitcoin tax list indicates that approximately 65 of the aforementioned types of entities own approximately 1,443,925 BTC or 6.876% of the limited supply of 21 million. While the balance is a large sum, 57,481 BTC worth $1.1 billion have been removed from the bitcoin tax roll since the start of 2022.
1.44 million BTC in government bonds today is worth approximately $27.76 billion using current spot market values. Data stored via archive.org shows that when 2022 started, the 65 listed and private companies, ETPs and countries held 1,501,406 BTC.
At the time, 1.501 million BTC was worth $63.25 billion using exchange rates on January 2, 2022. The biggest change over the past nine months was Tesla’s balance sheet, which saw 32,177 BTC removed from the firm’s coffers.
Tesla once had 42,902 BTC, and today the company’s treasury has 10,725 BTC. 32,177 BTC represents 55.98% of the 57,481 BTC deleted from the bitcoin tax list since the beginning of the year.
While firms like Tesla unloaded BTC, the list also shows a few companies increasing their holdings. For example, Microstrategy had 124,391 BTC on January 2, 2022, and today the company has approximately 130,000 BTC.
Microstrategy’s cache grew by 4.51% since the start of the year. Tesla’s balance sheet, on the other hand, saw a decline of around 75% of its bitcoin holdings.
The largest treasury holder on the bitcoin treasuries list is the ETP managed by Grayscale Investments. Grayscale’s Bitcoin Trust (OTCMKTS: GBTC) holds 643,572 BTC according to the bitcoin treasuries list, which equates to $12.37 billion in USD value using today’s exchange rates.
Of the supply of 21 million, BTC held by GBTC represents 3.065% and GBTC’s cache further corresponds to 44.57% of the 1.44 million BTC in the treasury today. Out of all 60 entities that have BTC on their balance, only four entities have more than 100,000 BTC.
The four organizations holding more than 100K BTC include Grayscale’s Bitcoin Trust (643K), Microstrategy (130K), Mt Gox (141K) and Block.one (140K). These four entities alone command 1,054,000 BTC of the 1.44 million BTC held by 65 entities.
Despite 57,481 BTC being deleted since January 2, the list has grown since July 17, 2022 as the number of BTC held by the treasuries was around 1,325,396 BTC. With 1.44 million held today, approximately 120,000 bitcoins were added to the balance since July 17th.
Statistics for the current bitcoin treasure chest list mentioned in this article are taken from the online portal buybitcoinworldwide.com, and archive.org calculations stored on January 2, 2022, from the same site.
What do you think about the 57,481 bitcoins that have been deleted from the bitcoin tax list? What do you think about the fact that four units have a majority of the 1.44 million owned by 65 units? Let us know your thoughts on this topic in the comments section below.
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