Interest in cryptocurrencies among companies has surged although for many years the idea of buying cryptos as a financial reserve was ridiculous. Let’s learn the top 10 companies with the most Bitcoin in 2022.
For years Bitcoin was criticized for being volatile, and marginalized; therefore, many companies did not take it seriously. When the pandemic hit, the idea of buying Bitcoin for reserves did not appear ridiculous after all. Many companies have fallen into the “rabbit hole”. The floodgate for Bitcoin opened when MicroStrategy, the cloud software company, bought $425 million worth of Bitcoin in August and September 2020. After that, many companies followed suit, like Block and the Electric Car manufacturer Tesla. TechTrends aimed to provide you with a list of the top 10 companies with the most Bitcoin in 2022.
Top 10 Companies with the Most Bitcoin in 2022
With companies allocating reserves to cryptocurrencies, a chance has been provided for investors. They can buy shares in companies holding Bitcoin rather than buying Bitcoin themselves. Let’s take a look at the public companies with the biggest Bitcoin portfolios.
1. MicroStrategy
The main reserve asset at MicroStrategy is Bitcoin. MicroStrategy, which is the first on the list of biggest Bitcoin holders companies, is a prominent business analytic platform that produces mobile software and cloud-based services. In 2021, this firm continued buying Bitcoin and by the end of that year, they purchased another 1,914 Bitcoins which equals $94.2 million in cash. The price of each Bitcoin the company bought was $49,229. As of December 2021, it had 124,391 BTC in reserve. It equals over $5.8 billion in BTC. The CEO of MicroStrategy, Michael Saylor, even said that at one point, he was purchasing $1,000 in Bitcoin every second.
Although many CEOs try not to discuss their personal investments, Saylor did not shy away from saying that he personally holds 17,732 BTC, which is worth more than $832 million.
Based on reports from BitInfoCharts, Saylor is among the top 100 Bitcoin holders himself, if he has all that amount within a single address. MicroStrategy made an about-turn when they bought Bitcoins as in 2013, they said that Bitcoin’s days were numbered.
In 2020, Morgan Stanley, the American multinational investment bank and financial services company, admitted that it had bought 10.9% of MicroStrategy. The platform aims to get other companies to invest in the biggest cryptocurrency. At the beginning of 2021, it held a Bitcoin for Corporation’s strand when having its World. Now conference with the purpose of pursuing companies with the crypto asset.
In the conference, Saylor said that he expected an “avalanche of companies” converting their balance sheets into Bitcoin in the upcoming years.
When he was talking with Binance Blockchain Week, Saylor referred to the reason behind him opting for Bitcoin instead of gold as a reserve asset.
“The returns on gold didn’t look nearly as compelling as Bitcoin,” said Saylor, adding, “if you’re looking for a non-fiat derivatives store of value in an inflationary environment, that’s logical that you would settle upon Bitcoin as digital gold.”
2. Tesla
Tesla, the Electric Car manufacturer, is among the companies with the biggest Bitcoin portfolios. Moreover, The SEC filing showed the amount Tesla invested in cryptocurrency, which was “an aggregate $1.50 billion.” The 42,902 BTC owned by the company is worth $2.04 billion.
Tesla CEO Elon Musk revealed that the company sold 10% of its Bitcoin holdings in 2021. It was “to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet”, according to Musk.
Based on its SEC filing, the Bitcoin purchases made by Tesla are regarded as an up-to-date investment policy. In addition, its purpose is to diversify the cash on hand and maximize returns. The filing claims that “we may invest a portion of such cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future.”
The play Tesla had around Bitcoin raised a lot of speculations for months since Musk talked about the cryptocurrency on his Twitter account. When 2020 was ending, MicroStrategy, one of the top 10 companies with the most Bitcoin in 2022, offered to share Saylor’s “playbook” for investing in Bitcoin with Musk, after claiming that choosing Bitcoin would bring Tesla shareholders a “$100 billion favor.”
“Yes. I have purchased over $1.3 billion in #BTC in past months & would be happy to share my playbook with you offline – from one rocket scientist to another,” said Michael Saylor on December 20, 2020.
In the first month of 2021, Musk’s Twitter bio was changed to the “Bitcoin hashtag; in retrospect, saying that Tesla is keen on buying cryptocurrencies.
Musk does not have an entirely positive relationship with Bitcoin, however. In March 2021, Tesla announced that they accept payments in Bitcoin for the products and services they provide. Two months later, the CEO pronounced that they do not accept cryptocurrency as payment anymore.
Seeing the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions”, Musk said that the company’s Bitcoin holding would not be sold and they would consider utilizing it for transactions when mining “transitions to more sustainable energy.” Later, he announced that Tesla would continue using Bitcoin for transactions if miners use 50% clean energy.
The billionaire, who has a keen interest in Dogecoin, pronounced that the company decided to accept Dogecoin purchases for some Merchandise.
3. Galaxy Digital Holdings
Another one on the list of the top 10 companies with the most Bitcoin in 2022 is Galaxy Digital Holdings. This large institutional holder of Bitcoin has 16,400 BTC, equaling over $779 million.
The company was founded by Michael Novogratz in January 2018 and it had partnered with crypto firms like Block. One and BlockFi. Novogratz is interested in Bitcoin and in April 2020, he pointed out that stimulus measures announced because of the Covid-19 pandemic were leading to an interest in cryptocurrencies. He called it Bitcoin’s “moment” and insisted that “money doesn’t grow on trees.”
Later that year, however, he claimed that due to the volatility nature of the cryptocurrency, gold is safer, saying that “My sense is that Bitcoin way outperforms gold, but I would tell people to hold a lot less than they do gold. Just because of the volatility.” A joint proposal for a spot Bitcoin ETF was launched by Galaxy Digital in September 2021. The U.S. Securities and Exchange Commission has just approved Bitcoin futures ETFs.
4. Voyager Digital LTD
Going through the top 10 companies with the most Bitcoin in 2022, the fourth one is Voyager Digital. Crypto brokerage has 12,260 BTC which is an equivalent of $582 million at current prices. Meanwhile, the purpose of the firm is to prepare a one-step shop for trading digital assets. It reported that the quarterly revenue of $60.4 million went up 16x from the last quarter. “We saw exponential adoption of cryptocurrencies as a recognized and investable asset class,” said CEO Steven Ehrlich in May 2021.
In June 2021, a more measured tone was struck, showing that “a significant drop in bitcoin price may have a material adverse effect on the Company’s results of operations.” It mentioned the “drastic drop” in Bitcoin’s price in March 2020 as the effect of coronavirus pandemic on the market uncertainty.
5. Block, Inc.
With Tesla, Block, lit the fuse related to institutional Bitcoin investments as they invested $50 million in the cryptocurrency in October 2020. They then entered the list of the top 10 companies with the most Bitcoin in 2022.
After that, the payments company kept investing in Bitcoin, admitting in his Q4 2020 earnings statement that it had gotten another $170 million. Knowing that CEO Jack Dorsey is an enthusiastic advocate for Bitcoin himself as he runs his own Bitcoin node, it seemed unsurprising.
Jack Dorsey said: “More important than Square investing $50mm in #Bitcoin is sharing how we did it (so others can do the same.”
According to the company, its investment was “part of Square’s ongoing commitment to bitcoin,” insisting that “the company plans to assess its aggregate investment in bitcoin relative to its other investments on an ongoing basis.”
Its total holdings now are 8,207 BTC, worth $381 million but Block’s tune on Bitcoin has not changed. CFO Amrita Ahuja said in March 2021: “There’s absolutely a case for every balance sheet to have Bitcoin on it,” in an interview with Fortune, reassuring its commitment to holding the cryptoasset “for the long term.”
The company’s commitment to its strategies related to Bitcoin was reaffirmed in May 2021. Moreover, Ahuja revealed in an interview that no more Bitcoin purchases will happen. Block has attempted to build out the Bitcoin ecosystem. It offered a $5 million fund to improve cryptocurrency education. It even defended Bitcoin’s environmental impact with a white paper.
In addition, there is an involvement with Bitcoin technology at the company as well. It pronounced plans to develop a Bitcoin hardware wallet in July 2021. Dorsey tweeted in October 2021 that Block is thinking about building Bitcoin mining rigs.
By the end of 2021, its name was altered to Block from Square, which refers to blockchain technology and Bitcoin. A week prior to renaming the company, Dorsey admitted that he is no longer going to be Twitter CEO and wanted to concentrate on the payments company.
6. Marathon Digital Holdings Inc.
Unsurprisingly, Marathon Digital Holdings is also among the companies that hold the most Bitcoin in the world. It holds 7,649 BTC, which is worth $363 million at current prices. The purpose of the company is to build “the largest Bitcoin mining operation in North America at one of the lowest energy costs.” Before changing into crypto mining, it was known as a patent-holding firm and was often called a patent troll.
2021 was a good year for the company as they started it with a $200 million capital raise before rounding out January with a $150 million Bitcoin purchase. The stock price of Marathon Digital Holding has skyrocketed by over 3,000%, improved when crypto miners exited China, outperforming Bitcoin over the year up to now.
By 2023, its purpose is to hold over 199,000 Bitcoin miners churning out 23.3 EH/s per day. It will be a 600% raise from the hash rate of December 2021. A mammoth order of 78,000 Antminer mining machines from Bitmain was placed that month in order to be delivered in 2022.
7. Hut 8 Mining Corp
The seventh one on the list of the top 10 companies with the most Bitcoin in 2022 is Canadian crypto mining firm Hut 8. It holds 5,242 BTC, worth $249 million. In 2021, Hut 8 was named on the Nasdaq Global Select Market under the HUT ticker. In addition, its SEC filing showed that it is “committed to growing shareholder value by increasing the number and value of our bitcoin holdings”.
It also revealed the way it generates fiat income, which is by leveraging its reserve of self-mined and held Bitcoin “via yield account arrangements with leading digital asset prime brokerages”.
Hut 8 then explained its goal of mining 5,000 BTC by the end of 2021. The company even bought new mining machines. It is optimistic that the “favorable geopolitical environment” is going to be beneficial for its mining operations.
8. Coinbase Global, Inc.
The arguably best-known crypto firm on the list of the top 10 companies with the most Bitcoin in 2022 is Coinbase Global. Coinbase, the crypto exchange, went public in April 2021 on the Nasdaq list. It was a landmark for the crypto industry, but it wasn’t borne out when Coinbase’s stock price declined. Furthermore, they debuted at $381 and ended the year at $250.
It revealed in February 2021 that it has $230 million in Bitcoin, making Coinbase one of the companies with the most Bitcoin on their balance sheets.
By the end of 2021, however, its Bitcoin holding slipped to $213 million (4,482 BTC).
9. Riot Blockchain, Inc.
Looking through the public companies with the most Bitcoin, another crypto-mining outfit called Riot Blockchain appears. This US-based company holds 3,995 BTC, equaling the value of $189 million at today’s prices.
Its value has risen from $200 million in 2020 to highs of over $6 billion the next year. Moreover, Nasdaq-listed company has seen many expansions of late. The company spent $650 million buying a one-gigawatt Bitcoin mining facility in Rockdale, Texas in 2021. The purchase was described as a “transformative event” that would result in the company becoming the “largest publicly-traded Bitcoin mining and hosting company in North America, as measured by total developed capacity.”
However, its share price has decreased after hitting its all-time high in February of 2021. It was first being traded at $48 a share; when the year was ending, it slipped to $23 a share, a drop of 52%.
10. Bitcoin Group SE
Last but not least on the list of top 10 companies with the most Bitcoin in 2022 is Bitcoin Group SE. It holds 3,947 BTC, worth $187 million at today’s prices. Bitcoin Group SE invested in crypto exchange Bitcoin.de and Futurum bank. They merged to make “Germany’s first crypto bank” in October 2020.
It resulted in the German parliament making the decision to allow banks to sell and store cryptocurrencies. Managing director of Bitcoin SE Marco Bodewein insisted that it is a chance to introduce the bank’s institutional investors to crypto’s “high returns and safety features.”