Data from Bitcoin Treasuries shows that the amount of Bitcoin held by companies and institutions worldwide has reached 1.6 million BTC, nearly 8% of Bitcoin’s total hard cap supply. The majority of all institutional BTC purchases occurred over the last year and a half. Topping the list of corporate BTC holders is MicroStrategy, with nearly 109,000 BTC on its balance sheet representing 75% of the company’s total market cap.
Zoom In: Following second is Tesla, with 43,200 BTC. The list goes on with Square, Marathon Digital Holdings, and Coinbase. In February, Tesla announced that it bought $1.5 billion of Bitcoin as part of its new investment strategy. Shortly after, the company started accepting Bitcoin as a form of payment in vehicle purchases. In May, Tesla CEO Elon Musk announced that the company suspended Bitcoin payments due to its adverse impact on the environment. Recently at “The B Word” virtual conference, Musk stated that Tesla would resume accepting Bitcoin soon if the percentage of renewable energy usage continued to constitute at least 50 percent of its energy sources.
