comscore Elon Musk's Tesla has the second largest stash of Bitcoins among other listed companies: Report
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Tesla has the second largest stash of Bitcoins among other listed companies: Report

After a recent crash in the entire cryptocurrency world, Bitcoin has been hovering below the $30,000-mark.

Bitcoin

Tesla owns 43,000 Bitcoins


Bitcoin is easily one of the earliest cryptocurrencies to have made a mark in the world. The overall market valuation of Bitcoin is the highest among cryptocurrencies and a new report has suggested that even some governments across the globe are investing in the virtual asset. Even companies, most like corporates have invested a substantial sum in Bitcoin. Also Read - Epic Games CEO warns against Fortnite cryptocurrency scam: Here’s what he said

According to data analyzed by BanklessTimes.com, governments and companies own close to 8 percent of all Bitcoin (BTC). Translating this using the current value of the crypto, makes it roughly 1.6 million BTC worth $45.85 billion. The highest stakeholders are Bulgaria, MicroStrategy, and Block.one. Also Read - Microsoft, Amazon come to Tesla Employees' rescue after Elon Musk wants them to return to office

In terms of brands, public companies hold 266,417 BTC worth $7.78 billion. Among these companies,  MicroStrategy has the lion’s share of these funds at over 129,000 BTC. Tesla is the second public company to own the highest amount of Bitcoins in the world. The Elon Musk-run company has around 43,000 coins, according to the report. Galaxy Digital Holdings completes the top three with its ownership of 16,400 BTC.  The report claimed that private companies have reserves of over 202,000 BTC that work to about $5.92 billion. Also Read - Musk announces hiring freeze for Tesla, may layoff 10 percent employees: Report

Block.one has the largest stash of 140,000 BTC. Luna Foundation and The Tezos Foundation own 28,000 and 17,500 BTC, respectively.

Several nations own a combined 271,417 BTC with a value of $7.97 billion.

Of these, Bulgaria owns the largest share of coins at 213,519 Bitcoin with a valuation of $6.27 billion, according to the data by BanklessTimes.com. Even Ukraine owns 45,351 Bitcoins. El-Salvador, Finland, and Georgia hold 9,500, 1,981, and 66 BTC, respectively. The reason behind Bulgaria’s extraordinary share has been reportedly attributed to the country seizing over 200,000 BTC following a 2017 investigation on custom fraud.

After a recent crash in the entire cryptocurrency world, Bitcoin has been hovering below the $30,000-mark. The cryptocurrency has been losing steam since spring this year.  The cryptocurrency lost more than 50 percent of its worth since November last year, corresponding with the global crypto market experiencing turbulence.

Bitcoin ETFs have also turned out to be a popular option for investors. A Bitcoin ETF is an exchange-traded fund composed of bitcoin or assets related to Bitcoin’s price.

According to the report, BTC ETFs hold about 816,000 BTC (3.888% of all Bitcoins) with a value of nearly $24 billion. Additionally, three ETFs: Grayscale Bitcoin Trust (GBT), Coinshares/XBT provider, and Purpose Bitcoin ETF, dominate the space.

The report stated, “GBT holds nearly 644,000 coins with a value of $18.9 billion, Coinshares/XBT provider follows in second place with 48,466 coins, and Purpose Bitcoin ETF has some 31,453 coins.”

BanklessTimes.com’s CEO Jonathan Merry said, “The cryptocurrency market has changed dramatically since Bitcoin first launched in 2009. At the time, few people knew about it, and even fewer understood it. But now, many have invested billions of dollars in it. The skepticism that surrounded it has given way to a growing belief in its worth.”

 

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  • Published Date: May 26, 2022 7:26 PM IST



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