The number of coins held in the bitcoin treasury has decreased by nearly 102,045 bitcoins (BTC) since June 5, 2021, equivalent to $2.1 billion. The value of one BTC over the past year has increased, reaching $64,000 in April and $69,000 in November. In contrast, the price of BTC has plummeted over the past eight months.
In 2021, several news articles focused on the increasing number of bitcoin hoards held by various companies. This includes public and private companies. Companies like Microstrategy (Nasdaq: MSTR) are the first to start the trend. The current list consists of companies such as Tesla (Nasdaq: TSLA), Galaxy Digital (TSE: GLXY) and Block Inc. (NYSE: SQ.)
Bitcoin treasury rises in 2021
BTC and several other crypto assets broke through for months. Moreover, countries like El Salvador add BTC to their balance sheets throughout the year. More than a year ago today, public entities, private companies, exchange-traded funds (ETFs), and governments held approximately 1,427,441 BTC.
Using the June 5 BTC exchange rate ($36.3,000 per unit), 1.42 million BTC was worth $78,387,515,121 last year. Much less BTC is currently held in Bitcoin vaults. The latest data shows the government and companies only have 1,325,396 BTC. As of June 5, 2021, year-to-date measurements show that the value of BTC is up 284.2% compared to the value of the US dollar.
The value of this stock today is only $27.84 billion. In addition, the 102,045 BTC sold is currently worth $2.1 billion. On June 5, 2021, archive.org released Bitcoin treasure list data. The data shows that 33 listed companies have BTC on their balance sheets.
There are currently 38 listed companies holding BTC in their vaults. Collectively, these companies hold 262,695 BTC, which translates to a market cap of $5.5 billion. When we look back a year ago, only four private companies held BTC; today they are seven.
Subjects sell their bitcoins
The four companies together hold a total of 317,383 BTC, but today the seven private companies hold a total of 174,381 BTC. Before it started, Tezos had a reserve of 24,808 BTC; now private companies only have 17,500 BTC.
To date, Stone Ridge Holdings Group holds 10,889 BTC; currently has around 10,000 BTC. Ukraine had a total of 46,351 BTC last year, which is still in line with the current record. It is important to understand that bitcoin treasure lists cannot be completely accurate. As such, any listing indicating “who owns bitcoin” should be viewed with caution.
The latest additions to this list are 2,380 BTC held by El Salvador, 1,981 BTC owned by Finland, and 66 BTC held by the Georgian government.
According to the June 2021 Bitcoin Treasuries list, Cypherpunk Holdings previously held 360 BTC. However, the public company controlled zero after selling all of its BTC and ETH holdings.
There is a high probability that some of the bitcoins sold from the hoard documented on archive.org fetched significantly more prices than today.
Given the BTC price of $36.3k per unit in June 2021, it is possible to sell the crypto near its all-time high of $69k. Even if they were all bought after the November price peak, bitcoin would still be worth more than its current US dollar equivalent.
With BTC’s future looking bleak, it’s hard to say whether the crypto treasury will continue to see withdrawals. Only time will tell.