KEY POINTS
- BlackRock's IBIT remains king in the corporate Bitcoin holder realm, with over 357,000 BTC
- MicroStrategy now holds 226,500 Bitcoins versus GBTC's 225,671 BTC
- MicroStrategy was among four companies that "hodled" during the August crypto market crash
Bitcoin's journey to the top of the digital assets space has not been easy, but in recent years, it has become huge enough to get the attention of large corporations – big enough to enter the exchange-traded fund (ETF) realm, and big enough to be snapped up by institutional investors.
The spot Bitcoin ETF circle has made significant waves since the U.S. Securities and Exchange Commission (SEC) approved the funds earlier this year. Bitcoin ETFs are some of the world's largest corporate holders of the top digital asset by market value, as per the latest data from HODL15Capital, a well-followed investor on X whose charts and graphs are often used by industry analysts and experts.
BlackRock Reigns Supreme
Investment management behemoth BlackRock's IBIT is the world's top corporate holder of Bitcoin holder, with 357,509 in holdings, according to HODL15Capital data as of Sept. 1, 2024.
In the fourth spot is Fidelity's spot Bitcoin ETF, FBTC, which holds 178,349 Bitcoins. Way behind but in the fifth spot is stablecoin giant Tether, which has 75,354 BTC.
Other significant names in the list of 18 corporations is Bitcoin miner Marathon Digital, which has 25,000 BTC, and ARK Invest/21 Shares' ARKB, which holds 37,147 Bitcoin.
MicroStrategy Overtakes Grayscale
The bigger story in the latest list is MicroStrategy, which snatched the Top 2 spot from Grayscale's GBTC, albeit on a close-range battle. MicroStrategy, the tech firm that declared earlier this year it will transition into a "Bitcoin development company," was in the third spot in August before taking the second position from GBTC earlier this week.
MicroStrategy, founded by Bitcoin maximalist Michael Saylor, now holds 226,500 Bitcoins, while GBTC has 225,671 BTC.
Notably, MicroStrategy was the world's largest known corporate holder of BTC before spot Bitcoin ETFs were born. The tech company is one of the known early adopters of a Bitcoin accumulation strategy.
The State of Bitcoin after the August Bloodbath
The continuous acquisition of Bitcoins by large corporations came even when the world's first decentralized cryptocurrency suffered a significant plunge earlier in August due to a broader financial market downturn.
In fact, four of the top corporate holders on HODL15Capital's list "hodled" throughout the crypto market bloodbath: BlackRock, Grayscale, Fidelity, and MicroStrategy. The said companies didn't sell their BTC stash even when many other firms and smaller holders decided to dump their coins amid the pressure.
Bitcoin crashed to $57,000 on Monday, starting the week in the red. However, it recovered Tuesday morning to $59,000 before plunging to $56,000 late Tuesday, as per CoinGecko data. The digital coin remains volatile and has yet to get close to its $73,700 all-time high in March, but maximalists believe it is only a matter of time before the digital asset kicks of a bull run.
