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Bitcoin treasuries data suggest entities withdrew BTC worth $2.1 billion from accounts

BITCOIN
TL;DR Breakdown
  • Data from Bitcoin treasuries suggests fewer coins exist in the accounts.
  • The price of bitcoin has decreased so much over the past eight months.
  • El Salvador, Finland, and the Georgian government are among the recent inclusions in Bitcoin treasuries.

The amount of coins kept in bitcoin treasuries has decreased by almost 102,045 bitcoin (BTC), equal to $2.1 billion, since June 5, 2021. The value of one BTC in the previous year increased, hitting $64K in April and $69K in November. In contrast, the price of BTC has immensely decreased in value over the past eight months.

In 2021, several news articles focused on the rising number of bitcoin treasuries held by various firms. They included publicly traded and private businesses. Companies such as Microstrategy (Nasdaq: MSTR) were the first to start the trend. Currently, the list consists of enterprises such as Tesla (Nasdaq: TSLA), Galaxy Digital (TSE: GLXY), and Block Inc. (NYSE: SQ.)

Bitcoin treasuries went up in 2021

BTC and some other crypto assets broke ceilings as the months passed. Moreover, countries like El Salvador added BTC to their balance sheets as the year progressed. Over a year ago today, public entities, private firms, exchange-traded funds (ETFs), and governments held about 1,427,441 BTC.

Using the exchange rate for BTC on June 5 ($36.3K per unit), the 1.42 million BTC had a value of $78,387,515,121 in the previous year. Right now, there are a lot fewer BTC kept in bitcoin treasuries. The current data shows governments and firms only hold 1,325,396 BTC. On June 5, 2021, year-to-date measurements indicated that BTC value had increased by 284.2% compared to the value of the United States dollar.

Today’s value of that stockpile is a mere $27.84 billion. Besides, the 102,045 BTC sold are currently worth $2.1 billion. On June 5, 2021, archive.org released data on the Bitcoin treasuries list. The data revealed that 33 publicly-listed corporations had BTC on their balance sheets.

There are currently 38 publicly traded firms that store BTC in their treasuries. Together, these companies have 262,695 BTC, equal to a market value of $5.5 billion. When we looked back one year ago, only four private companies held BTC; today, there are seven.

Entities sold their bitcoins

The four firms held a total of 317,383 BTC collectively, but, as of today, the seven private firms only own a total of 174,381 BTC collectively. Before, the Tezos Foundation held 24,808 BTC reserves; now, the private company only has 17,500 BTC.

Until recently, Stone Ridge Holdings Group had 10,889 BTC in its possession; it currently has roughly 10,000 BTC. Ukraine had a total of 46,351 BTC in the previous year, which is still consistent with the current records. Understanding that the Bitcoin Treasuries list could not be completely accurate is essential. Thus, any list showing “who owns the bitcoins” should be treated with a grain of salt.

The most recent additions to this list are the 2,380 BTC owned by El Salvador, 1,981 BTC owned by Finland, and 66 BTC owned by the Georgian government.

According to the Bitcoin Treasuries list in June 2021, Cypherpunk Holdings formerly possessed 360 BTC. However, the publicly listed company controls zero after selling all its BTC and ETH holdings.

There is a good chance that any of the bitcoins sold from the hoard documented on archive.org went at prices more significant than they are today. 

Given BTC’s $36.3k per unit price in June 2021, it would have been possible to sell the crypto for close to its all-time high of $69K. Even if they were all purchased after the price peak in November, bitcoins would still be worth more than their USD equal right now.

As the future of BTC looks bleak, it is hard to tell if the crypto treasury will continue to experience withdrawals. Only time will tell about that.

Nellius Irene

Nellius Irene

Nellius Irene is a cryptocurrency investor and journalist who has been in the nascent space since 2018. She has researched and written on several crypto-related topics including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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