U.S. entities’ Bitcoin reserve share hit ATH, 65% above offshore peers

Data from CryptoQuant shows the share of Bitcoin reserves held by US-based companies has hit a new all-time high, with US holdings amassing 65% greater than those of offshore counterparts. 

CryptoQuant CEO Ki Young Ju shared the findings on X. He pointed out that the ratio compares the Bitcoin holdings of known US entities, exchange-traded funds (ETFs), exchanges, miners, and the government against those held by offshore entities. 

🇺🇸 U.S. entities’ #Bitcoin reserve share hit ATH, now 65% higher than non-U.S. entities. pic.twitter.com/SSgotY6RL8

— Ki Young Ju (@ki_young_ju) January 9, 2025

The data revealed a sharp rise in the ratio from 1.24 in September 2024 to 1.66 on December 16, 2024, and it stood at 1.65 as of January 6, 2025. For much of 2023, when Bitcoin traded below $30,000, offshore entities reportedly held a greater share of Bitcoin reserves.

MicroStrategy leads U.S. holdings

Looking at the global BTC corporate holdings list, eight of the top 10 corporate holders of BTC are based in the United States, with only Canada’s Hut 8 Corp and Hive Digital appearing on the largest holders’ tally.

As of January 2025, US-based MicroStrategy stands as the largest corporate holder of BTC, with a staggering 444,262 BTC, valued at approximately $41.4 billion. This amounts to more than 2% of the total Bitcoin supply. 

Second in the rankings is crypto mining company Mara Digital, whose BTC reserves stand at 26,842. It is followed by asset manager and crypto ETF platform Galaxy Digital, which has 15,449 Bitcoins.

Tesla, another major US player, ranks as the fourth-largest holder, with its $1 billion investment dating back to February 2021. Tesla also began accepting Bitcoin as payment for its electric vehicles around the same time.

Other significant holders in the US include cryptocurrency exchange Coinbase Global, which holds BTC valued at over $856 million, and mining startup Riot Platforms, which holds $791 million. 

U.S. Bitcoin market boosted by Trump rally

The shift in BTC’s distribution comes amidst a backdrop of positive sentiment in the market, especially following the re-election of pro-crypto US President Donald Trump. 

Trump’s vow to build a national strategic Bitcoin reserve contributed to a surge in Bitcoin prices, pushing the asset to an all-time high of $108,135. The re-election also brought increased activity in Bitcoin ETFs, which saw significant trading volume and net inflows, adding billions to the market. 

Spot BTC ETFs now hold a combined total of over $108 billion in Bitcoin, accounting for 5.74% of the total market capitalization.

Liquidation of Silk Road Bitcoin approved

In other news, the Northern District Court of California has approved the sale of 69,370 BTC, valued at $6.5 billion, tied to the notorious Silk Road marketplace. 

Per a recent court filing, Chief US District Judge Richard Seeborg denied a motion to block the forfeiture, paving the way for the Department of Justice to sell the seized assets. This decision marks the conclusion of a complex four-year legal battle over the crypto linked to the infamous darknet marketplace.

Despite the controversy surrounding the liquidation, CryptoQuant’s Ki Young Ju sought to reassure the market, stating that the sale of $6.5 billion in Bitcoin could be absorbed within a week. 

He emphasized that the market had seen daily inflows of around $1 billion last year and that the government’s sale would not have a lasting negative impact.

Last year, $379B entered the market based on realized cap—roughly $1B per day.

The U.S. govt selling $6.5B could be absorbed in just a week.

Do not panic. https://t.co/MTCTKmM5uZ

— Ki Young Ju (@ki_young_ju) January 9, 2025

Meanwhile, BTC is retreating slightly from the six-figure level it briefly reached on January 7. At the time of writing, BTC is down 3% in the last 24 hours, trading at $92,914, following a slight price correction after dipping to an intraday low of $92,500 on Wednesday.