Asset managers and companies have amassed almost 6% of Bitcoin’s circulating supply, indicating that mainstream and institutional acceptance of crypto assets is growing.
According to Buy Bitcoin Worldwide, 14 Bitcoin fund issuers and asset managers presently hold 816,379 BTC worth $40.1 billion, accounting for 4% of the cryptocurrency’s supply.
The Grayscale Bitcoin Trust, the industry leader, controls more over 3% of the Bitcoin supply, with 654,600 BTC (worth $32 billion).
With 48,466 BTC ($2.4 billion) and 0.23 percent of supply, CoinShares’ XBT Provider is in second place. The remaining 12 issuers account for 113,313 BTC, or 0.54 percent of the total supply.
The data source also keeps track of 34 publicly traded corporations that have Bitcoin on their balance sheets, accounting for 1% of the total supply.
Companies and their Bitcoin Holdings
MicroStrategy, which has added 3,907 Bitcoin to its hoard since the beginning of July, now has 108,992 BTC worth $5.3 billion, accounting for half of all Bitcoin held by public firms.
Tesla, an electric vehicle maker, holds 20% of all Bitcoin held by private corporations, with 42,902 BTC worth approximately $2.1 billion.
Private corporations have taken in another 174,068 BTC worth $8.5 million, accounting for 0.83 percent of the total supply of Bitcoin.
Block.One holds over 80% of all BTC held by private corporations, with 140,000 BTC worth $6.8 billion now in its possession.
However, estimates differ amongst data providers, with Bitcoin Treasuries accounting for 1.4 million BTC on the balance sheets of asset managers and businesses. A further 260,000 BTC are credited to national government balance sheets.
The total supply of Bitcoin will be limited to 21 million BTC, with analysts predicting that the final Bitcoin will be mined in the year 2140. Approximately 18.8 million BTC are in circulation at the time of writing.
However, it is thought that access to one fifth (or more) of all Bitcoin has been lost, implying that asset managers and firms may now control an even larger portion of the supply.
While major institutions have been scooping up BTC, Ethereum has appeared to be experiencing its own supply shock in the aftermath of its London upgrades, which added a burn mechanism to the crypto asset’s fee market.
According to Watch The Burn, in the 21 days since London, 97,369 Ether worth $313.5 million has been lost, implying that 4,637 ETH is burned daily on average.
In total, Ethereum’s burn mechanism has resulted in a net drop of 35 percent in the number of newly created Ether entering supply.
