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Asset managers and companies accumulate 1.2 million Bitcoin worth $ 57 billion

About 6% of the circulating supply of Bitcoin has been accumulated by asset managers and companies, which indicates a growing adoption of cryptoassets by institutions.

According to Buy Bitcoin Worldwide, 816,379 BTC, valued at $ 40.1 billion, is currently held by 14 Bitcoin fund issuers and asset managers, representing 4% of the cryptocurrency supply..

Industry leader Grayscale Bitcoin Trust accounts for more than 3% of the Bitcoin offering, managing 654,600 BTC (worth $ 32 billion). CoinShares’ XBT provider comes in second, with 48,466 BTC ($ 2.4 billion), accounting for 0.23% of the offering. The remaining 12 issuers represent 113,313 BTC or 0.54% of the combined offering.

The data provider also keeps track of 34 public companies that have BTC on their balance sheets, which together control 1% of the Bitcoin supply.

Half of all Bitcoins in the hands of public companies are in the possession of MicroStrategy, which after adding 3,907 Bitcoin to its reserve since the beginning of July, now has 108,992 BTC worth $ 5.3 billion.

The electric vehicle manufacturer Tesla represents 20% of the Bitcoin in the hands of private companies, since the firm has accumulated 42,902 BTC worth almost USD 2,100 million.

Private companies have acquired another 174,068 BTC worth $ 8.5 million, grabbing 0.83% of the Bitcoin supply. Approximately 80% of the BTC stored by private companies is in the hands of Block.One, which currently has 140,000 BTC worth USD 6.8 billion.

However, estimates vary between data providers, as Bitcoin Treasures have 1.4 million BTC on the balance sheets of asset managers and companies. Another 260,000 BTC is attributed to the balance sheets of national governments.

The supply of Bitcoin will be capped at 21 million BTC, with analysts estimating that the last Bitcoin will be mined in the year 2140. At the time of writing, there are approximately 18.8 million BTC in circulation.. However, it is believed that access to a fifth of all Bitcoin (or more) has been lost, which means that asset managers and companies can control an even larger part of the supply.

Although large entities are gobbling up BTC, Ethereum appears to have been experiencing a supply shock of its own in the wake of its London updates that introduced a burn-out mechanism in the fee market. of the cryptoasset.

According to Watch The Burn, 97,369 Ether worth USD 313.5 million has been destroyed in the 21 days since London, which means that approximately 4,637 ETH is being burned per day on average. Usually, Ethereum’s burning mechanism has resulted in a 35% net reduction in the number of newly minted Ether entering the offering.

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Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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