August 17, 2022

Bitcoin Treasuries Show Some Foul Play In Balance Sheet

During the 12 months, public companies, private companies, and exchange-traded funds, have added bitcoin to their balance sheets. As of July 17, 2022, the aforementioned types of entities hold approximately 1,325,396 BTC worth $27.84 billion today. However, the number of coins stored in bitcoin treasuries has dropped since June 5, 2021, by approximately 102,045 bitcoins. This is worth $2.1 billion.

Bitcoin Balance Sheet Data Slides From 1.42 million to 1.32 Million

Last year, bitcoin (BTC) saw a significant rise in U.S. dollar value reaching $64K in April and $69K in November. Since the $69K price highs: bitcoin has shed close to 70% in value against the U.S. dollar. Year-to-date bitcoin (BTC) is down 33.8% against the U.S. dollar.

In 2021, numerous headlines discussed the growing list of bitcoin treasuries stemming from the likes of publicly and private firms. Companies like Microstrategy (Nasdaq: MSTR) started the trend. The list includes firms like Tesla (Nasdaq: TSLA), Block Inc. (NYSE: SQ), and Galaxy Digital (TSE: GLXY).

As the months continued last year, bitcoin and a number of other crypto assets tapped all-time price highs,. Even countries like El Salvador added BTC to their balance sheets. Over a year ago today or 13 months ago, on June 5, approximately 1,427,441 bitcoins were stored by public companies, private companies, exchange-traded funds (ETFs), and countries.

The Current Situation

At that time last year, the 1.42 million BTC was worth $78,387,515,121 using bitcoin exchange rates on June 5. Today, there’s a lot less BTC held in its treasuries. The list currently shows 1,325,396 bitcoins are currently owned by firms and countries. Year-to-date metrics on June 5, 2021, indicate that bitcoin (BTC) was up 284.2% against the U.S. dollar.

The value of that stash today is only worth $27.84 billion. And the 102,045 BTC that were sold are currently worth $2.1 billion. Recorded data from the Bitcoin Treasuries list shows there were 33 publicly-listed companies that held BTC on their balance sheets.

Today, there’s 38 public firms that hold bitcoin in their treasuries and they collectively hold 262,695 BTC worth $5.5 billion. Last year there were four private companies that held BTC and now there’s seven.

The Bitcoin List From Way Back

Last year when there were four companies, they collectively held 317,383 BTC but today, the seven private companies collectively hold 174,381 BTC. The Tezos Foundation had 24,808 BTC in reserves but today, the private entity holds 17,500 BTC.

Stone Ridge Holdings Group held 10,889 BTC and now holds approximately 10,000 bitcoins. Last year, Ukraine was listed on the Bitcoin Treasuries list with 46,351 BTC and that number is still consistent with today’s records. It should be noted that the Bitcoin Treasuries list may not be entirely accurate and any ‘who owns the bitcoins’ lists should be taken with a grain of salt.

What’s new to the list is El Salvador’s 2,380 BTC, Finland’s 1,981 BTC, and the government of Georgia’s 66 BTC. Cypherpunk Holdings once held 360 BTC according to the Bitcoin Treasuries list in June 2021, but today the publicly listed firm holds zero after selling all of its BTC and ETH.

It’s likely that any of the BTC sold from the stash recorded on archive.org were exchanged for higher prices than today. In fact, from the $36.3K per unit price in June 2021, the BTC could have been sold near the top at $69K. BTC sold after the November price high would still be above today’s USD value.

Augustine Ojeh

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