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The 8 Public Companies With the Biggest Bitcoin Portfolios

A growing number of institutional investors are piling into Bitcoin. We take a look at some of the biggest public companies that hold Bitcoin.

Republished by Plato



In brief

  • Institutional investors are increasingly buying up Bitcoin.
  • Several major firms have collectively purchased hundreds of millions of dollars worth of the cryptocurrency.
  • They include investment funds holding Bitcoin on behalf of investors, and companies that have bought Bitcoin as a reserve asset.

In the last few months, reports that major institutional investors are scooping up Bitcoin (BTC) in droves have added fire to what can now be considered the biggest crypto bull run since 2017.

Several major firms have collectively purchased hundreds of millions of dollars worth of Bitcoin, while retail interest in Bitcoin has also skyrocketed—sending the price of BTC to a new all-time high.

As Bitcoin continues its meteoric growth, we take a look at the companies who are stockpiling the cryptocurrency—both on behalf of investors as funds, and as a reserve asset.

Publicly traded companies

These publicly-traded firms have adopted Bitcoin as a reserve asset, and hold direct control over their Bitcoin funds.


MicroStrategy, a prominent business analytics platform, has adopted Bitcoin as its primary reserve asset.

In December 2020, the firm—which produces mobile software and cloud-based services—capped off a year of Bitcoin buys by scooping up $650 million in BTC. It now holds 70,470 BTC in reserve—equivalent to over $2.4 billion in BTC. At one point, MicroStrategy CEO Michael Saylor said, he was buying $1,000 in Bitcoin every second.

Bitcoin distribution by number of addresses. Image: BitInfoCharts

Unlike other CEOs who typically shy away from discussing their personal investments,  Saylor has made it public that he personally holds 17,732 BTC—currently worth over $616 million.

As per data from BitInfoCharts, this positions Saylor among the top 100 Bitcoin owners—assuming it is all held within a single address. It’s something of an about-face for the MicroStrategy CEO, who in 2013 claimed that Bitcoin’s days were numbered.

On New Year’s Eve, 2020, Morgan Stanley revealed that it’s purchased 10.9% of MicroStrategy. And MicroStrategy is looking to get other companies invested in Bitcoin; in February 2020, it’s hosting Bitcoin for Corporations, an online course aimed at getting companies up to speed with the crypto asset.

Galaxy Digital Holdings

Crypto-focused merchant bank Galaxy Digital Holdings holds 16,402 BTC, according to—worth just over $564 million at current prices.

Founded by Michael Novogratz in January 2018, the company has partnered with crypto firms including and BlockFi. Novogratz is, unsurprisingly, a keen advocate for Bitcoin. In April 2020, he noted that stimulus measures announced in response to the coronavirus pandemic were driving interest in cryptocurrencies, calling it Bitcoin’s “moment” and arguing that “money doesn’t grow on trees.”

However, later in the year Novogratz argued that the cryptocurrency’s volatility meant that gold was a safer bet, stating that, “My sense is that Bitcoin way outperforms gold, but I would tell people to hold a lot less than they do gold. Just because of the volatility.”


These investment funds don’t hold Bitcoin on their own behalf, instead doing so in order to enable accredited investors to gain exposure to Bitcoin without holding or managing the cryptoasset directly.

Grayscale Bitcoin Trust

Grayscale Investments is undoubtedly one of the biggest names in the Bitcoin space—and for good reason.

Grayscale has by far the largest Bitcoin portfolio of any institutional investment platform, with over $21 billion in BTC currently under management in the Grayscale Bitcoin Trust, which trades under “GBTC“. In total, Grayscale Investments now holds more than 2% of the Bitcoin total supply, with 572,644 BTC currently under management according to

GBTC stock price today

Following a short hiatus, Grayscale reopened its Bitcoin Trust to new investors on January 12, 2021. GBTC shares are currently trading on the OTCQX under the ticker GBTC.

Grayscale founder Barry Silbert is (unsurprisingly) an outspoken Bitcoin advocate and can be frequently found on Twitter highlighting its performance. In January 2020, Silbert stepped down from his role as CEO of the company, handing over the reins to former Barclays analyst Michael Sonnenshein.


CoinShares Group, one of the earliest pioneers in digital asset investments, also joins the list of public companies managing substantial Bitcoin assets.

The company is widely regarded as a pioneer in the cryptocurrency investment industry, and was the first firm to launch a regulated Bitcoin hedge fund and exchange-traded Bitcoin product. Nowadays, CoinShares offers two exchange-traded Bitcoin products: Bitcoin Tracker One and Bitcoin Tracker Euro—both of which can be traded on XBT Provider AB.

As of November 2020, CoinShares’ assets under management include 69,730 BTC—currently worth just over $2.4 billion. Though not quite as impressive as Grayscale’s almost a half a million BTC strong coffers, CoinShares investment still represents over 0.3% of the current Bitcoin circulating supply.

“Investors used to consider it a risk to allocate to Bitcoin. Now it’s a risk not to allocate to Bitcoin,” said CoinShares CEO Jean-Marie Mognetti in a recent press release.

Ruffer Investment Company

London-based asset manager Ruffer Investment Company is one of the most recent firms to join the Bitcoin bandwagon. In December 2020, it allocated 2.5% of its Multi-Strategies Fund to Bitcoin, arguing that the cryptocurrency serves as a “small but potent insurance policy against the continuing devaluation of the world’s major currencies.”

Ruffer’s bet seems to have paid off; its 45,000 BTC, worth around $870 million at the time of purchase, is now worth nearly $1.8 billion.

3iQ The Bitcoin Fund

Canadian crypto-asset portfolio manager 3iQ holds 16,454 BTC, worth just over $566 million, according to Following several years of back and forth with regulators, 3iQ’s Bitcoin fund was listed on the Toronto Stock Exchange (TSX) in April 2020, enabling Canadians to invest in Bitcoin through their regulated investment managers. The Winklevoss twins’ exchange Gemini acts as custodian for the fund.

In September 2020, the regulated BTC fund was listed on the Gibraltar Stock Exchange. “We expect to co-list this fund around the world in major exchanges,” 3iQ President and CEO Fred Pye told Decrypt. “Our vision is for this to be the biggest regulated Bitcoin fund in the world.”

3iQ is also behind a Canadian dollar-backed stablecoin called QCAD, which launched in February 2020.

CI Galaxy Bitcoin Fund

Unlike some of Galaxy Digital’s funds, such as Galaxy Institutional Bitcoin Fund, its CI Galaxy Bitcoin Fund, launched in November 2020, isn’t restricted to institutional firms in America. Instead, the Canadian fund is open for investments from the general public.

The CI Galaxy Bitcoin Fund invests directly in Bitcoin; its holdings are priced using the Bloomberg Galaxy Bitcoin Index, which is designed to measure the performance of a single Bitcoin traded in US dollars. As investors purchased “Class A” and “Class F” units, priced at $10 each, Galaxy Digital allocated to the purchase the equivalent amount in Bitcoin from its own holdings.

It began trading on the Toronto Stock Exchange in December 2020; at the time, Bitcoin was worth just over $19,000, making the fund’s 15,750 BTC worth just over $306 million. Today, it’s shot up to over $618 million.

Grayscale Digital Large Cap Fund

Grayscale’s Bitcoin Trust isn’t the only way for its clients to gain exposure to Bitcoin through its investment vehicles. It also runs the Grayscale Digital Large Cap Fund, an open-ended fund that give investors exposure to a basket of large-cap digital assets.

The fund is currently made up of Bitcoin, Ethereum, Bitcoin Cash and Litecoin, with the lion’s share of the fund composed of Bitcoin (81.6% as of January 2021). That Bitcoin amounts to some 7,036 BTC, currently worth nearly $279 million.

That weighting has changed slightly, owing to the removal of XRP from the fund in January 2021, with Grayscale selling all its XRP and topping up the other cryptocurrencies in the fund’s basket.



The Hard Sell

Republished by Plato



The prices are low and the panic is high. Is this the time to sell?

If you’ve been around crypto for longer than a couple of months, you’re probably familiar with the feelings that come with your average market-wide correction.

Euphoria fizzling away as that first red candle starts dropping down, down, down. Confidence in a quick recovery giving way to sweaty-palmed anxiety as the correction passes the 10, 20, 30% mark. Is this the big one? We all know what happened on March 13th last year. Finger hovering over the “Sell” button, knowing that if you just pressed it this horrible feeling would go away.

And even worse are the recriminations. How could I have been so blind? How did I let this happen? Why didn’t I sell when the going was good? Will I ever feel joy again?

Unrealised profit and loss

Look, I’m not going to say I told you so, but if there has ever been a market in need of a correction it was the crypto market of the last two months. It wasn’t a question of if your alt was going to do a 50 or 100% day; it was a question of when. Meanwhile, Bitcoin basically tripled its 2017 all-time high over the course of eight weeks, making it (briefly) a trillion dollar asset.

It’s not that bitcoin doesn’t deserve to be in that August club, but more to point out that markets will always revert to the mean, no matter how compelling the background narrative might be. And in the same way that you don’t expect to see an elephant jump over a small apartment block, an asset of bitcoin’s size shouldn’t be tripling in size like it ain’t no thing. Especially not when it’s taken three long, hard years to get back to its previous peak.

Timing is everything

Here’s the thing though: in every other market that humanity has ever created, taking three years to make a new all-time high actually is perfectly reasonable, bordering on suspiciously fast. Investments aren’t supposed to be measured in days or weeks. They’re supposed to take years, if not decades to play out. But the speed, 24/7 relentlessness and hyper-visibility of the crypto markets means it’s very easy to lose sight of the bigger picture. People who bought in at the absolute peak of the last bubble are still up 250% – presuming that they had the patience to hold on for a measly three years.

Nonetheless, selling can produce a real and concrete advantage. Get out near the top and you might be able to buy back in close to the bottom, thereby compounding your gains. (Despite what the people of TikTok Investors would have you believe, this is far harder than it appears.)

More simply though, money is money and when assets are appreciating like crypto assets have recently that can mean getting ahead of your mortgage, or buying a car, or paying for a holiday for your family, or being able to cover rent for the next month. If what you’ve made could make a difference in your life, then it makes complete and total sense to sell some – even if you think the crypto market is going to keep on going up. As the old adage goes, no-one ever went poor from taking profits.

Respect the sell-out

That’s not an invitation or a suggestion to sell it all right now – a good rule of thumb is sell when it feels hard (i.e. on the way up) not when it’s easy (on the way down) – but more to start thinking about what your endgame is. What do you hope to gain from this bull run? How much is enough? And will you be strong enough to start getting out when you reach your target? (Also, on a more prosaic note, what would taking profits mean for your tax?)

These are questions without easy answers, but start planning now and you’re less likely to be swept up in the mania and delirium that marks the real, bloody and unmistakable end of the bull market. And until then? DIAMOND HANDS ENGAGE.


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Kraken Daily Market Report for March 02 2021

Republished by Plato




  • Total spot trading volume at $1.68 billion, down from the 30-day average of $2.09 billion.
  • Total futures notional at $584.1 million.
  • The top five traded coins were, respectively, Bitcoin, Ethereum, Tether, Cardano, and Polkadot.
  • Strong returns from Curve Dao (+12%), Flow (+5.1%), and Melon (+6.4%).

March 02, 2021 
 $1.84B traded across all markets today

#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset

The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (March 02 2021)

Figure 2: Mid-size trading assets: (measured in USD) (March 02 2021)

Figure 3: Smallest trading assets: (measured in USD) (March 02 2021)

#####################. Spread %. ##########################################

Spread %

Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.

Figure 4: Average spread % by pair (March 02 2021)


#########. Returns and Volume ############################################

Returns and Volume

Figure 5: Returns of the four highest volume pairs (March 02 2021)

Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (March 02 2021)

###########. Daily Returns. #################################################

Daily Returns %

Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (March 02 2021)

###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.


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Vitalik proposes solution to link certain layer-two scaling projects

Republished by Plato



In an ongoing effort to battle escalating transaction fees while creating a unified ecosystem, Ethereum co-founder Vitalik Buterin has proposed a solution for a particular type of cross-rollup scaling.

The proposal outlines how two protocols using rollups can communicate with each other while maintaining interconnectivity and composability.

Rollups are layer-two solutions that are essentially smart contract networks that process and store transaction data off the main chain. However, there are a number of different rollup types, with each using unique smart contracts such as optimistic and zero-knowledge.

While a number of DeFi projects have deployed layer-two rollups, such as Loopring and Synthetix, the particulars of the various rollups mean projects are unable to communicate to one another directly on layer-two.

Buterin’s proposal assumes that one rollup can process simple transactions whereas the other has full smart contract support. There are already proposals for transfers between two smart contract enabled protocols using rollups.

To explain how the proposal works, Buterin provides the example of a hypothetical exchange intermediary he called ‘Ivan’ — where Ivan has an account ‘IVAN_A’ on rollup A that he fully controls, and also has some funds deposited in a smart contract ‘IVAN_B’ on rollup B.

The smart contract would be programmed to accept “memos” that include additional data from anyone sending to it in order to secure any future transactions. The transactions create a connecting layer that keeps deposits in all these isolated contracts, allowing rollup A to send to rollup B via this layer.

Buterin suggested that the behavior would work as follows;

“Alice sends a transaction to IVAN_A with N coins and a memo ALICE_B. Ivan sends a transaction sending TRADE_VALUE * (1 – fee) coins through IVAN_B to ALICE_B”

He added that the worst-case behavior would be if Ivan does not send coins to ALICE_B as he is expected to.

Addressing the “worst-case” scenario that could arise as a result of using the proposed situation, Buterin emphasized that Alice would still be able to wait until the transaction on rollup A confirms, find some alternate route to getting coins on rollup B to pay fees, and then simply claim the funds herself.

Responding to the proposal, Alon Muroch pointed out that it worked in a similar way to how banks clear transactions:

“That’s very interesting, similar to how banks clear transactions between themselves. Batching assets into separate “accounts” could have limitations, a solution could be just big pools on either ends and fees split pro-rata.”


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