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MicroStrategy (MSTR)

No other corporation has a bigger hoard of bitcoin than MicroStrategy.

CEO Michael Saylor announced his intention to buy bitcoin in July 2020. Since then, the company has deployed billions of dollars to accumulate it at a relentless pace.

It now holds 129,218 bitcoins — value at roughly $5 billion at the current price — on its balance sheet. That makes MicroStrategy the world’s biggest corporate holder of digital assets. In fact, the company controls roughly 0.615% of Bitcoin’s total circulating supply.

The combined value of MicroStrategy’s portfolio is roughly 13% more than the company’s current market capitalization. In other words, the BTC on its balance sheet is worth more than the company itself.

Owning the stock could be like owning bitcoin at a small discount.

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Tesla (TSLA)

Elon Musk has dominated the headlines for years. While the current news cycle is focused on his acquisition of social media giant Twitter, it’s easy to forget that Musk also holds bitcoin in his most valuable company.

Tesla added 43,200 BTC to its balance sheet in 2021. At the time, bitcoin was trading for roughly $31,700. Since then, Tesla has neither added nor offloaded this stake. It seems like a long-term hold.

The company reports unrealized gains and losses on this investment every quarter. At the time of writing, Tesla’s bitcoin holdings are about 20% higher than its cost basis. However, the entire portfolio of digital assets is worth less than 0.2% of the company’s 900 billion market cap.

Tesla may be the second-largest corporate holder of crypto, but it’s effectiveness as a bitcoin proxy is minimal.

Marathon Digital Holdings (MARA)

The third-largest corporate holder of bitcoin is a crypto mining specialist: Marathon Digital Holdings. The company has seen a transformation in its finances over the past few years.

The bitcoin bull market boosted Marathon’s net margins. Meanwhile, listing on the Nasdaq has helped it raise money without having to sell its freshly-minted bitcoins.

That means Marathon has been holding and accumulating bitcoins in recent years. The company’s latest report suggests it has 9,373.6 bitcoins on its balance sheet, worth roughly $358 million at current prices. That represents 20.3% of the company’s total market cap.

The stock could see further upside even if bitcoin remains range bound for months.

Recently, the company’s CEO Fred Thiel suggested they were exploring a potential buyout, which could be another catalyst for shareholders. Keep an eye on this beaten-down crypto miner during the bear market.

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About the Author

Vishesh Raisinghani

Vishesh Raisinghani

Freelance Writer

Vishesh Raisinghani is a freelance contributor at MoneyWise. He has been writing about financial markets and economics since 2014 - having covered family offices, private equity, real estate, cryptocurrencies, and tech stocks over that period. His work has appeared in Seeking Alpha, Motley Fool Canada, Motley Fool UK, Mergers & Acquisitions, National Post, Financial Post, and Yahoo Canada.

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