While asset managers have accumulated 4% of Bitcoin’s supply, private and public companies have also amassed 1% each.
Around 6% of Bitcoin’s circulating supply has been accumulated by asset managers and companies, signaling ever increasing mainstream and institutional adoption of crypto assets.
According to Buy Bitcoin Worldwide, 816,379 BTC worth $40.1 billion is currently held by 14 Bitcoin fund issuers and asset managers — representing 4% of the cryptocurrency’s supply.
Industry leader, the Grayscale Bitcoin Trust, represents more than 3% of the Bitcoin supply, managing 654,600 BTC (worth $32 billion). CoinShares’ XBT Provider ranks second with 48,466 BTC ($2.4 billion) representing 0.23% of supply. The 12 remaining issuers represent 113,313 BTC or 0.54% of thesupply combined.
The data provider also tracks 34 public companies that hold BTC on their balance sheets, which collectively command 1% of Bitcoin’s supply.
Half of all Bitcoin held by public companies is in the possession of MicroStrategy, which after adding 3,907 Bitcoin to its stash since the start of July, now holds 108,992 BTC worth $5.3 billion.
Electric vehicle manufacturer Tesla accounts for 20% of the Bitcoin held by private companies, with the firm having accumulated 42,902 BTC worth nearly $2.1 billion.
While large entities are gobbling up BTC, Ethereum has appeared to have been undergoing a supply shock of its own in the wake of its London upgrades that introduced a burn mechanism to the crypto asset’s fee market.
According to Watch The Burn, 97,369 Ether worth $313.5 million has been destroyed in the 21 days since London, meaning that roughly 4,637 ETH are being burned daily on average. Overall, Ethereum’s burn mechanism has resulted in 35% a net reduction in the number of newly minted Ether entering supply.
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