We already know that in addition to countries, there are many Public companies holding BTC such as MicroStrategy 190K BTC, Tesla 9720 BTC, Coinbase 9000 BTC..., and Private companies have also publicized their BTC amount such as Mt. Gox 200K BTC, Block.one 140K BTC, Tether 66465 BTC... All of these figures are publicly available for the community to know
[1], but all may just be the tip of the iceberg. I believe that even individual investors are susceptible to FOMO during the uptrend, and large companies cannot stay out of the crypto wave, meaning many Private companies have been holding BTC but do not disclose it. One of them is Reddit, this information was announced when Reddit prepared to go public through an IPO.
According to a recent SEC filing, Reddit has invested a portion of its cash reserves in BTC and ETH. The filing also reveals that Reddit has acquired MATIC as a form of payment for sales of certain virtual goods.
“We also acquired and hold digital assets that are cryptocurrencies for use by our product and engineering teams, which is limited to specific uses,” the company stated[2].I was surprised by this information, but Reddit's focus on BTC and ETH shows that Reddit is cautious about the regulatory landscape surrounding crypto.
Currently we do not know the value of the crypto assets that Reddit has, but I believe that Reddit's decision to invest in cryptocurrencies is a significant development for the crypto market. It shows that even large, established companies are starting to see the potential of crypto assets. This event helps to legitimize cryptocurrencies in the eyes of mainstream investors, and at the same time raises the question: how many Private companies are still holding crypto and how many billions of USD do they hold in crypto?
In the Top 100 richest BTC addresses, the owners of many addresses are still unknown
[3]. It could be billionaires like Elon Musk or Jeff Bezos, or it could be the reserve assets of companies, or a company could own multiple BTC addresses in the top 100. We never know accurate information, we have about 4M Private companies globally
[4], only a small part of them reserve BTC, the amount of BTC being held by them is also a significant part of the total 21M BTC. They may also be creating fluctuations on onchain charts like Whale Activities, Whale Shadows, or Bitcoin-Trend Accumulation Score by Cohort.
I'd like to hear your opinion on this issue:
- Does Reddit's crypto investment surprise you?
- Do you believe other private companies are holding undisclosed crypto?
- Is the potential concentration of crypto in corporate reserves beneficial or detrimental to crypto market?
References:[1]
Bitcoin Treasuries[2]
Reddit Is Invested In Bitcoin and Ethereum, SEC Filing Shows[3]
Top 100 Richest Bitcoin Addresses[4]
Our global data: Companies
Note:- My opinion was posted first in that topic, on Bitcointalk
- I leave the source link to avoid plagiarism accusation.
- I excluded/ included minor things from an original thread if necessary.