Bitcoin Treasuries Record Indicates $2.1 Billion BTC Wiped Out

ByEdward Thompson

Jul 16, 2022

In 12 months, both private and public companies, exchange-traded funds, and even governments of different countries have bought bitcoin to add to their balance sheets. The total number of bitcoin held by the entities mentioned earlier is approximately 1,325,396, which is valued at $27.84 billion, as of July 17th. However, it should be noted that since June 5th, 2021, the number of bitcoins stored in treasuries has seen a decline by almost $2.1 billion, which is around 102,045 bitcoins.

Bitcoin treasuries grew last year

Last year had been a great one for the biggest cryptocurrency Bitcoin, as it recorded massive gains in its price. The world’s first cryptocurrency reached a value of $64,000 in April and then hit an all-time high value of $69,000 in November.

However, since then, the world’s leading crypto has lost almost 70% of its value in the last eight months. There is a 33.8% decline in the year-to-date value of Bitcoin. Due to the rise in the cryptocurrency’s price last year, a number of private and public companies had decided to add Bitcoin to their treasuries and this had made a lot of headlines.

The trend began with companies, such as MicroStrategy and some of the other firms that joined in included Tesla, Galaxy Digital and Block Inc. Bitcoin, and other cryptocurrencies had continued to record high prices in the previous year and this also prompted governments, such as that of El Salvador, to add bitcoin to their balance sheets as well.

Thus, on June 5th, 13 months ago, private and public companies, governments, and exchange-traded funds had a total of 1,427,441 bitcoins in their treasuries. These 1.42 million bitcoins had a price of $78,387,515,121, as bitcoin’s price at that date had been $36.3K.

Treasuries are down

It should be noted that the scene has changed since then and the number of bitcoin held in treasuries has reduced significantly. As mentioned earlier, entities currently own about 1,325,396 bitcoins, but this stash is only valued at $27.84 billion.

A total of 102,045 bitcoins have been wiped out from balance sheets and this amounts to $2.1 billion. According to statistics, there were about 33 publicly-listed companies that had added bitcoin to their balance sheets by June 5th last year.

The number of companies has now increased to 38 and they have a total of 262,695 bitcoins on their balance sheets, which have a value of $5.5 billion. As for private companies, there were four that had held BTC last year and this number has increased to 7.

The four companies had a total of 317,383 bitcoins, but the seven private companies now have a total of 174,381 bitcoins.

Individual companies

The BTC reserves of the Tezos Foundation stood at 24,808, but this number has now declined to 17,500. There were 10,889 BTC held by Stone Ridge Holdings Group and they now have 10,000 coins in their possession. Ukraine continues to hold onto its 46,351 Bitcoins, the same as last year. But, the governments of Finland, El Salvador, and Georgia have added 1,981, 2,380, and 66 bitcoins, respectively.

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