Elon Musk's Tesla Doesn't Hold The Most BTC Holdings Among Firms, Report Shows

MicroStrategy continues to be the biggest holder of Bitcoins among companies.

Elon Musk could be a vocal supporter of cryptocurrencies, but his electric carmaking company Tesla ranks second among companies with the most Bitcoin (BTC) holdings. Currently, Tesla has about 42,902 Bitcoins, lagging behind MicroStrategy which has a total of 1,32,500 Bitcoins. MicroStrategy Incorporated is a Viginia-based American company that provides business intelligence, mobile software, and cloud-based services. The BTC holdings have been revealed in the latest study by Indian crypto asset management platform in its report titled Crypto Overview 2023.

According to the report, global currencies continue to face the heat due to the perpetual dominance of dollars and the imminent threat of CNY emerging as the big financial bully in the future. 

Kunji’s crypto report has published details of a total of five different organisations with the most number of Bitcoin holdings.

Galaxy Digital ranks third on the list of companies with the maximum number of Bitcoin holdings globally. The Digital asset and blockchain firm has a total of 16,400 Bitcoins.

Another company, Marathon Digital Holdings, which is building one of the largest bitcoin mining operations in North America, was ranked fourth in terms of holding the maximum number of Bitcoins, which stands at 11,285.

New York-based global information services platform, The Block, emerged to be the fifth company to have maximum Bitcoin holdings of 8,027. Block was founded in 2018 and covers a range of issues like cryptocurrency and blockchain among multiple other related matters.

The report said that BTC has the highest number of decentralisation and continues to be the most prominent holding by several private firms. It further claimed that 2022 turned out to be a game-changer for the digital asset market.

According to Kunji, there were some major issues also in the crypto industry. The Terra Luna collapse was an immense setback for the industry. Its downfall was followed by other bankruptcies.

While describing other failures such as the FTX crypto exchange meltdown, it said, "Unfortunately, the FTX collapse and other events led the year 2022 to go down as one of the worst years for crypto investors." It noted that the FTX collapse was the worst since the industry began with the arrival of Bitcoin (BTC-USD) in 2009. 

The study also noted that 2022 saw the second worst single-year performance for Bitcoin since 2011 in terms of both year-over-year (-64 percent) and decline from an all-time high (-74 percent).

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