The top 5 companies dominating the Bitcoin market.. Who owns the largest share?
Cryptocurrency has proven its status as a vital asset capable of transforming financial markets
America
Riyadh - Al Arabiya Business
Published on: December 3, 2024: 09:31 AM GST
Last updated: December 3, 2024: 04:32 PM GST
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Bitcoin is currently considered one of the most prominent financial tools, as its popularity is not limited to individuals only, but also includes major companies that have begun to realize its potential as a vital asset capable of transforming financial markets.
Over the past years, many publicly traded companies have become major supporters of cryptocurrencies, to the extent that they have not only invested in them but have also become part of the evolving ecosystem of these currencies, contributing to their growth and expansion.
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In a related context, Rashid Al-Khazai, co-founder of 'Ofx Strat', said that maintaining the price of 'Bitcoin' at these high levels would enhance the ongoing rally in other cryptocurrencies.
He predicted in an interview with 'Al Arabiya Business' that prices will continue to rise by very large percentages.
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The top 5 companies owning 'Bitcoin'
Here are the top 5 supporting and owning companies of Bitcoin, according to what Quartz reported and Al Arabiya Business reviewed:
1- MicroStrategy
'MicroStrategy' is considered a leading supporter of Bitcoin, owning the largest number of Bitcoins among publicly traded companies.
The company was founded by Michael Saylor, an entrepreneur of the internet age, and has long advocated for Bitcoin, now becoming part of its business model. Earlier this week, the company purchased about 55,500 Bitcoins for $5.4 billion, raising its total holdings to about 386,700 Bitcoins, equivalent to 1.2% of the total Bitcoin to be mined, which is 21 million coins. Based on current market prices, the value of the Bitcoins owned by the company is estimated at about $37 billion.
2- Mara
'Mara Holding', formerly known as 'Marathon Digital Holdings', is a leading company in cryptocurrency mining and specializes in Bitcoin creation.
According to data from the 'CoinGecko' platform, 'Mara' has the second largest reserve of Bitcoin among publicly traded companies, owning 26,842 Bitcoins. Based on current market prices, this amount is estimated at about $2.51 billion, highlighting the significant size and impact of 'Mara' in the cryptocurrency system.
3- Galaxy Digital Holdings
'Galaxy Digital Holding' is a diversified financial services and investment management company, operating at the forefront of the cryptocurrency assets, cryptocurrencies, and blockchain technology sectors.
The company plays a pivotal role in enhancing the adoption and solutions of blockchain in traditional financial markets. According to the 'CoinGecko' platform, 'Galaxy Digital' owns 15,449 Bitcoins, a substantial reserve valued at about $1.44 billion based on current market prices.
4- Tesla
Elon Musk, the CEO of 'Tesla', is considered one of the most prominent supporters of Bitcoin and cryptocurrencies in general. Under his leadership, 'Tesla' adopted Dogecoin as a payment option for some unique products, such as 'Cyberquad' for kids, 'The Giga Texas Belt' Buckle, and 'the Cyberwhistle'.
Earlier this year, Musk hinted at the possibility of expanding the use of Dogecoin in 'Tesla' by accepting it as a payment method for other deals in the future. This move reflects his ongoing support for Dogecoin and its growing role in the cryptocurrency ecosystem.
'Tesla' currently owns 11,509 Bitcoins, valued at approximately $1.07 billion based on current market prices.
5- Coinbase
On the other hand, 'Coinbase' is considered the largest cryptocurrency exchange platform in the United States, and one of the few globally traded exchanges. As a pioneer in the cryptocurrency industry, 'Coinbase' has established itself as a leading force, actively cooperating with governments and regulatory bodies to ensure compliance and develop clear regulations for the growing cryptocurrency asset market.
According to data from 'CoinGecko', 'Coinbase' owns 9,183 Bitcoins, a reserve estimated at about $857.1 million based on current prices, which strengthens its position as one of the key players in the cryptocurrency system.
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