Thursday, November 30, 2023

Over the past weekend, cryptocurrency aficionados engaged in animated discussions surrounding the latest update to, a platform offering an updated portrayal of entities—ranging from corporations to governments—that have bitcoin in their financial reserves. According to the website, Microstrategy is in possession of 158,245 BTC, whereas, the organization responsible for EOS network development, reportedly holds 164,000 BTC.

Unpacking the Data Behind Bitcoin Treasuries

The refreshed version of has garnered considerable attention recently, offering an enhanced representation of all entities that maintain bitcoin in their financial records. Rodolfo Novak, Coinkite’s CEO and the mind behind, introduced this update. While the redesign fascinated many, attention was particularly drawn to’s notable reserves. The site states that has accumulated 164,000 BTC.

Zack Voell, a commentator on the subject, remarked, “[] (EOS) still has a higher Bitcoin reserve than Microstrategy, which is rather remarkable.” When inquired about the source of this information, Voell attributed it to Novak. As for the data on the website, it was last updated on September 14, 2022, although it lacks direct source links. Verification of Microstrategy’s holdings is straightforward due to the company’s habit of issuing press releases for each bitcoin purchase.

Disclosure and Verification Challenges

Being a publicly traded entity, Microstrategy is obligated to regularly reveal its financial status., on the other hand, is privately held, making its financial disclosures less straightforward. The most reliable way to ascertain’s bitcoin holdings is to rely on the company’s own declarations. Another website,, references a U.S. Securities and Exchange Commission filing that is, however, devoid of financial details and can only be accessed via This secondary source states that has 140,000 BTC and cites a Cointelegraph article as further reference.

That particular Cointelegraph article, however, does not provide concrete evidence for the 140,000 BTC claim, using the term “reported” instead. In May 2019, Bloomberg journalist Alastair Marsh had stated that possessed 140,000 BTC, based on an email revealing the company’s financials and corroborated by informed sources. Brendan Blumer, CEO of, also announced on a social media platform (formerly known as Twitter) that the company’s bitcoin holdings exceeded the 140,000 BTC mark.

Other Significant Entities and the Proof-of-Reserves Question

Beyond Microstrategy and, Mt Gox is another notable entity reportedly holding more than 140,000 BTC, as indicated by both and Several organizations, including Microstrategy, Mt Gox, Tesla,, and Grayscale (which reportedly holds 624,947 BTC), have not publicly disclosed their bitcoin addresses. Nonetheless, Arkham Intelligence identified Grayscale’s bitcoin holdings this year across over 1,750 unique BTC addresses.

The credibility of these treasury lists is hampered by the absence of verifiable proof-of-reserves. Although there are indications suggesting that could potentially have more extensive bitcoin holdings than Microstrategy, the lack of solid evidence makes it imprudent to make such a claim definitively. Until more transparent documentation is made available, the extent of’s bitcoin holdings will continue to be a subject of conjecture and fascination within the bitcoin community.

What are your perspectives on these treasury lists and the ongoing discussions surrounding the bitcoin reserves of and Microstrategy? Kindly share your informed viewpoints on this matter in the comments section below.

Frequently Asked Questions (FAQs) about Bitcoin Reserves

What is the significance of the updated

The updated offers a comprehensive view of entities holding Bitcoin on their financial books, providing transparency and insights into the cryptocurrency landscape.

How do Microstrategy and compare in terms of Bitcoin reserves?

According to, Microstrategy holds 158,245 BTC, while, the EOS network developer, reportedly has 164,000 BTC.

Why is it challenging to verify’s Bitcoin holdings? is a privately held company, making it less transparent compared to publicly traded entities like Microstrategy, which regularly discloses financial information.’s holdings are primarily based on the company’s own statements and secondary sources.

Are there other entities with substantial Bitcoin holdings?

Yes, Mt Gox is another entity reported to hold over 140,000 BTC. However, many organizations, including Tesla and Grayscale, have not disclosed their Bitcoin addresses.

What is the importance of proof-of-reserves in these discussions?

The absence of verifiable proof-of-reserves raises questions about the accuracy of Bitcoin treasury lists. While some indications suggest may have significant holdings, the lack of concrete evidence leads to speculation within the Bitcoin community.

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