US Government is a Bigger Bitcoin Whale Than MSTR and TSLA 

• Multiple Bitcoin seizures in the past made the US Government one of the biggest BTC holders.
• Currently, Bitcoin is trading at 26,779 USD. 

Bitcoin (BTC) found its place amongst the top assets in quite a short period since its inception. The journey it took throughout was nothing short of extraordinary. The glamor of the first cryptocurrency could not stop institutions from holding some of it. Companies like MicroStrategy, Galaxy Digital, Voyager, and Tesla were in leading positions until the US government surpassed them in total bitcoin (BTC) holdings. 

According to the Dune Analytics data, the United States government currently holds 205,515 BTC. The current holdings in USD balance for the government account for around 5.5 billion USD (5,556,822,520 USD). 

On the other hand, several other trackers showcasing institutional BTC holdings suggest that government holdings are far ahead of many companies. For instance, Bitcoin evangelist Michael Saylor’s MicroStrategy (NASDAQ: MSTR) holds around 138,995 BTC worth over 3.75 billion USD. Galaxy Digital Holdings and Voyager Digital have 40,000 BTC and 12,260 BTC in their crypto stash. Elon Musk’s Tesla (NASDAQ: TSLA) contains 10,725 BTC worth around 289 million USD. 

The US government accumulated this massive amount of BTC during many different instances over time. Dune’s dashboard noted three of the biggest seizures of bitcoin since 2020. It included a seizure after the Silk Route incident in November 2020, the Bitfinex hack in January, and James Zhong in March 2022. 

In 2020, the government confiscated more than 69,369 Bitcoin from a person concerning the Silk Road marketplace named “Individual X.” The blockchain analysis confirmed the individual’s wallet address had commenced from the infamous darknet marketplace. Federal enforcement agencies were reported to take over the funds in November of that year. 

Prominent cryptocurrency exchange Bitfinex encountered a digital hack in 2016. Authorities seized 94,636 BTC said to be related to the digital hack. The US Justice Department claimed it to be the biggest crypto seizure, valued at around 4 billion USD. 

Another instance was also linked to Silk Road, where a person named James Zhong, related to the marketplace, pleaded guilty to procuring more than 50,000 BTC. The Department of Justice reportedly seized 51,326 BTC worth 3.36 billion USD from Zhong’s residence. 

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

Latest posts by Nancy J. Allen (see all)