Top 5 companies that have ‘diamond hands’ even after Bitcoin crashed

Square Inc., a financial services company owned by Twitter CEO Jack Dorsey, holds 8,027 Bitcoins worth $220 million.

The Bitcoin crash triggering a selling spree in the cryptocurrency world lead to several traders and crypto enthusiasts offloading their crypto assets from the portfolios.

Meanwhile, several big companies still hold Bitcoin even after the world’s most popular cryptocurrency plunged as much as 30 percent in value on May 19 implying ‘diamond hands’.

Like Tesla chief Elon Musk who tweeted the ‘Bitcoin’ followed by emojis of a diamond and hands, implying that the auto company wouldn’t sell the cryptocurrency.

‘Diamond hands’ is a reference to “traders who believe in the eventual profitability of their stocks and securities and keep holding them while their value drops.”
Here are the top five companies that own the maximum value of Bitcoin.

1. MicroStrategy Inc.

MicroStrategy Inc., a Virginia based company that provides business intelligence, mobile software, and cloud-based services, holds 92,079 Bitcoins.

The company revealed yesterday that it bought 229 bitcoins for $10 million in cash at an average price of $43,663 per Bitcoin. “As of May 18, 2021, the Company holds approximately 92,079 bitcoins that were acquired at an aggregate purchase price of $2.25 billion and an average purchase price of approximately $24,450 per bitcoin, inclusive of fees and expenses,” the company said in the filing.

At the time of writing this article, the total value of Bitcoins held by the company is over $3.7 billion.

2. Tesla

Elon Musk’s auto company Tesla currently holds 43,200 Bitcoins purchased for $1.5 billion, according to a filing with the Securities and Exchanges Commission (SEC).

Musk had earlier announced that would also start accepting Bitcoin as a payment method for its products but recently took a U-turn on the statement citing the use of fossil fuel for bitcoin mining.

“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment,” Musk said.

The current value of Tesla’s Bitcoin holding is over $1.73 billion.

3. Square Inc.

Square Inc., a financial services company owned by Twitter CEO Jack Dorsey, holds 8,027 Bitcoins worth $220 million. The company first bought 4,709 Bitcoin in October 2020 for $50 million and then revealed in its fourth-quarter report that it had expanded its portfolio. The company reportedly purchased 3,318 Bitcoins for $170 million.

“The investment is part of Square’s ongoing commitment to bitcoin, and the company plans to assess its aggregate investment in bitcoin relative to its other investments on an ongoing basis,” the company had said in its earnings release.

Dorsey has been an advocate of digital currency. He had recently hailed Bitcoin saying it changes everything for the better while retweeting CFO of Square Amrita Ahuja’s post reiterating the company’s Bitcoin strategy.

And we will forever work to make bitcoin better. https://t.co/wssrF2U0P0

Today, the total value of the Bitcoins held by Square Inc. is pegged at $321 million.

4. Marathon Digital Holdings

Marathon Digital Holdings is a Bitcoin self-mining company and claims to be one of the largest enterprise involved in Bitcoin mining across America.

As of May 6, 2021, the company held approximately 5,324 bitcoins, each of which had a market price of approximately $56,135, it said in a press release. Currently, the total value of Bitcoins held by the company is approximately $215 million.

The Las Vegas based company had also announced that it became the first North American enterprise Bitcoin miner to produce Bitcoin in a manner that adheres to anti-money laundering (AML) and the U.S. Department of the Treasury’s Office of Foreign Asset Control’s (OFAC’s) standards by directing all of the Company’s hashrate to the Marathon OFAC Pool.

5. Coinbase Global, Inc.

Coinbase Global is a cryptocurrency exchange enabling trading in several cryptocurrencies including Bitcoin and Etherium. The company in its first quarter fiscal filing with SEC revealed that it held around $230 million in Bitcoin and $53 million in Etherium. This is based on the prices at the time of filing. The exact number of Bitcoins held by the company are not known.
“A majority of our net revenue is from transactions in Bitcoin and Ethereum. If demand for these crypto assets declines and is not replaced by new demand for crypto assets, our business, operating results, and financial condition could be adversely affected,” Coinbase had said in its filing.