Does Block.one Eclipse Microstrategy in BTC Reserves? Deciphering the Bitcoin Treasury Lists

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This weekend, bitcoin enthusiasts discussed the latest update to bitcointreasuries.net, which offers a new visual of the various companies, countries and funds with bitcoin on their balance sheets. The site indicates that Microstrategy owns 158,245 BTC, while Block.one, the company behind the development of the EOS network, reportedly holds 164,000 BTC.

Behind the Bitcoin Balance Sheets

Recently, there’s been a buzz about the revamped bitcointreasuries.net, presenting a vivid depiction of every entity storing BTC on their financial ledgers. This fresh insight was introduced by Coinkite’s CEO and founder, Rodolfo Novak, the brain behind the bitcointreasuries.net platform. While many were captivated by the new visualization, several bitcoin enthusiasts spotlighted Block.one’s substantial reserves. Per bitcointreasuries.net, the company boasts a stash of 164,000 BTC.

“[Block.one] (EOS) still owns more Bitcoin than Microstrategy, which is kinda insane,” Zack Voell wrote. ​​When asked about Block.one’s holdings, Voell said the information came from Novak. The Block.one section on the web portal indicates it was updated on Sept. 14, 2022, but it doesn’t provide source links. We can verify that Microstrategy holds 158,245 BTC because its CEO consistently issues press releases for each acquisition.

Microstrategy is a publicly traded company, requiring it to regularly disclose its financials. In contrast, Block.one is privately held. The only way to genuinely verify Block.one’s holdings is by accepting the company’s statement. Block.one is also cited on bitcointreasuries.org. This website displays an SEC filing that lacks financial details and is accessible only on archive.org. According to bitcointreasuries.org, Block.one possesses 140,000 BTC and further references a Cointelegraph article.

However, that specific Cointelegraph article doesn’t provide a source for the 140,000 BTC claim and uses the word “reported.” In May 2019, Bloomberg’s Alastair Marsh reported that Block.one held 140,000 BTC, referencing an email that revealed the company’s financials and was shared by sources familiar with the situation. Additionally, Block.one CEO Brendan Blumer posted on the social media platform X (previously known as Twitter) that the company owned more than 140,000 BTC.

“B1 is building products designed to leverage our bitcoin as more than just a store of value,” Blumer wrote in December 2020. “We have accumulated well beyond our previously announced 140,000 BTC position. We are in internal testing and alpha stages.”

Besides the Bitcoin holdings of Microstrategy and Block.one, Mt Gox is another entity possessing over 140,000 BTC, as indicated by both bitcointreasuries.net and bitcointreasuries.org. Many companies, unlike recently tested exchanges, haven’t revealed their bitcoin addresses. This group includes Microstrategy, the coins of Mt Gox, Tesla, Block.one, and even Grayscale’s massive cache of 624,947 BTC. However, Grayscale’s holdings were identified and flagged by Arkham Intelligence this year across more than 1,750 distinct BTC addresses.

Without verifiable proof-of-reserves, the accuracy of these lists remains uncertain. While there’s reports suggesting that Block.one might have a more substantial bitcoin reserve than Microstrategy, the lack of verifiable proof makes it difficult to state this with absolute certainty. Until more transparent documentation becomes available, the true scale of Block.one’s bitcoin treasury remains a topic of speculation and intrigue in the bitcoin community.

What do you think about the treasury lists and the discussions about Block.one’s and Microstrategy’s bitcoin caches? Share your thoughts and opinions about this subject in the comments section below.