Crypto

Crypto Bitcoin & ETFs

Bitcoin Price History

Monthly BTC close in USD on a log scale, Jan 2018 to Apr 2026, with dashed lines marking the two halvings, FTX, the spot ETF, the Trump election, and 2025 US policy milestones.

Bitcoin Against 10-Year Real Yields

Monthly Bitcoin close against the 10-year TIPS yield, 2018 to April 2026. From 2018 to 2021 the two moved inversely at a correlation of -0.72. Since 2022 they have risen together at +0.47.

Full history2018 to 20212022 to 2026

Correlation +0.48

Bitcoin Dominance Over Time

Bitcoin's market cap as a share of total crypto market cap, quarter-end (58.6% in May 2026). A clean risk-on / risk-off proxy: it falls during altseason.

Spot Bitcoin ETF assets under management, by issuer

Total spot BTC ETF AUM crossed $100B in the 28 months since the January 2024 launch. BlackRock IBIT is dominant at roughly 70% of total AUM. Grayscale's converted GBTC continues to lose share to lower-fee competitors (1.50% fee vs 0.15-0.25% across the rest).

Total AUM across all 11 issuers$104.6B

Spot Bitcoin ETF assets under management, by issuer (monthly)

Month-end spot BTC ETF assets under management by issuer, from the January 2024 launch through May 2026. BlackRock's IBIT reached roughly $70B, the fastest ETF growth on record.

Public Company BTC Treasuries

Top public-company corporate Bitcoin holders, ranked by BTC count. Strategy (MSTR) alone is roughly 80% of the tracked total. Sovereign holders are tracked separately.

Total BTC held by tracked public companies1,069,591 BTC ($84.87B)

Rank	Company	Ticker	BTC	USD value	Last disclosure	Note
1	🇺🇸Strategy	MSTR	818,869	$64.98B	2026-05-11	Largest corporate BTC holder. Convertible-debt and ATM-equity funded accumulation; mNAV premium drives the flywheel.
2	🇺🇸Twenty One Capital	XXI	43,514	$3.45B	2026-05-12	SPAC-style BTC treasury vehicle backed by Tether, SoftBank, and Cantor; second-largest public holder.
3	🇯🇵Metaplanet	3350.T	40,177	$3.19B	2026-03-31	Japan-listed Strategy-mimic; tripled holdings via zero-interest yen bonds. Now ~87 percent of all BTC owned by Japanese listed companies.
4	🇺🇸MARA Holdings	MARA	35,303	$2.80B	2026-05-12	Largest miner-holder. Sold $1.5B of BTC in Q1 2026 to fund AI infrastructure pivot (Long Ridge Energy acquisition).
5	🇺🇸Bitcoin Standard Treasury Co	BSTR	30,021	$2.38B	2026-05-12	Dedicated BTC treasury vehicle launched 2025.
6	🇺🇸Bullish	BLSH	24,300	$1.93B	2026-05-12	Crypto exchange operator; corporate BTC treasury post-IPO.
7	🇺🇸Riot Platforms	RIOT	15,680	$1.24B	2026-05-01	Texas-anchored miner. Sold 3,778 BTC in Q1 2026 ($289.5M) amid AI/HPC pivot.
8	🇺🇸Hut 8	HUT	13,696	$1.09B	2026-05-06	Cross-listed Canadian-rooted miner. $9.8B data center deal accelerates AI/HPC tenancy.
9	🇺🇸CleanSpark	CLSK	13,561	$1.08B	2026-04-30	Operating-cash-flow-positive miner accumulating mined BTC.
10	🇺🇸Strive (Semler combined)	STRV	12,798	$1.02B	2026-01-13	Combined Strive + Semler Scientific (SMLR) entity post-acquisition. Target 105K BTC by 2027.
11	🇺🇸Tesla	TSLA	11,509	$913M	2026-04-22	Not in the crypto-sector roster (lives in EV) but a notable corporate holder. Unchanged since Q2 2022 sale.
12	🇺🇸Block	XYZ	8,997	$714M	2026-04-28	Corporate treasury (separate from 19,357 BTC held on behalf of Cash App customers). Proof-of-reserves disclosed.
13	🇨🇦Bitfarms	BITF	1,166	$93M	2026-04-30	International miner. Rebuilt HODL after 2022-23 capital crunch.

Strategy (MSTR) Accumulation

Cumulative BTC held by Strategy (MSTR) at quarter-end since its first treasury buy in Aug 2020. The Q4 2024 inflection is the convertible-debt-funded acceleration.

BTC Treasury Company Average Cost Basis (Quarterly)

Average dollar cost per BTC across major treasury accumulators, against a BTC spot reference line, showing how DCA timing spreads cost basis.

BTC Treasury Funding Stack (Annual)

Annual capital raised by BTC-treasury accumulators (MSTR, Metaplanet, Twenty One) broken down by instrument: converts, equity, preferred, bonds, and warrants.

Spot BTC ETF Cumulative Net Flows

Cumulative net flows across all 11 US spot Bitcoin ETFs since the Jan 2024 launch. Peaked near $60B in Oct 2025 before the first sustained outflow period in Q1 2026.

Spot ETH ETF Cumulative Net Flows

Cumulative net flows into US spot Ethereum ETFs since the July 2024 launch, $B. Early negative readings reflect Grayscale ETHE redemptions; staked-ETH approvals later steepened the trajectory.

BTC Supply and Issuance Schedule

Bitcoin's block subsidy halves every 210,000 blocks (~4 years). Epoch 4 pays 3.125 BTC/block; supply approaches the 21M cap around year 2140.

Current epoch

Epoch 4

Current subsidy

3.125 BTC / block

% of cap mined

94.5%

Remaining to mine

1.15M BTC

Epoch	Subsidy	Start	End	Supply at end	Status
Epoch 0	50 BTC	2009-01-03	2012-11-28	10.50M	Complete
Epoch 1	25 BTC	2012-11-28	2016-07-09	15.75M	Complete
Epoch 2	12.5 BTC	2016-07-09	2020-05-11	18.38M	Complete
Epoch 3	6.25 BTC	2020-05-11	2024-04-19	19.69M	Complete
Epoch 4	3.125 BTC	2024-04-19	2028-Q2 (est)	20.34M	Current
Epoch 5	1.5625 BTC	2028-Q2 (est)	2032-Q2 (est)	20.67M	Future
Epoch 6	0.7813 BTC	2032-Q2 (est)	2036-Q2 (est)	20.84M	Future
Epoch 7	0.3906 BTC	2036-Q2 (est)	2040-Q2 (est)	20.92M	Future
Epoch 8	0.1953 BTC	2040-Q2 (est)	2044-Q2 (est)	20.96M	Future
Terminal (year ~2140)				21.00M	21M cap

US Strategic Bitcoin Reserve and Sovereign Holdings

Sovereign and government crypto holdings: the US Strategic Bitcoin Reserve and Digital Asset Stockpile (from forfeitures, no taxpayer buys), plus Bhutan and El Salvador.

Policy Timeline

2021-09-07Legal TenderEl Salvador adopts BTC as legal tender
2024-04-15DisclosureBhutan discloses sovereign mining-derived BTC holdings
2025-01-23RegulatorSEC rescinds SAB 121 via SAB 122 (banks can custody crypto)
2025-03-06EOTrump EO 14233: Strategic Bitcoin Reserve + Digital Asset Stockpile
2025-07-18LawGENIUS Act signed (federal stablecoin framework)
2025-11-15DisclosureCzech National Bank runs $1M BTC + stablecoin + tokenized deposit test portfolio
2025-12-19DisclosureBhutan announces 10,000 BTC pledge to Gelephu Mindfulness City
2026-04-29DisclosureCNB Governor Michl publicly endorses BTC reserves at Bitcoin 2026 Las Vegas

Sovereign and Government Holdings

🇺🇸US Strategic Bitcoin Reserve

Last update: 2026-02-15

DOJ forfeitures (Silk Road, Bitfinex hack); audit pending public release328,372 BTC

Revenue-neutral: no taxpayer-funded purchases. Reserve maintained from forfeitures only per EO 14233. Treasury audit publication is overdue as of May 2026.

🇺🇸US Digital Asset Stockpile

Last update: 2026-02-15

DOJ forfeitures (estimate; agencies still completing audit)38,000 ETH

DOJ forfeitures (estimate)250,000 SOL

DOJ forfeitures (estimate)18.5M XRP

DOJ forfeitures (estimate)21.5M ADA

Held separately from the BTC reserve under EO 14233. No active accumulation policy; assets retained for potential sale or operational use. Individual asset counts remain estimates pending public audit.

🇧🇹Royal Government of Bhutan

Last update: 2026-05-12

Druk Holdings hydropower mining since ~2019. Peaked at 13,295 BTC October 2024; sold roughly 76 percent through May 2026 to fund Gelephu Mindfulness City.3,119 BTC

Active liquidation phase. King Jigme Khesar Namgyel Wangchuck pledged up to 10,000 BTC toward Gelephu Mindfulness City in December 2025. Mining activity has reportedly slowed or stopped post-halving.

🇸🇻El Salvador

Last update: 2026-05-11

Daily 1 BTC DCA since 2021; legal tender adoption7,647 BTC

Daily 1 BTC purchase strategy continues (no longer dollar-pegged). Reserve held in cold storage at BCR (Banco Central de Reserva). Holdings in substantial unrealized profit; Bukele maintains no-sale stance.

🇨🇿Czech National Bank (exploratory)

Last update: 2026-04-29

Test portfolio only ($1M total across BTC, stablecoin, tokenized deposit) inside CNB Lab; not in official reserves0 BTC

Governor Ales Michl publicly endorsed BTC for reserves (Bitcoin 2026 Las Vegas, April 29). CNB internal analysis found a 1 percent BTC allocation would improve risk-adjusted returns. Bank Board has not authorized reserve allocation; only the $1M Lab test portfolio exists.

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