The share of Bitcoin reserves controlled by U.S.-based companies has reached an all-time high (ATH), according to analytics platform CryptoQuant. As of January 6, 2025, U.S. entities hold reserves that surpass those of international firms by 65%.

U.S. Dominance in Bitcoin Reserves

Ki Young Ju, co-founder and CEO of CryptoQuant, explained that the metric is calculated as the ratio of Bitcoin reserves held by U.S.-based organizations to those held by known offshore entities. The U.S. category includes companies like MicroStrategy, Bitcoin ETFs, and even government holdings.

On December 16, 2024, this ratio peaked at 1.66, meaning U.S. reserves exceeded those of offshore firms by 66%. While the current ratio is slightly lower at 1.65, it still reflects the growing dominance of U.S. players in Bitcoin holdings.

Although CryptoQuant has not disclosed the absolute size of reserves, the trend is clear: U.S. companies are consolidating their position as dominant Bitcoin holders.

Shifts in Reserve Distribution

The metric experienced a prolonged decline from May 2022 to January 2024, remaining below 1. This indicated that offshore firms held larger Bitcoin reserves than U.S.-based entities during that period.

However, the ratio began to climb in September 2024, following Donald Trump’s victory in the U.S. presidential election. Analysts at CryptoQuant attribute the growth in U.S.-based Bitcoin reserves to improved market sentiment under the new administration.

Key Players in the U.S. Market

Data from Bitcoin Treasuries reveals that 8 out of the top 10 public companies holding Bitcoin are registered in the U.S. These include prominent players like MicroStrategy and Tesla.

However, the dynamic is different for private firms. Among the top 10 private Bitcoin holders, only two are based in the U.S., highlighting a more diverse global distribution in this category.

Potential Impact of Silk Road Bitcoin Sales

The U.S. government’s role as a major Bitcoin holder has also grown. Recently, a court approved the liquidation of over 69,000 BTC seized during the Silk Road investigation. If these assets are sold, it could influence the reserve ratio and market dynamics.

What This Means for Investors

The growing concentration of Bitcoin reserves in the U.S. underscores a shift in market power, with American companies and institutions taking a more central role. This trend may attract institutional investors looking for stability and regulatory clarity.

However, the potential liquidation of large holdings, such as those from the Silk Road case, could introduce short-term volatility. Investors should monitor reserve trends and regulatory developments to better understand market movements.

This article is for informational purposes only and does not constitute investment advice.