{
  "schema_version": "1.0",
  "title": "Institutional Bitcoin exposure is an ownership map, not one holdings total",
  "description": "Selected primary-source snapshots separate the asset holder, the security owner and the custodian. Quantities and values are reproduced only where the reporting entity disclosed them.",
  "type": "table",
  "columns": [
    "Institution and date",
    "Category",
    "Verified exposure",
    "Who owned the claim",
    "Custody or service boundary",
    "Source"
  ],
  "rows": [
    [
      "Grayscale Bitcoin Trust · 2020-12-31",
      "Asset-manager-sponsored statutory trust",
      "607,039.48515191 BTC; $17,716,477,727 principal-market fair value",
      "The trust held bitcoin; shareholders held beneficial-interest shares",
      "Coinbase Custody held bitcoin on behalf of the trust; Grayscale was sponsor",
      "adoption-gbtc-2020-10k"
    ],
    [
      "Square / Block · 2024-12-31",
      "Corporate treasury",
      "8,485 investment BTC; $251.5m cost basis; $792.282m fair value",
      "Block owned the corporate investment; Block shareholders did not own specific coins",
      "Customer bitcoin and corporate-investment bitcoin were separately disclosed",
      "adoption-block-2024-10k"
    ],
    [
      "MassMutual · 2020-12-10",
      "Insurance general investment account",
      "$100m bitcoin purchase; BTC quantity not disclosed",
      "MassMutual’s general account held the investment, supporting the insurer’s enterprise obligations",
      "NYDIG said it facilitated the transaction and held the position on its custody platform",
      "adoption-massmutual-nydig"
    ],
    [
      "Tesla · 2024-12-31",
      "Corporate treasury",
      "11,509 BTC; $386m cost basis; $1.074bn fair value",
      "Tesla owned the bitcoin; common stockholders held an equity claim on Tesla",
      "The filing reports the corporate asset, not customer custody",
      "adoption-tesla-2024-10k"
    ],
    [
      "BNY · October 2022",
      "Bank custody service",
      "Platform live for select U.S. institutional clients; no proprietary BTC quantity disclosed",
      "Clients or their investment vehicles retained the economic claim",
      "BNY provided safekeeping infrastructure and related custody operations",
      "adoption-bny-2022-annual"
    ],
    [
      "SWIB · 2024-03-31",
      "Public investment manager’s securities exposure",
      "2,450,400 IBIT shares worth $99,167,688; 1,013,000 GBTC shares worth $63,687,310",
      "SWIB reported trust shares, not direct bitcoin; the specific managed fund was not identified",
      "Each trust, not SWIB, held the portfolio bitcoin through its custody arrangement",
      "adoption-swib-2024-q1"
    ]
  ],
  "source_ids": [
    "adoption-gbtc-2020-10k",
    "adoption-block-2024-10k",
    "adoption-massmutual-nydig",
    "adoption-tesla-2024-10k",
    "adoption-bny-2022-annual",
    "adoption-swib-2024-q1"
  ],
  "sources": [
    {
      "id": "adoption-gbtc-2020-10k",
      "title": "Grayscale Bitcoin Trust 2020 Form 10-K",
      "publisher": "Grayscale Bitcoin Trust / U.S. Securities and Exchange Commission",
      "type": "audited trust annual filing",
      "url": "https://www.sec.gov/Archives/edgar/data/1588489/000156459021011121/gbtc-10k_20201231.htm",
      "supports": "Trust formation and operating dates, legal and custody roles, share structure, redemption limits, exact 2019 and 2020 BTC quantities and principal-market fair values."
    },
    {
      "id": "adoption-block-2024-10k",
      "title": "Block 2024 Form 10-K",
      "publisher": "Block, Inc. / U.S. Securities and Exchange Commission",
      "type": "audited public-company annual filing",
      "url": "https://www.sec.gov/Archives/edgar/data/1512673/000162828025007376/sq-20241231.htm",
      "supports": "Block’s 8,485 investment BTC, $251.5 million cost basis, $792.282 million fair value, 2024 purchases, fair-value accounting and distinction from bitcoin held for customers."
    },
    {
      "id": "adoption-massmutual-nydig",
      "title": "NYDIG announces MassMutual investment and bitcoin purchase",
      "publisher": "NYDIG / PR Newswire",
      "type": "first-party transaction announcement",
      "url": "https://www.prnewswire.com/news-releases/institutional-bitcoin-provider-nydig-announces-minority-stake-purchase-by-massmutual-301190811.html",
      "supports": "The 10 December 2020 date, $100 million general-account bitcoin purchase, separate $5 million NYDIG equity investment, NYDIG custody role and MassMutual CIO statement."
    },
    {
      "id": "adoption-tesla-2024-10k",
      "title": "Tesla 2024 Form 10-K",
      "publisher": "Tesla, Inc. / U.S. Securities and Exchange Commission",
      "type": "audited public-company annual filing",
      "url": "https://www.sec.gov/Archives/edgar/data/1318605/000162828025003063/tsla-20241231.htm",
      "supports": "Tesla’s 11,509 BTC, $386 million cost basis, $1.074 billion fair value and 2024 adoption of the new crypto accounting standard."
    },
    {
      "id": "adoption-bny-2022-annual",
      "title": "BNY Mellon 2022 annual report",
      "publisher": "The Bank of New York Mellon Corporation",
      "type": "audited bank annual report",
      "url": "https://www.bnymellon.com/content/dam/bnymellon/documents/pdf/investor-relations/annual-report-2022.pdf.coredownload.pdf",
      "supports": "The October 2022 launch of Digital Asset Custody for select U.S. institutional clients and BNY’s first-G-SIB characterization."
    },
    {
      "id": "adoption-swib-2024-q1",
      "title": "SWIB Form 13F information table for 31 March 2024",
      "publisher": "State of Wisconsin Investment Board / U.S. Securities and Exchange Commission",
      "type": "primary institutional-manager filing",
      "url": "https://www.sec.gov/Archives/edgar/data/854157/000106299324010116/form13fInfoTable.xml",
      "supports": "The exact IBIT and GBTC share quantities and reporting values at 31 March 2024."
    }
  ]
}