Mt. Gox, once the world’s largest bitcoin exchange, has been defunct since 2014.
But the question of how much bitcoin the now-defunct exchange had when it collapsed still lingers.
According to a report from Bitcoin.com, Mt. Gox had around 200,000 BTC when it filed for bankruptcy in February 2014.
However, later that year, the court-appointed trustee in charge of overseeing the Mt. Gox bankruptcy case said that he had found around 650,000 BTC in an old digital wallet belonging to the exchange.
This would mean that Mt. Gox had around 850,000 BTC when it collapsed.
However, there are a few factors that could account for the discrepancy between the two reports.
First of all, it’s possible that Mt. Gox simply had more than one digital wallet and the 200,000 BTC figure only represents one of them.
NOTE: Warning: Do not attempt to access information regarding how much bitcoin Mt. Gox has in its possession. Accessing such information without the proper authorization could result in severe legal consequences, including fines and/or imprisonment. Furthermore, any attempts to access such information may be considered a violation of Mt. Gox’s terms of service and can result in termination of your account.
Secondly, the 650,000 BTC figure may include bitcoins that were stolen from Mt. Gox customers during the hack that ultimately led to the exchange’s demise.
In any case, it’s clear that Mt. Gox had a significant amount of bitcoin when it went bankrupt and those bitcoins are now worth a fortune.
If those bitcoins were to be sold today, they would be worth over $5 billion at current prices.
So whatever happened to all those bitcoins? According to the trustee overseeing the case, they have been slowly selling them off over the past few years to pay back creditors. So far, around $1 billion worth of bitcoin has been sold and the process is still ongoing.
As for the remaining bitcoins, it’s unclear what will happen to them. It’s possible that they will be sold off as well in order to raise more money for creditors, but it’s also possible that they will be kept by the trustee for future use or simply returned to Mt.
Gox’s former owner Mark Karpeles.
In any case, the story of Mt. Gox is a cautionary tale for anyone holding a large amount of bitcoin or any other cryptocurrency.
The fact that such a large exchange could collapse so suddenly highlights how risky these investments can be.
4 Related Question Answers Found
When it comes to Bitcoin, there is no such thing as too much information. The more you know, the better off you will be when it comes to making money with this digital currency. So, how much is Bitcoin in GBTC?
As of December 6th, 2017, GBTC owns approximately 173,013 bitcoins. This number was calculated using the following formula:
((Total Shares Outstanding – Treasury Shares) * Price per Share) / Bitcoin Price
Where:
Total Shares Outstanding is the number of shares of GBTC that are currently available for trading. Treasury Shares are the number of shares of GBTC that are held by the company and are not available for trading.
As of September 2019, GBTC is the largest Bitcoin investment trust with a market capitalization of $2.8 billion. The trust holds approximately 173,000 Bitcoin, which is equivalent to 1% of the total supply. GBTC is available for trade on the over-the-counter (OTC) market and trades at a premium to the underlying value of Bitcoin.
As of December 6, 2017, GBTC owned 174,000 bitcoins. As the first and largest bitcoin investment trust, GBTC has been the go-to for many institutional and retail investors who want to get exposure to bitcoin without actually owning the underlying asset. GBTC is a trust that owns Bitcoin and sells shares of it to investors.
