Public companies now hold 5.39% of Bitcoin's total supply, breaking previous taboos against corporate investment in the cryptocurrency. Major players include MicroStrategy, Block, and Tesla, which have made significant purchases in recent years.
Key points
Public companies hold 5.39% of total Bitcoin supply
MicroStrategy invested $425 million in Bitcoin in 2020
Block and Tesla are also major Bitcoin holders
Corporate investment in Bitcoin was once considered taboo
For many years, the idea that publicly traded corporations might buy Bitcoin for their reserves was considered laughable. The top cryptocurrency was considered too volatile, too fringe to be embraced by any serious business.
That taboo has been well and truly broken, with a number of major institutional investors buying up Bitcoin in recent years.
The floodgates first opened when cloud software company MicroStrategy bought $425 million worth of Bitcoin in August and September 2020. Others followed suit, including payments processor Block and electric car manufacturer Tesla.
Per BitcoinTreasuries, public companies holding Bitcoin now account for 5.39% of the total supply of 21 million BTC. These are the biggest holders as of this writing.
1. Strategy
Strategy, a prominent business analytics platform turned Bitcoin treasury company, has adopted BTC as its primary reserve asset. The company is perhaps better known as MicroStrategy, but changed its name in February 2025 with co-founder Michael Saylor citing the “power and positivity” of “strategy.”
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In the company’s Q1 2024 earnings call, Saylor claimed that the company’s adoption of a “Bitcoin strategy” had enabled it to deliver 10x to 30x the performance of rival enterprise software companies in the business intelligence sector. The company typically reveals Bitcoin buys on a weekly basis, though it routinely skips a week at the end of each quarter.
Unlike other executives who typically shy away from discussing their personal investments, Saylor has made it public that he personally purchased 17,732 BTC—currently worth over $1.3 billion, and still holds them as of September 2024. It’s something of an about-face for the Strategy co-founder, who in 2013 claimed that Bitcoin’s days were numbered.
“We're at the beginning of the stage of rapid institutional adoption of digital property in the form of Bitcoin,” Saylor said during the company’s Q1 2024 earnings call. He added that in the future, Bitcoin won’t compete against other crypto assets, but against, “gold, art, equities, real estate, bonds, and other types of store-of-value money in wealth creation, wealth preservation, and the capital markets.”
Perhaps the loudest Bitcoin proponent out there, Saylor has already said the firm will be “buying the top forever.” He has previously said the firm could ultimately buy 7% of the total BTC supply, and recently reassured investors in MSTR that it could withstand a Bitcoin drawdown to as much as $8,000, just refinancing its debt along the way.
“If you think it’s going to zero, then we’ll deal with that,” he said. “But I don’t think it’s going to zero, and I don’t think it’s going to $8,000 either.”
2. Twenty One Capital
The Jack Mallers-led Twenty One Capital (XXI) holds 43,513.12 Bitcoin according to its public balances on the Bitcoin blockchain. That’s about $3.3 billion worth, as of this writing.
The firm, which launched via a SPAC merger with Cantor Equity Partner in December, worked with stablecoin giant Tether, crypto exchange Bitfinex, and Japanese investment firm SoftBank to build its Bitcoin treasury.
Unlike other treasury firms that may accumulate Bitcoin for their balance sheets while operating non-crypto businesses, Twenty One’s primary focus remains on acquiring BTC and providing Bitcoin-related services to help differentiate itself from others.
The firm pledges a long-term focus with plans not to “outperform inflation,” but instead “render the concept of inflation irrelevant.”
3. Metaplanet
Metaplanet, a Tokyo-listed firm nicknamed the “Asian Strategy,” now holds 40,177 Bitcoin, worth over $3 billion at the time of writing.
Outside of its Bitcoin operations, the company owns and operates a hotel that is being rebranded to the “Bitcoin Hotel,” and claims that it is the first and only publicly listed Bitcoin treasury company in Japan.
Following in Strategy’s footsteps, the firm has aggressively added to its Bitcoin holdings. Last September, it achieved its 2025 goal of owning 30,000 BTC while leapfrogging the Bitcoin Standard Treasury Company to take over the third spot on this list.
Though its short-term goal has been achieved, it has a long way to go to reach its 2027 goal of owning more than 210,000 Bitcoin—nearly $16 billion worth at the time of writing.
Bitcoin mining company MARA (formerly Marathon Digital), unsurprisingly, is also a large holder of Bitcoin, with around 38,689 BTC—more than $2.9 billion worth—in its corporate treasury at the time of writing.
The company, which originally aimed to build "the largest Bitcoin mining operation in North America at one of the lowest energy costs," originated as a patent holding firm (and was often referred to as a patent troll) before its pivot into crypto mining.
But as Bitcoin miners began to pivot towards providing AI infrastructure, so did MARA. As part of that move, the firm announced a shift in its strategy in March 2026, saying that it might sell some of its Bitcoin treasury to fund other initiatives. That strategy was put to use quickly, as the firm sold 15,133 BTC valued at $1.1 billion to help buy back debt.
“While Bitcoin mining remains the foundation of our platform, we have expanded our footprint in energy generation and are investing in research and development to establish a presence in AI and adjacent markets, creating additional revenue opportunities over the long term,” its most recent 10K filing reads.
5. Bitcoin Standard Treasury Company
Bitcoin Standard Treasury Company (BSTR) is another soon-to-be public entity that will launch with more than 30,000 BTC when its transactions finalize, expected to take place in late Q1 or Q2 of 2026.
The firm, which will be led by early Bitcoiner and BTC whale Adam Back—who has denied being pseudonymous Bitcoin creator Satoshi Nakamoto, amid high-profile accusations—is the result of a merger between BSTR and the Cantor Fitzgerald-linked special purpose acquisition company, Cantor Equity Partners I.
As part of the merger, Back and founding shareholders will contribute 25,000 Bitcoin to the company, with another 5,021 Bitcoin provided via an in-kind PIPE, or private investment in public equity.
“We are putting unprecedented firepower behind a single mission: maximizing Bitcoin ownership per share while accelerating real-world Bitcoin adoption,” Back said of the firm, in a statement.
Another crypto mining outfit, U.S.-based Riot Platforms, holds 15,680 BTC—worth nearly $1.2 billion at today’s prices.
With its valuation surging from below $200 million in 2020 to highs of over $6 billion in 2021, the Nasdaq-listed company went on an aggressive expansion drive. In April 2021, it spent $650 million on a one-gigawatt Bitcoin mining facility in Texas, eventually expanding further in 2022 before rebranding to Riot Platforms to diversify its business model in 2023.
The company also reached a settlement with Bitcoin mining firm, Bitfarms, as it attempted a hostile takeover of the rival in 2024.
Amid Bitcoin’s drawdown in late 2025, the firm indicated that it may have to sell more of its Bitcoin holdings than previously anticipated to “generate the liquidity required to fund our ongoing operations and working capital needs.” It collectively sold around $450 million worth in Q4 and Q1 2026, combined as it pivoted to serve AI demand alongside other Bitcoin miners.
7. Coinbase
Arguably the best-known crypto firm in this list, crypto exchange Coinbase went public in a landmark direct listing on the Nasdaq in April 2021.
Ahead of its listing, in February 2021, Coinbase revealed that it held $230 million in Bitcoin on its balance sheet. As of its most recent 10-K filing, it holds 15,389 BTC in its treasury for investment as of December 31, 2025. That’s about $1.17 billion worth.
The firm has added more than 8,500 BTC since the end of 2024 when it held 6,885. And its CEO, Brian Armstrong, says it’ll keep adding in the future.
“Coinbase is long Bitcoin,” he posted on X in October.
Coinbase is long bitcoin.
Our holding increased by 2,772 BTC in Q3. And we keep buying more.
Financial services firm Strive Asset Management joined the top 10 public holders in January 2026 when it pushed its holdings above 13,000 BTC. That number stands at 13,678 BTC, valued above $1 billion, as of this writing.
After raising a massive fund to buy BTC, Strive also acquired a smaller Bitcoin treasury firm—Semler Scientific—in an all-stock deal that gave it access to the healthcare technologies firm’s Bitcoin, around 5,048 BTC at the time of the deal.
9. Hut8
Canadian Bitcoin mining firm Hut 8 holds 13,696 BTC, worth over $1 billion at current prices according to its last BTC-denominated update.
In June 2021, the company was listed on the Nasdaq Global Select Market under the HUT ticker, with the company's SEC filing noting that it's "committed to growing shareholder value by increasing the number and value of our Bitcoin holdings." In November 2023, the firm merged with fellow mining company US Bitcoin, with the post-merger firm billing itself as an “energy infrastructure company targeting Bitcoin mining and data centers.”
The company announced a $150 million investment last June to expand its AI compute push to meet demand, and its stock nearly doubled in the weeks following the presidential election. Its wholly owned subsidiary, American Bitcoin—which was co-founded by President Trump’s son, Eric Trump—has also gone public as a Bitcoin miner and treasury firm.
U.S. Bitcoin mining firm CleanSpark holds 13,363 BTC as of March 26, worth approximately $1 billion at today’s prices.
Ahead of the 2024 Bitcoin halving, the firm expanded its operations, snapping up three Bitcoin mining facilities in Mississippi for $19.8 million and adding up to 2.4 EH/s to its mining capacity. The company also added a third facility in Dalton, Georgia to its lineup, with a further 0.8 EH/s.
While other public companies on the list have made it a habit of buying Bitcoin for their treasuries, CleanSpark CFO Gary Vecchiarelli said in February 2025, “We continue to invest in ourselves because why buy Bitcoin at current spot prices when we can mine it for $34,000?"
Editor's note: This article was first published in July 2022 and last updated with new details on April 19, 2026.
This list is maintained via a mix of regulatory filings, information shared by the companies themselves, on-chain data, and rankings likeBitcoinTreasuries.net. In situations where data is unclear or incomplete, we have made numerous attempts to reach out to the firms and seek clarification. Where we could not gain clarification, we’ve used our best judgment regarding inclusion. We will continue to update this ranking based on new information and moves ahead.
