For a few years, the concept that publicly traded companies would possibly purchase Bitcoin for his or her reserves was thought of laughable. The highest cryptocurrency was thought of too unstable, too fringe to be embraced by any severe enterprise.
That taboo has been effectively and actually damaged, with a lot of main institutional traders shopping for up Bitcoin in recent times.
The floodgates first opened when cloud software program firm MicroStrategy purchased $425 million value of Bitcoin in August and September 2020. Others adopted swimsuit, together with funds processor Block and electrical automobile producer Tesla.
Per BitcoinTreasuries, public firms holding Bitcoin now account for five.39% of the full provide of 21 million BTC. These are the most important holders as of this writing.
1. Technique
Strategy, a outstanding enterprise analytics platform turned Bitcoin treasury firm, has adopted BTC as its main reserve asset. The corporate is maybe higher referred to as MicroStrategy, however changed its name in February 2025 with co-founder Michael Saylor citing the “energy and positivity” of “technique.”
The agency, which produces cellular software program and supplies cloud-based companies, has aggressively pursued a Bitcoin buying spree, scooping up millions of dollars value of the cryptocurrency. As of this writing, it holds 780,897 BTC in reserve, equal to $59 billion and greater than 3.7% of the total amount of Bitcoin that will ever be issued.
Within the firm’s Q1 2024 earnings call, Saylor claimed that the corporate’s adoption of a “Bitcoin technique” had enabled it to ship 10x to 30x the efficiency of rival enterprise software program firms within the enterprise intelligence sector. The corporate usually reveals Bitcoin buys on a weekly foundation, although it routinely skips every week on the finish of every quarter.
In contrast to different executives who usually draw back from discussing their private investments, Saylor has made it public that he personally bought 17,732 BTC—at present value over $1.3 billion, and nonetheless holds them as of September 2024. It’s one thing of an about-face for the Technique co-founder, who in 2013 claimed that Bitcoin’s days were numbered.
“We’re at first of the stage of speedy institutional adoption of digital property within the type of Bitcoin,” Saylor stated throughout the firm’s Q1 2024 earnings call. He added that sooner or later, Bitcoin gained’t compete towards different crypto property, however towards, “gold, artwork, equities, actual property, bonds, and different forms of store-of-value cash in wealth creation, wealth preservation, and the capital markets.”
Maybe the loudest Bitcoin proponent on the market, Saylor has already stated the agency will probably be “buying the top forever.” He has beforehand stated the agency might in the end purchase 7% of the full BTC provide, and not too long ago reassured traders in MSTR that it might face up to a Bitcoin drawdown to as a lot as $8,000, simply refinancing its debt alongside the best way.
“If you happen to assume it’s going to zero, then we’ll take care of that,” he stated. “However I don’t assume it’s going to zero, and I don’t assume it’s going to $8,000 both.”
2. Twenty One Capital
The Jack Mallers-led Twenty One Capital (XXI) holds 43,513.12 Bitcoin in response to its public balances on the Bitcoin blockchain. That’s about $3.3 billion value, as of this writing.
The agency, which launched via a SPAC merger with Cantor Equity Partner in December, labored with stablecoin big Tether, crypto change Bitfinex, and Japanese funding agency SoftBank to construct its Bitcoin treasury.
In contrast to different treasury companies that will accumulate Bitcoin for his or her steadiness sheets whereas working non-crypto companies, Twenty One’s main focus stays on buying BTC and offering Bitcoin-related companies to assist differentiate itself from others.
The agency pledges a long-term focus with plans to not “outperform inflation,” however as an alternative “render the idea of inflation irrelevant.”
3. Metaplanet
Metaplanet, a Tokyo-listed agency nicknamed the “Asian Technique,” now holds 40,177 Bitcoin, value over $3 billion on the time of writing.
Exterior of its Bitcoin operations, the corporate owns and operates a lodge that’s being rebranded to the “Bitcoin Resort,” and claims that it’s the first and solely publicly listed Bitcoin treasury firm in Japan.
Following in Technique’s footsteps, the agency has aggressively added to its Bitcoin holdings. Final September, it achieved its 2025 goal of owning 30,000 BTC whereas leapfrogging the Bitcoin Normal Treasury Firm to take over the third spot on this checklist.
Although its short-term purpose has been achieved, it has an extended approach to go to succeed in its 2027 purpose of owning more than 210,000 Bitcoin—almost $16 billion value on the time of writing.
The corporate added President Donald Trump’s son Eric Trump to a Strategic Advisory Board in early 2025. Later that yr, it took up residence in the USA, expanding with the creation of a subsidiary in Miami, Florida. In March 2026, it broadened its Bitcoin technique, including an funding arm with roughly $25 million anticipated to be invested into Bitcoin firms.
4. MARA
Bitcoin mining firm MARA (previously Marathon Digital), unsurprisingly, can also be a big holder of Bitcoin, with round 38,689 BTC—greater than $2.9 billion value—in its company treasury on the time of writing.
The corporate, which initially aimed to construct “the most important Bitcoin mining operation in North America at one of many lowest power prices,” originated as a patent holding agency (and was also known as a patent troll) earlier than its pivot into crypto mining.
However as Bitcoin miners started to pivot in direction of offering AI infrastructure, so did MARA. As a part of that transfer, the agency introduced a shift in its technique in March 2026, saying that it’d promote a few of its Bitcoin treasury to fund different initiatives. That technique was put to make use of rapidly, because the agency offered 15,133 BTC valued at $1.1 billion to help buy back debt.
“Whereas Bitcoin mining stays the muse of our platform, we have now expanded our footprint in power era and are investing in analysis and growth to determine a presence in AI and adjoining markets, creating further income alternatives over the long run,” its most recent 10K filing reads.
5. Bitcoin Normal Treasury Firm
Bitcoin Normal Treasury Firm (BSTR) is one other soon-to-be public entity that may launch with greater than 30,000 BTC when its transactions finalize, expected to take place in late Q1 or Q2 of 2026.
The agency, which will probably be led by early Bitcoiner and BTC whale Adam Again—who has denied being pseudonymous Bitcoin creator Satoshi Nakamoto, amid high-profile accusations—is the results of a merger between BSTR and the Cantor Fitzgerald-linked particular objective acquisition firm, Cantor Fairness Companions I.
As a part of the merger, Again and founding shareholders will contribute 25,000 Bitcoin to the corporate, with one other 5,021 Bitcoin supplied by way of an in-kind PIPE, or non-public funding in public fairness.
“We’re placing unprecedented firepower behind a single mission: maximizing Bitcoin possession per share whereas accelerating real-world Bitcoin adoption,” Again said of the firm, in an announcement.
Along with its 30,031 Bitcoin, the agency also announced it could raise up to $1.5 billion in funding for extra purchases.
6. Riot Platforms
One other crypto mining outfit, U.S.-based Riot Platforms, holds 15,680 BTC—value almost $1.2 billion at at present’s costs.
With its valuation surging from beneath $200 million in 2020 to highs of over $6 billion in 2021, the Nasdaq-listed firm went on an aggressive growth drive. In April 2021, it spent $650 million on a one-gigawatt Bitcoin mining facility in Texas, finally increasing additional in 2022 earlier than rebranding to Riot Platforms to diversify its enterprise mannequin in 2023.
The corporate also reached a settlement with Bitcoin mining agency, Bitfarms, because it tried a hostile takeover of the rival in 2024.
Amid Bitcoin’s drawdown in late 2025, the agency indicated that it could must promote more of its Bitcoin holdings than beforehand anticipated to “generate the liquidity required to fund our ongoing operations and dealing capital wants.” It collectively offered round $450 million value in This fall and Q1 2026, mixed because it pivoted to serve AI demand alongside different Bitcoin miners.
7. Coinbase
Arguably the best-known crypto agency on this checklist, crypto change Coinbase went public in a landmark direct listing on the Nasdaq in April 2021.
Forward of its itemizing, in February 2021, Coinbase revealed that it held $230 million in Bitcoin on its steadiness sheet. As of its most up-to-date 10-K filing, it holds 15,389 BTC in its treasury for funding as of December 31, 2025. That’s about $1.17 billion value.
The agency has added greater than 8,500 BTC because the finish of 2024 when it held 6,885. And its CEO, Brian Armstrong, says it’ll maintain including sooner or later.
“Coinbase is lengthy Bitcoin,” he posted on X in October.
Coinbase is lengthy bitcoin.
Our holding elevated by 2,772 BTC in Q3. And we maintain shopping for extra.
— Brian Armstrong (@brian_armstrong) October 30, 2025
It continues to innovate with Bitcoin, announcing its own wrapped Bitcoin product, cbBTC, in late 2024. Coinbase additionally restarted Bitcoin lending services in January 2025.
8. Try Asset Administration
Monetary companies agency Try Asset Administration joined the top 10 public holders in January 2026 when it pushed its holdings above 13,000 BTC. That quantity stands at 13,678 BTC, valued above $1 billion, as of this writing.
The agency, co-founded by former Republican Ohio gubernatorial candidate Vivek Ramaswamy, raised $750 million in May 2025 to buy Bitcoin. Beforehand, it had inspired famed meme inventory agency and online game retailer, GameStop, to shove its holdings into the largest crypto asset by market cap. GameStop purchased greater than $500 million value of Bitcoin in 2025, and in 2026, revealed that it put its funds into a covered call option strategy with Coinbase.
After elevating a large fund to purchase BTC, Try additionally acquired a smaller Bitcoin treasury agency—Semler Scientific—in an all-stock deal that gave it access to the healthcare technologies firm’s Bitcoin, round 5,048 BTC on the time of the deal.
9. Hut8
Canadian Bitcoin mining agency Hut 8 holds 13,696 BTC, value over $1 billion at present costs in response to its last BTC-denominated update.
In June 2021, the corporate was listed on the Nasdaq International Choose Market beneath the HUT ticker, with the corporate’s SEC filing noting that it is “dedicated to rising shareholder worth by growing the quantity and worth of our Bitcoin holdings.” In November 2023, the agency merged with fellow mining firm US Bitcoin, with the post-merger agency billing itself as an “power infrastructure firm concentrating on Bitcoin mining and knowledge facilities.”
The corporate introduced a $150 million investment final June to broaden its AI compute push to fulfill demand, and its inventory almost doubled within the weeks following the presidential election. Its wholly owned subsidiary, American Bitcoin—which was co-founded by President Trump’s son, Eric Trump—has additionally gone public as a Bitcoin miner and treasury agency.
HUT8 inventory soared as soon as extra in December 2025 after the agency inked a $7 billion Google-backed AI knowledge heart deal. Shares in American Bitcoin, its wholly owned subsidiary, hit their lowest mark post-IPO when they dipped in late March.
10. CleanSpark
U.S. Bitcoin mining agency CleanSpark holds 13,363 BTC as of March 26, value roughly $1 billion at at present’s costs.
Forward of the 2024 Bitcoin halving, the agency expanded its operations, snapping up three Bitcoin mining services in Mississippi for $19.8 million and including as much as 2.4 EH/s to its mining capability. The corporate additionally added a 3rd facility in Dalton, Georgia to its lineup, with an additional 0.8 EH/s.
Whereas different public firms on the checklist have made it a behavior of shopping for Bitcoin for his or her treasuries, CleanSpark CFO Gary Vecchiarelli said in February 2025, “We proceed to spend money on ourselves as a result of why purchase Bitcoin at present spot costs once we can mine it for $34,000?”
Editor’s observe: This text was first printed in July 2022 and final up to date with new particulars on April 19, 2026.
This checklist is maintained by way of a mixture of regulatory filings, data shared by the businesses themselves, on-chain knowledge, and rankings like BitcoinTreasuries.net. In conditions the place knowledge is unclear or incomplete, we have now made quite a few makes an attempt to succeed in out to the companies and search clarification. The place we couldn’t achieve clarification, we’ve used our greatest judgment relating to inclusion. We are going to proceed to replace this rating primarily based on new data and strikes forward.
Extra reporting by Daniel Phillips and Stephen Graves
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