In recent years, the idea of public companies adding Bitcoin to their balance sheets has evolved from a fringe concept into a mainstream financial strategy. Once dismissed as too volatile or speculative, Bitcoin is now recognized by major corporations as a legitimate store of value—often compared to digital gold. From tech giants to crypto-native firms, an increasing number of publicly traded companies are allocating capital to Bitcoin, signaling a shift in how institutional investors view digital assets.
This article explores the top 10 public companies holding the largest Bitcoin reserves as of early 2025, based on data from BitcoinTreasuries.org and official financial disclosures. These organizations collectively hold over 2.8% of Bitcoin’s total fixed supply of 21 million coins, underscoring growing corporate confidence in the leading cryptocurrency.
1. MicroStrategy
MicroStrategy, originally a business intelligence software provider, has transformed into the world’s most aggressive corporate Bitcoin holder. Under the leadership of Executive Chairman Michael Saylor, the company adopted Bitcoin as its primary treasury reserve asset in 2020.
As of January 2025, MicroStrategy holds 461,000 BTC, valued at over **$48 billion**, representing more than **2% of Bitcoin’s total supply**. The company has consistently purchased Bitcoin through debt offerings and equity raises, including a planned $4.2 billion capital raise aimed at funding further acquisitions.
👉 Discover how one company turned Bitcoin into a trillion-dollar strategy.
Saylor, a vocal advocate for Bitcoin, once claimed he was buying $1,000 worth of Bitcoin every second during peak accumulation periods. He argues that Bitcoin is entering a phase of rapid institutional adoption and will compete not with other cryptocurrencies, but with traditional stores of value like gold, real estate, and bonds.
Notably, Saylor also holds 17,732 BTC personally, worth over $1.85 billion, despite having previously criticized Bitcoin in 2013. His pivot reflects the broader shift in corporate sentiment toward digital assets.
2. Marathon Digital Holdings Inc.
Marathon Digital is one of North America’s largest Bitcoin mining operators and a significant holder of the asset. As of December 2024, it held 44,394 BTC, valued at over $4.6 billion.
The company operates more than 250,000 mining rigs with a total hashrate capacity of 31.5 EH/s, focusing on low-cost energy sources to maintain profitability. In anticipation of the 2024 Bitcoin halving—which reduced block rewards from 6.25 to 3.125 BTC—Marathon accelerated its expansion plans, aiming to double its mining operations.
Marathon generated $132 million in revenue during Q3 2024, up 35% year-over-year, and raised nearly $2 billion through convertible notes, much of which was used to acquire additional Bitcoin.
3. Riot Platforms, Inc.
Riot Platforms is another major U.S.-based Bitcoin miner with a strategic reserve of 17,722 BTC, worth approximately $1.85 billion as of early 2025.
The company's valuation surged from under $200 million in 2020 to over $6 billion in 2021 following its aggressive infrastructure investments, including a $650 million 1-gigawatt mining facility in Texas. It rebranded from Riot Blockchain to Riot Platforms in 2023 to reflect its diversified energy infrastructure focus.
While the post-halving environment introduced profitability challenges, Riot adapted by optimizing operations and expanding capacity. Its stock rebounded sharply after the November 2024 U.S. presidential election, aligning with broader market optimism around crypto regulation.
4. Galaxy Digital Holdings
Founded by Michael Novogratz in 2018, Galaxy Digital is a crypto-focused investment bank and asset manager. As of November 2024, it held 11,242 BTC, valued at around $1.18 billion.
Galaxy plays a key role in the crypto ecosystem, managing one of the approved spot Bitcoin ETFs in the U.S. following SEC approval in January 2024. Novogratz has been a bullish voice for Bitcoin, predicting it would never fall below $50,000 again and forecasting a rise to $100,000 by year-end 2024.
He also called Donald Trump’s election victory “the most important day in crypto history,” reflecting growing political interest in digital asset policy.
5. Hut 8 Corp
Canadian miner Hut 8 holds 10,096 BTC, worth over $1 billion as of late 2024. The company emphasizes shareholder value creation through Bitcoin accumulation and strategic monetization via lending arrangements with major digital asset prime brokers.
After merging with US Bitcoin Corp in 2023, Hut 8 expanded its footprint across Alberta, Texas, and New York, operating six facilities with 7.5 EH/s of self-mined hashrate.
In June 2024, it announced a $150 million investment into AI computing infrastructure—a move that helped nearly double its stock price post-election and push its market cap above $2 billion.
6. Tesla
Tesla made headlines in February 2021 when it disclosed a $1.5 billion investment** in Bitcoin. Though it later sold 75% of its holdings in Q2 2022—citing macroeconomic uncertainty during China’s zero-COVID lockdowns—it still retains **9,720 BTC**, valued at over **$1 billion in early 2025.
Elon Musk initially supported Bitcoin payments but suspended them two months later due to environmental concerns about mining’s fossil fuel usage. He stated Tesla would resume transactions if miners transitioned to at least 50% renewable energy.
Musk remains influential in crypto culture, particularly through his advocacy for Dogecoin and leadership of the Department of Government Efficiency (DOGE).
7. Coinbase Global, Inc.
As one of the most recognizable names in crypto, Coinbase went public via direct listing in April 2021. As of September 2024, it held 9,363 BTC, worth about $980 million.
The exchange has continued innovating with products like cbBTC (a native wrapped Bitcoin token) and relaunched its Bitcoin lending service. Post-election momentum boosted its stock toward previous highs.
8. CleanSpark
CleanSpark holds 9,297 BTC ($975 million), having expanded operations before the 2024 halving by acquiring mines in Mississippi and Georgia. In May 2024 alone, it mined 417 BTC—outperforming industry averages post-halving.
It plans further expansion into Wyoming and saw its market cap exceed $3 billion after the election rally.
9. Block, Inc.
Block (formerly Square) invested $50 million in Bitcoin in October 2020 under CEO Jack Dorsey’s leadership—a move that helped ignite institutional interest.
As of Q3 2024, Block holds 8,363 BTC ($876 million). It integrates Bitcoin deeply into its ecosystem: Cash App allows merchants to auto-convert sales to BTC, and its hardware division develops custom ASIC chips for mining.
In May 2024, Block announced it would reinvest 10% of profits from Bitcoin-related services back into BTC via dollar-cost averaging (DCA).
👉 See how companies are using DCA to build long-term crypto wealth.
10. Bitcoin Group SE
Rounding out the list is Germany’s Bitcoin Group SE with 3,678 BTC ($385 million). It owns Bitcoin.de and co-founded Futurum Bank—the “first crypto bank in Germany”—following regulatory changes allowing banks to offer crypto services.
CEO Marco Bodewein highlights the “high return and security features” of cryptocurrencies for institutional clients.
FAQ: Frequently Asked Questions
Q: Why are companies buying Bitcoin?
A: Many view Bitcoin as a hedge against inflation and fiat currency devaluation. Its fixed supply makes it attractive as a long-term store of value—similar to gold.
Q: Is holding Bitcoin risky for public companies?
A: Yes—Bitcoin is volatile. However, proponents argue that strategic allocation improves portfolio resilience amid monetary instability.
Q: Can any company add Bitcoin to its balance sheet?
A: Legally yes—but regulatory scrutiny varies by country. U.S.-listed firms must disclose holdings to the SEC.
Q: How does the Bitcoin halving affect mining companies?
A: Halving cuts mining rewards in half every four years. Miners must improve efficiency or scale up operations to maintain profitability.
Q: Will more companies adopt Bitcoin in 2025?
A: Likely—especially if macroeconomic conditions favor hard assets and regulatory clarity improves globally.
Q: Where can I track corporate Bitcoin holdings?
A: Platforms like bitcointreasuries.org provide real-time data on public companies’ BTC reserves.
The corporate embrace of Bitcoin marks a pivotal moment in financial history. What began with MicroStrategy’s bold move in 2020 has sparked a global trend among public firms seeking resilient treasury strategies.
👉 Stay ahead of the next wave of institutional crypto adoption.