In recent years, the idea that public companies would hold Bitcoin as part of their corporate treasury strategy has shifted from fringe theory to financial reality. Once dismissed as too volatile or speculative, Bitcoin is now recognized by forward-thinking institutions as a legitimate store of value—comparable to gold, real estate, and other traditional assets.
This transformation began in earnest in 2020 when Strategy (formerly MicroStrategy) made a bold $425 million investment in Bitcoin. Since then, a growing number of publicly traded firms have followed suit, integrating BTC into their balance sheets as a hedge against inflation and a long-term wealth preservation tool.
According to data from BitcoinTreasuries.org, public companies now collectively hold approximately 3.3% of Bitcoin’s total fixed supply of 21 million coins. These strategic allocations are reshaping investor expectations and redefining corporate finance in the digital asset era.
Below are the top 10 public companies with the largest Bitcoin holdings as of April 2025.
1. Strategy: The Pioneer of Corporate Bitcoin Adoption
Strategy—formerly known as MicroStrategy—is the undisputed leader in corporate Bitcoin adoption. With 531,644 BTC held in reserve, the company owns over 2% of all Bitcoin ever mined, valued at more than $45 billion at current market prices.
What began as a business intelligence software provider has evolved into the world’s most prominent Bitcoin treasury company. In February 2025, co-founder Michael Saylor led a rebranding effort to "Strategy," citing the symbolic power and forward-looking nature of the term.
Saylor has become one of Bitcoin’s most vocal advocates, famously claiming he once bought $1,000 worth of BTC every second during peak accumulation periods. During the Q1 2024 earnings call, he emphasized that adopting a “Bitcoin strategy” allowed the company to outperform peers by 10x to 30x in shareholder returns.
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Notably, Saylor also holds 17,732 BTC personally, worth over $1.6 billion—a stark reversal from his earlier skepticism about cryptocurrency back in 2013.
Strategy continues to scale aggressively, aiming to raise $42 billion for further Bitcoin purchases. While a shareholder proposal urging Microsoft to follow suit was rejected, Saylor remains committed to evangelizing Bitcoin adoption across corporate America.
“We’re at the beginning of rapid institutional adoption,” Saylor stated. “Bitcoin won’t compete with other cryptos—it will compete with gold, equities, and real estate.”
2. Marathon Digital Holdings Inc.
Marathon Digital Holdings is one of North America’s largest Bitcoin mining operations and holds 47,531 BTC, valued at over $4 billion.
Originally founded as a patent licensing firm—often labeled a “patent troll”—Marathon pivoted to cryptocurrency mining and now operates more than 250,000 ASIC miners with an average hash rate of 26.3 EH/s.
Following the 2024 Bitcoin halving, which reduced block rewards by 50%, Marathon accelerated expansion plans to maintain profitability. The company aims to double its mining capacity and recently raised nearly $2 billion via convertible notes, much of which has been used to acquire additional BTC.
Revenue grew by 35% quarter-over-quarter in Q3 2024, reaching $132 million, driven by increased mining output and strategic treasury management.
3. Riot Platforms, Inc.
Riot Platforms, a U.S.-based Bitcoin miner listed on Nasdaq, holds 19,223 BTC, worth approximately $1.6 billion.
After expanding its Texas-based mining infrastructure with a $650 million investment in 2021, Riot rebranded in 2023 to reflect broader ambitions beyond pure mining. The company warned investors ahead of the halving that profitability wasn’t guaranteed but managed to rebound alongside market sentiment post-election.
Despite stock volatility—trading below $10 for much of late 2024—Riot saw renewed momentum after November’s market surge linked to favorable political developments for crypto.
The company also settled a high-profile takeover attempt involving rival miner Bitfarms, reinforcing its position in the competitive mining landscape.
4. CleanSpark
CleanSpark has emerged as one of the most efficient U.S. Bitcoin miners, holding 11,869 BTC (approaching 12,000 BTC) worth around $1 billion.
In preparation for the halving, CleanSpark expanded operations by acquiring three mining facilities in Mississippi for $19.8 million and adding 3.2 EH/s of capacity across multiple sites.
CEO Zach Bradford highlighted the company’s self-sustaining model: “Why buy Bitcoin at spot prices when we can mine it for $34,000 per coin?”
In May 2024 alone, CleanSpark mined 417 BTC, exceeding industry benchmarks post-halving. Expansion plans include new facilities in Wyoming.
5. Tesla
Tesla holds 11,509 BTC, initially investing $1.5 billion in early 2021. Though it sold 10% shortly after purchase to demonstrate liquidity, recent analysis from Arkham Intelligence confirms Tesla still holds this balance.
Elon Musk’s relationship with Bitcoin has been complex—he briefly enabled BTC payments before halting them due to environmental concerns. However, Musk has since expressed openness to increasing Tesla’s holdings.
While Dogecoin receives more public attention from Musk, Tesla continues to support Bitcoin integration through its financial strategy and infrastructure investments.
6. Hut 8 Corp
Canadian miner Hut 8 holds 10,264 BTC, valued at $872 million. Following its merger with US Bitcoin in late 2023, the combined entity operates as an energy infrastructure company focused on mining and AI-ready data centers.
With operations across Alberta, Texas, and New York, Hut 8 boasts 7.5 EH/s of installed capacity and recently committed $150 million toward AI expansion—blending digital asset mining with next-generation computing.
7. Galaxy Digital Holdings
Founded by Michael Novogratz in 2018, Galaxy Digital manages an estimated 11,242 BTC worth nearly $954 million. As a crypto-native merchant bank, it provides asset management and prime brokerage services to institutional clients.
Novogratz has made bold price predictions, asserting Bitcoin would never fall below $50,000 again and forecasting a rise to $100,000 by year-end 2024. Galaxy also manages one of the approved U.S. spot Bitcoin ETFs following SEC approval in January 2024.
8. Block, Inc.
Block (formerly Square) was among the first major corporations to invest in Bitcoin with a $50 million purchase in October 2020**. It now holds **8,485 BTC**, worth about **$721 million.
CEO Jack Dorsey is a staunch Bitcoin supporter who runs his own node and describes Satoshi Nakamoto’s whitepaper as “poetry.” Block has launched innovative products like the Bitkey wallet and is developing its own Bitcoin mining ASIC chip.
In April 2024, Square introduced automatic revenue conversion to BTC for merchants using Cash App. In May, Block announced it would reinvest 10% of profits from Bitcoin services back into BTC via dollar-cost averaging.
9. Coinbase Global, Inc.
Coinbase, the largest U.S. crypto exchange, holds 6,885 BTC worth approximately $585 million. Despite early skepticism about holding its own tokens, Coinbase maintains a strategic BTC reserve.
Post-election market rallies pushed shares toward all-time highs in late 2024. The firm continues innovating with products like cbBTC, its wrapped Bitcoin token, and recently relaunched Bitcoin lending services on Ethereum and Base.
10. Metaplanet
Tokyo-listed Metaplanet—dubbed the “Asian Strategy”—holds 4,525 BTC, worth around $384 million. Since September 2024, it has grown its holdings over tenfold and aims to reach 10,000 BTC by end of 2025.
The company operates Japan’s first publicly listed Bitcoin treasury firm and is rebranding its hotel property as the “Bitcoin Hotel.” In March 2025, it appointed Eric Trump to its Strategic Advisory Board.
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Frequently Asked Questions (FAQ)
Q: Why are public companies buying Bitcoin?
A: Companies view Bitcoin as a long-term store of value and hedge against inflation. Its fixed supply makes it attractive compared to fiat currencies subject to monetary inflation.
Q: Is holding Bitcoin risky for corporations?
A: Yes—Bitcoin is volatile. However, many executives argue that its potential upside outweighs short-term fluctuations, especially when held over decades rather than quarters.
Q: Can any company legally hold Bitcoin on its balance sheet?
A: Yes—companies registered in compliant jurisdictions can purchase and report Bitcoin as an intangible asset under accounting standards like GAAP or IFRS.
Q: How does mining differ from buying Bitcoin?
A: Mining involves validating transactions and earning BTC rewards through computational power. Buying is direct acquisition via exchanges or OTC desks—both build treasury reserves differently.
Q: Will more companies adopt Bitcoin in 2025?
A: Early adopters have seen strong shareholder returns, encouraging others to explore similar strategies—especially amid rising macro uncertainty and growing regulatory clarity.
Q: Does holding Bitcoin affect a company's stock price?
A: Often positively—Bitcoin holdings can boost investor confidence in innovation and financial resilience, though volatility may lead to short-term swings tied to crypto markets.
Bitcoin’s integration into corporate treasuries marks a pivotal shift in modern finance. From Strategy’s aggressive accumulation to Block’s product-driven adoption, these companies are proving that digital assets belong on balance sheets worldwide.
As adoption grows and infrastructure improves, expect more firms across sectors—from tech to energy—to follow suit.
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