The 10 Public Companies With the Biggest Bitcoin Portfolios

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 Strategy (formerly 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 over 4.7% 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.”

The firm, which produces mobile software and provides cloud-based services, has aggressively pursued a Bitcoin buying spree, scooping up millions of dollars worth of the cryptocurrency. As of this writing in September 2025, it holds 632,457 BTC in reserve, equivalent to more than $68 billion and more than 3% of the total number of Bitcoin that will ever be issued.

At one point, Strategy Executive Chairman Michael Saylor said, he was buying $1,000 in Bitcoin every second. 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.

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 $1.6 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.”

Strategy could buy up as much as 7% of the Bitcoin supply, according to Saylor, who is making the pitch to other public companies as well—like Microsoft, though shareholders ultimately voted against the proposal.

Perhaps the loudest Bitcoin proponent out there, Saylor has already said the firm will be “buying the top forever.”

Prediction market users appear to agree with him, with Myriad users placing just a 7% chance on the firm selling any of its Bitcoin holdings before the end of the year, as of September 2025.

2. Marathon Digital Holdings Inc.

Bitcoin mining company Marathon Digital, unsurprisingly, is also a large holder of Bitcoin, with 50,639 BTC in its corporate treasury according to a July 2025 social update. That’s worth over $5.5 billion at today’s prices.

The company, which aims 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.

The firm noted that it is accelerating its growth plans following the 2024 Bitcoin halving, in a bid to “mitigate the impact” of receiving half the BTC rewards per each successfully mined block.  The firm had said that it aimed to double the scale of its mining operations in 2024.

The company increased its revenue by 64% in Q2 2025, marking its highest ever revenue quarter at $238.5 million. It recently raised nearly $2 billion via convertible notes, most of which has been used to buy Bitcoin.

3. Twenty-One (XXI)

The Jack Mallers-led Twenty One (XXI) expects to hold 43,514 BTC—over $4.7 billion worth currently—when transactions are finalized and it begins trading publicly.

Set to launch via a planned SPAC merger with Cantor Equity Partners, the firm is also working alongside 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 will be 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.”

4. Bitcoin Standard Treasury Company

Bitcoin Standard Treasury Company (BSTR) is another soon-to-be public entity that will launch with more than 30,000 Bitcoin when its transactions finalize, expected to take place in Q4 2025.

The firm, which will be led by early Bitcoiner and BTC whale Adam Back, 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.

In addition to its 30,021 BTC, currently valued at $3.3 billion, the firm also announced it could raise up to $1.5 billion in funding for more purchases.

5. Bullish

Following its public listing in August 2025, crypto exchange Bullish immediately became the fifth largest publicly traded company holding Bitcoin—pushing Elon Musk’s Tesla out of the top 10 in the process.

The Peter Thiel-backed firm holds 24,000 BTC, per BitcoinTreasuries, worth $2.6 billion at current prices.

The firm took in $1.15 billion in proceeds from its IPO in stablecoins, stating that it regarded the fiat-pegged tokens as “one of the most transformative and widespread use cases for digital assets.”

6. Metaplanet

Metaplanet, a Tokyo-listed firm nicknamed the “Asian Strategy,” now holds 20,000 BTC after its latest purchase, worth over $2.1 billion at today’s prices.

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 of late, increasing its reserves more than 10x from less than 400 BTC in September 2024 to 20,000 BTC just a year later, as it targets a goal of owning more than 210,000 Bitcoin by 2027.

The company added President Donald Trump’s son Eric Trump to a Strategic Advisory Board in March.

Metaplanet’s Bitcoin accumulation strategy faced headwinds after its stock price tumbled over 50% between mid-June and September 2025, with analysts noting that its stock-dependent “flywheel” financing mechanism had “slowed” as a result.

In September 2025, Metaplanet shareholders reportedly approved an $884 million overseas share sale, in a bid to combat the financing crunch. That same day, the firm announced a further purchase of 1,009 BTC, causing it to overtake Riot Platforms in the corporate Bitcoin treasuries rankings.

7. Riot Platforms, Inc.

Another crypto mining outfit, U.S.-based Riot Platforms, holds 19,239 BTC—worth $2.09 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.

In 2024, it warned shareholders that there was “no guarantee” the Bitcoin halving would improve profitability and while RIOT shares traded briefly around $18 in the early part of the year, the stock fell gradually before ranging below $10 from August until late October. After such, it gained alongside a resurgence for Bitcoin mining stocks and the broader cryptocurrency market after Donald Trump was named President-elect in November.

The company also reached a settlement with Bitcoin mining firm, Bitfarms, as it attempted a hostile takeover of the rival in 2024.

8. Trump Media & Technology Group

President Trump’s publicly traded media and technology firm is the 8th largest holder of Bitcoin with an estimated 15,000 BTC, according to data from Bitcointreasuries.net.

That number is likely derived from the firm’s $2 billion purchase of Bitcoin and Bitcoin-related securities in July 2025—although it has not publicly detailed exactly how much of that purchase is denominated in BTC itself.

Trump Media has been leaning into crypto heavily since the president returned to the White House in January.

In addition to its Bitcoin purchases, it also teased the launch of a crypto token and wallet for its Truth Social platform, and has filed to launch multiple crypto ETFs.

9. CleanSpark

U.S. Bitcoin mining firm CleanSpark holds 12,703 BTC as of July 31, worth just under $1.4 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.

In July 2025, CleanSpark touted its “disciplined accumulation strategy,” noting that it had produced 671 BTC in the month preceding, and sold 575.97 BTC at an average price of $112,351. The firm noted that it is “well positioned for further expansion” having secured over 1 gigawatt of power across four states.

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?”

10. 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-q filing, it holds 11,776 BTC in its treasury for investment, currently worth nearly $1.3 billion.

The company’s stock charged back towards its previous all-time high in the wake of the 2024 Presidential election, later surpassing the mark in June 2025 and pushing to a new high again in July.

It continues to innovate with Bitcoin, recently announcing its own wrapped Bitcoin product, cbBTC. Coinbase also recently restarted Bitcoin lending services.

Additional reporting by Daniel Phillips and Stephen Graves.

Editor’s note: This article was first published in July 2022 and last updated with new details on September 1, 2025.