For a few years, the concept publicly traded firms may purchase Bitcoin for his or her reserves was thought-about laughable. The highest cryptocurrency was thought-about too risky, too fringe to be embraced by any severe enterprise.
That taboo has been effectively and really damaged, with a variety of main institutional traders shopping for up Bitcoin lately.
The floodgates first opened when cloud software program firm Technique (previously MicroStrategy) purchased $425 million value of Bitcoin in August and September 2020. Others adopted go well with, together with funds processor Block and electrical automotive producer Tesla.
Per BitcoinTreasuries, public corporations holding Bitcoin now account for almost 4.5% of the entire provide of 21 million BTC. These are the most important holders as of this writing.
1. Technique
Technique, 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 modified its identify in February 2025 with co-founder Michael Saylor citing the “energy and positivity” of “technique.”
The agency, which produces cell software program and offers cloud-based providers, has aggressively pursued a Bitcoin shopping for spree, scooping up thousands and thousands of {dollars} value of the cryptocurrency. As of this writing in August 2025, it holds 628,946 BTC in reserve, equal to greater than $73 billion and greater than 2.8% of the complete variety of Bitcoin that may ever be issued.
At one level, Technique Govt Chairman Michael Saylor stated, he was shopping for $1,000 in Bitcoin each second. Within the firm’s Q1 2024 earnings name, 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 corporations within the enterprise intelligence sector.
Not like different executives who sometimes draw back from discussing their private investments, Saylor has made it public that he personally bought 17,732 BTC—at the moment value over $1.6 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 had been numbered.
“We’re initially of the stage of speedy institutional adoption of digital property within the type of Bitcoin,” Saylor stated through the firm’s Q1 2024 earnings name. He added that sooner or later, Bitcoin received’t compete in opposition to different crypto property, however in opposition to, “gold, artwork, equities, actual property, bonds, and different forms of store-of-value cash in wealth creation, wealth preservation, and the capital markets.”
Technique plans to purchase much more Bitcoin within the close to future, because it’s within the midst of elevating a deliberate $42 billion to just do that, and Saylor is making the pitch to different public corporations as effectively—like Microsoft, although shareholders finally voted in opposition to the proposal.
Maybe the loudest Bitcoin proponent on the market, Saylor has already stated the agency can be “shopping for the highest without end.”
2. Marathon Digital Holdings Inc.
Bitcoin mining firm Marathon Digital, unsurprisingly, can be a big holder of Bitcoin, with 50,639 BTC in its company treasury in line with a latest social replace. That’s value almost $6 billion at at present’s costs.
The corporate, which goals to construct “the most important Bitcoin mining operation in North America at one of many lowest vitality prices,” originated as a patent holding agency (and was also known as a patent troll) earlier than its pivot into crypto mining.
The agency famous that it’s accelerating its development plans following the 2024 Bitcoin halving, in a bid to “mitigate the impression” of receiving half the BTC rewards per every efficiently mined block. The agency had stated that it aimed to double the dimensions of its mining operations in 2024.
The corporate elevated its income by 64% in Q2 2025, marking its highest ever income quarter at $238.5 million. It just lately raised almost $2 billion by way of convertible notes, most of which has been used to purchase Bitcoin.
3. Twenty-One (XXI)
The Jack Mallers-led Twenty One (XXI) expects to carry 43,514 Bitcoin—over $5 billion value at the moment—when transactions are finalized and it begins buying and selling publicly.
Set to launch by way of a deliberate SPAC merger with Cantor Fairness Companions, the agency can be working alongside stablecoin big Tether, crypto change Bitfinex, and Japanese funding agency SoftBank to construct its Bitcoin treasury.
Not like different treasury corporations that will accumulate Bitcoin for his or her stability sheets whereas working non-crypto companies, Twenty One’s main focus can be on buying BTC and offering Bitcoin-related providers to assist differentiate itself from others.
The agency pledges a long-term focus with plans to not “outperform inflation,” however as a substitute “render the idea of inflation irrelevant.”
4. Bitcoin Customary Treasury Firm
Bitcoin Customary Treasury Firm (BSTR) is one other soon-to-be public entity that may launch with greater than 30,000 Bitcoin when its transactions finalize, anticipated to happen in This autumn 2025.
The agency, which can be led by early Bitcoiner and BTC whale Adam Again, is the results of a merger between BSTR and the Cantor Fitzgerald-linked particular function 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 stated of the agency, in an announcement.
Along with its 30,031 Bitcoin, at the moment valued at $3.5 billion, the agency additionally introduced it may elevate as much as $1.5 billion in funding for extra purchases.
5. Riot Platforms, Inc.
One other crypto mining outfit, U.S.-based Riot Platforms, holds 19,273 BTC—value $2.25 billion at at present’s costs.
With its valuation surging from under $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.
In 2024, it warned shareholders that there was “no assure” the Bitcoin halving would enhance profitability and whereas RIOT shares traded briefly round $18 within the early a part of the 12 months, the inventory fell progressively earlier than ranging under $10 from August till late October. After such, it gained alongside a resurgence for Bitcoin mining shares and the broader cryptocurrency market after Donald Trump was named President-elect in November.
The corporate additionally reached a settlement with Bitcoin mining agency, Bitfarms, because it tried a hostile takeover of the rival in 2024.
6. Metaplanet
Metaplanet, a Tokyo-listed agency nicknamed the “Asian Technique,” now holds 18,113 Bitcoin after its newest buy, value over $2.1 billion at at present’s costs.
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.
*Metaplanet Acquires Extra 518 $BTC, Whole Holdings Attain 18,113 BTC* pic.twitter.com/rKT2l2oTRj
— Metaplanet Inc. (@Metaplanet_JP) August 12, 2025
Following in Technique’s footsteps, the agency has aggressively added to its Bitcoin holdings of late, rising its reserves greater than 10x from lower than 400 BTC in September 2024 to greater than 4,500 in April 2025. It then greater than tripled that quantity in only a couple months because it heads in the direction of a objective of proudly owning greater than 210,000 Bitcoin by 2027.
In different headline information, the corporate added President Donald Trump’s son Eric Trump to a Strategic Advisory Board in March.
7. Trump Media & Know-how Group
President Trump’s publicly traded media and know-how agency is the seventh largest holder of Bitcoin with an estimated 15,000 BTC, in line with information from Bitcointreasuries.internet.
That quantity is probably going derived from the agency’s latest $2 billion buy of Bitcoin and Bitcoin-related securities in July—though it has not publicly detailed precisely how a lot of that buy is denominated in BTC itself.
Trump Media has been leaning into crypto closely because the president returned to the White Home in January.
Along with its Bitcoin purchases, it additionally teased the launch of a crypto token and pockets for its Fact Social platform, and has filed to launch a number of crypto ETFs.
8. CleanSpark
U.S. Bitcoin mining agency CleanSpark holds 12,703 BTC as of July 31, value slightly below $1.5 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 extra 0.8 EH/s.
Immediately $CLSK reported fiscal 12 months third quarter 2025 outcomes (ended 6/30/25).
*Quarterly income: $198.6 million (up 90.8% from identical prior fiscal quarter)
*Quarterly bitcoin manufacturing: 2,012
*Quarterly common income per coin: $98,753
Full press launch right here:… pic.twitter.com/PcZ0wXPUZA
— CleanSpark Inc. (@CleanSpark_Inc) August 7, 2025
In June 2024, CleanSpark revealed that it had mined 417 BTC within the month of Might, claiming to have “outperformed business expectations” in its first full month of manufacturing following the halving. The corporate added that it will additional broaden to a web site in Wyoming.
Whereas different public corporations on the checklist have made it a behavior of shopping for Bitcoin for his or her treasuries, CleanSpark CFO Gary Vecchiarelli stated in February 2025, “We proceed to put money into ourselves, as a result of why purchase Bitcoin at present spot costs after we can mine it for $34,000?”
9. Coinbase
Arguably the best-known crypto agency on this checklist, crypto change Coinbase went public in a landmark direct itemizing on the Nasdaq in April 2021.
Forward of its itemizing, in February 2021, Coinbase revealed that it held $230 million in Bitcoin on its stability sheet. As of its most up-to-date 10-q submitting, it holds 11,776 BTC in its treasury for funding, at the moment value almost $1.4 billion.
The corporate’s inventory has charged again in the direction of its earlier all-time excessive within the wake of the 2024 Presidential election, later surpassing the mark in June 2025 and pushing to a brand new excessive once more in July.
It continues to innovate with Bitcoin, just lately asserting its personal wrapped Bitcoin product, cbBTC. Coinbase additionally just lately restarted Bitcoin lending providers.
10. Tesla
Electrical automobile producer Tesla joined the ranks of corporations holding Bitcoin in December 2020, with an SEC submitting revealing that the corporate invested “an mixture $1.5 billion” in Bitcoin. Immediately the corporate holds 11,509 BTC in line with its July 2025 10-Q, or about $1.35 billion value.
After its first buy, the corporate offered 10% of its Bitcoin holdings in Q1 2021; in line with CEO Elon Musk, this was “to show liquidity of Bitcoin as a substitute for holding money on stability sheet.”
The corporate’s Bitcoin play adopted months of hypothesis, after CEO Elon Musk took to Twitter (aka X) to debate the cryptocurrency. In late 2020, Technique’s Saylor supplied to share his “playbook” for Bitcoin investing with Musk, after arguing {that a} transfer into Bitcoin can be doing Tesla shareholders a “$100 billion favor.”
Nonetheless, Musk and Tesla have had an on-and-off relationship with Bitcoin. After asserting that Tesla would settle for funds in Bitcoin for its services in March 2021, simply two months later the CEO abruptly introduced that the corporate would now not settle for the cryptocurrency for funds.
Arkham Intelligence believes the acceptance of Bitcoin funds fueled a leap within the Tesla Bitcoin holdings, putting its present treasury at 11,509 BTC in comparison with a as soon as extensively reported 9,720 BTC based mostly on its earlier purchases and ensuing gross sales. Tesla’s newest monetary experiences validate the entire of 11,509.
It stays to be seen whether or not Tesla will add to its stability sheet, however Musk has stated that “he’s open to rising its Bitcoin holdings sooner or later.”
Musk is maybe finest referred to as a eager advocate of one other cryptocurrency, Dogecoin. Tesla has enabled Dogecoin purchases for some merchandise, plus Musk led the Division of Authorities Effectivity (DOGE) earlier this 12 months, spawning new meme cash and a swift motion upward for Dogecoin.
Extra reporting by Daniel Phillips
Editor’s notice: This text was first revealed in July 2022 and final up to date with new particulars on August 15, 2025.
