In recent years, the idea of public companies adding Bitcoin to their balance sheets has shifted from fringe speculation to mainstream financial strategy. Once dismissed as too volatile or speculative, Bitcoin is now embraced by major corporations as a legitimate treasury reserve asset — a digital alternative to gold or cash.
This transformation began in earnest in 2020 when MicroStrategy made a bold move by allocating hundreds of millions into BTC. Since then, a growing number of publicly traded firms — from tech giants to mining operators — have followed suit, accumulating Bitcoin for long-term value preservation and strategic growth.
Below are the top 10 public companies currently holding the largest Bitcoin reserves, based on data from BitcoinTreasury and recent financial disclosures.
1. MicroStrategy
MicroStrategy — now rebranded as Strategy — has become synonymous with corporate Bitcoin adoption. Originally a business intelligence software provider, the company has pivoted into a de facto Bitcoin investment firm.
As of January 2025, MicroStrategy holds 461,000 BTC, valued at over **$48 billion**, representing more than **2% of Bitcoin’s total supply**. The driving force behind this aggressive accumulation is Executive Chairman Michael Saylor, who famously stated he would buy $1,000 worth of Bitcoin every second if possible.
Saylor champions Bitcoin as a superior form of corporate treasury management, arguing that its “digital scarcity” makes it an ideal hedge against inflation and currency devaluation. During the company’s Q1 2024 earnings call, he asserted that their Bitcoin-first strategy has outperformed traditional enterprise software peers by 10x to 30x.
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Notably, Saylor also personally owns 17,732 BTC, worth over $1.85 billion as of late 2024 — a dramatic reversal from his earlier skepticism in 2013 when he predicted Bitcoin’s demise.
The company continues to raise capital — aiming for up to $42 billion — to fund further Bitcoin purchases and promote the model to other enterprises.
2. Marathon Digital Holdings Inc.
As a leading Bitcoin mining operator, Marathon Digital naturally ranks among the top corporate holders. As of December 2024, it holds 44,394 BTC, valued at over $4.6 billion.
Marathon operates more than 250,000 mining rigs across North America, achieving a network hash rate of 31.5 EH/s. The company focuses on low-cost energy solutions to maximize mining efficiency.
Following the 2024 Bitcoin halving — which cut block rewards in half — Marathon accelerated expansion plans to maintain profitability. Revenue grew 35% quarter-over-quarter in Q3 2024, reaching $132 million.
With nearly $2 billion raised through convertible notes, much of the capital has been directed toward both scaling operations and accumulating BTC holdings.
3. Riot Platforms, Inc.
Another U.S.-based mining giant, Riot Platforms, holds 17,722 BTC (worth ~$1.85 billion). Listed on Nasdaq, Riot’s valuation surged from under $200 million in 2020 to over $6 billion in 2021.
The company operates a massive 1-gigawatt mining facility in Texas and expanded further in 2022. In 2023, it rebranded from Riot Blockchain to Riot Platforms to reflect broader infrastructure ambitions.
While cautious about post-halving profitability, Riot saw its stock rebound in late 2024 after Donald Trump’s election victory boosted sentiment across the crypto sector.
Riot also resolved a contentious acquisition attempt of rival Bitfarms in 2024, signaling its intent to consolidate market position.
4. Galaxy Digital Holdings
Founded by Michael Novogratz in 2018, Galaxy Digital is a crypto-native financial services firm offering asset management and digital infrastructure solutions.
As of November 2024, it holds approximately 11,242 BTC, valued at $1.18 billion. Galaxy plays a pivotal role in the crypto ecosystem — managing one of the U.S. spot Bitcoin ETFs approved by the SEC in January 2024.
Novogratz remains bullish, predicting Bitcoin will never fall below $50,000 again and could reach $100,000 by year-end. He called Trump’s election win “the most important day for crypto.”
5. Hut 8 Corp
Canadian miner Hut 8 holds 10,096 BTC (over $1 billion), leveraging its self-mined reserves for yield-generating arrangements with major digital asset brokers.
After merging with US Bitcoin in 2023, Hut 8 repositioned itself as an “energy infrastructure company” focused on mining and AI data centers. It operates six sites across Alberta, Texas, and New York with 7.5 EH/s capacity.
In June 2024, it invested $150 million into AI computing, aligning with growing demand for hybrid energy infrastructure. Its market cap exceeded $2 billion following strong post-election performance.
6. Tesla
Tesla shocked markets in December 2020 by investing **$1.5 billion** in Bitcoin. Though it later sold off ~75% during economic uncertainty in 2022, it still holds **9,720 BTC** (~$1 billion) as of early 2025.
Elon Musk initially supported Bitcoin payments but paused due to environmental concerns over fossil fuel usage in mining. He pledged reinstatement once miners use 50% renewable energy.
While Musk remains more vocal about Dogecoin — even leading the Department of Government Efficiency (DOGE) — he’s open to increasing Tesla’s BTC holdings in the future.
7. Coinbase Global, Inc.
As the most recognizable crypto exchange on this list, Coinbase held 9,363 BTC (~$980 million) as of Q3 2024.
Listed via direct listing in April 2021, Coinbase continues innovating with products like cbBTC, a wrapped Bitcoin token, and relaunched Bitcoin lending services.
Post-election momentum pushed its stock toward all-time highs, reflecting renewed institutional confidence.
8. CleanSpark
U.S.-based CleanSpark holds 9,297 BTC (~$975 million). It expanded rapidly before the halving, acquiring three Mississippi mining facilities and boosting capacity by 3.2 EH/s.
In May 2024, it mined 417 BTC — exceeding industry averages post-halving — and plans further expansion into Wyoming. Market cap surpassed $3 billion amid strong operational performance.
9. Block, Inc.
Formerly Square, Block was one of the first major companies to invest in Bitcoin — allocating $50 million in October 2020.
Led by Bitcoin advocate Jack Dorsey (who runs his own node), Block holds 8,363 BTC (~$876 million). It integrates BTC into core services: Cash App enables automatic BTC conversions for businesses, and profits from crypto services are reinvested into Bitcoin via a DCA strategy.
10. Bitcoin Group SE
Rounding out the list is Germany’s Bitcoin Group SE, holding 3,678 BTC (~$385 million). It owns Bitcoin.de and co-founded Futurum Bank — branded as Germany’s first “crypto bank.”
With regulatory support allowing banks to custody crypto, the company aims to onboard institutional investors to digital assets.
Frequently Asked Questions (FAQ)
Q: Why are companies buying Bitcoin?
A: Companies view Bitcoin as a long-term store of value and inflation hedge — similar to gold — with high potential appreciation due to its fixed supply.
Q: Is holding Bitcoin risky for public companies?
A: Yes — price volatility is a concern. However, proponents argue that strategic allocation strengthens balance sheets against fiat currency devaluation.
Q: How does Bitcoin mining affect corporate holdings?
A: Miners like Marathon and Riot generate BTC as revenue. They may hold or sell depending on market conditions and operational costs.
Q: Can any company add Bitcoin to its treasury?
A: Legally yes — but governance, shareholder approval, and regulatory compliance play key roles in adoption decisions.
Q: Will more companies follow MicroStrategy’s model?
A: Increasingly so — especially as spot Bitcoin ETFs gain traction and regulatory clarity improves globally.
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With over 2.8% of total Bitcoin supply now held by public firms, institutional adoption is no longer speculative — it's structural. As macroeconomic uncertainty persists and digital asset infrastructure matures, expect more corporations to follow this transformative path.
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