Top 10 Public Companies Holding the Most Bitcoin in 2025

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As institutional adoption of digital assets accelerates, an increasing number of publicly traded companies are integrating Bitcoin into their balance sheets as a strategic treasury reserve. Once considered a fringe financial move, Bitcoin accumulation has now become a mainstream corporate strategy — driven by macroeconomic uncertainty, inflation hedging, and long-term value preservation goals.

According to data from Bitcoin Treasuries, public companies collectively hold nearly 1.5% of Bitcoin’s total 21 million supply, signaling growing confidence in the asset’s role as "digital gold." This article explores the top 10 publicly listed firms with the largest Bitcoin holdings, analyzing their strategies, market impact, and future outlook.

1. MicroStrategy: The Bitcoin Standard-Bearer

MicroStrategy stands head and shoulders above all others in corporate Bitcoin adoption. As of May 2025, the business intelligence firm holds 214,400 BTC, valued at approximately $14.8 billion, representing over 1% of Bitcoin’s total supply.

Under the leadership of CEO Michael Saylor, MicroStrategy has transformed from a software company into the world’s most aggressive corporate Bitcoin accumulator. Saylor famously claimed he once bought $1,000 worth of Bitcoin every second during a market dip. In the company's Q1 2024 earnings call, he stated that their “Bitcoin strategy” had outperformed traditional enterprise software peers by 10x to 30x in shareholder returns.

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The company continues to issue debt and raise capital specifically to fund more Bitcoin purchases, reinforcing its position as a de facto leveraged Bitcoin ETF.

2. Marathon Digital Holdings Inc.

Marathon Digital is one of North America’s largest Bitcoin mining operations. As of May 2025, it holds 17,631 BTC — worth around $1.23 billion — in its corporate treasury.

Originally known as a patent-holding entity (often labeled a "patent troll"), Marathon pivoted to cryptocurrency mining in recent years. Today, it operates approximately 240,000 mining rigs, generating a total hash rate of 29.9 EH/s, with an average operational rate of 21.1 EH/s.

The company aims to become one of the continent’s most energy-efficient miners, leveraging low-cost power sources to maintain profitability even during volatile price cycles.

3. Tesla: The Electric Car Giant’s Crypto Bet

Tesla made headlines in December 2020 when it disclosed a $1.5 billion investment in Bitcoin through an SEC filing — one of the first major tech companies to do so.

As of May 2025, Tesla holds 9,720 BTC, valued at about $677 million**. While the company briefly accepted Bitcoin for vehicle purchases in 2021 before pausing due to environmental concerns, it has maintained its core holding. Its Q1 2024 balance sheet reported an estimated value of **$184 million for its crypto assets — suggesting some unrealized gains or accounting adjustments.

Elon Musk remains a vocal supporter of cryptocurrencies, particularly Dogecoin, which Tesla accepts for select merchandise — though not for vehicle purchases.

4. Hut 8 Mining Corp

Hut 8, listed on the Nasdaq under ticker HUT, holds 9,109 BTC (valued at ~$644 million). The Canadian-based miner focuses on sustainable operations and long-term value creation through consistent Bitcoin accumulation.

Since going public in June 2021, Hut 8 has emphasized increasing shareholder value by growing its on-chain reserves and optimizing mining efficiency. The company sees itself not just as a miner but as a digital asset custodian with strategic foresight.

5. Riot Platforms, Inc.

Riot Platforms, another major U.S.-based Bitcoin mining player, holds 9,084 BTC (~$643 million). Listed on Nasdaq, Riot experienced explosive growth between 2020 and 2021, with its market cap soaring from under $200 million to over $6 billion.

Despite skepticism — including a high-profile short report from Kerrisdale Capital in June 2025 claiming Bitcoin mining is “one of the dumbest business models” — Riot’s stock rebounded quickly after initial dips, reflecting strong investor confidence.

In early 2025, the company cautioned shareholders that the upcoming Bitcoin halving might not immediately boost profitability, highlighting awareness of industry cycles.

6. Coinbase Global, Inc.

Coinbase, the leading U.S. cryptocurrency exchange that went public via direct listing in April 2021, holds 9,000 BTC (~$642 million) as of June 2025.

Though primarily a trading platform rather than an accumulator, Coinbase’s balance sheet included $230 million in Bitcoin back in February 2021. Its current holdings reflect both strategic retention and operational inflows from custodial services.

As a regulated gateway for millions of users, Coinbase plays a pivotal role in institutional and retail access to digital assets.

7. Galaxy Digital Holdings

Founded by crypto bull Michael Novogratz, Galaxy Digital is a financial services firm focused exclusively on the digital asset ecosystem. As of June 2025, it holds 8,100 BTC (~$578 million).

While this represents a decrease from its peak of 16,400 BTC in mid-2022 (due to strategic sales and operational needs), the appreciation in Bitcoin’s price means its treasury value has still grown significantly — up from $357 million two years prior.

Galaxy operates across trading, asset management, and principal investing, making it a key node in the institutional crypto infrastructure.

8. Block, Inc.

Block (formerly Square) was among the first corporations to invest in Bitcoin, purchasing **$50 million worth** in October 2020 alongside Tesla. By June 2025, it held **8,027 BTC** (~$573 million).

CEO Jack Dorsey is a well-known Bitcoin advocate who runs his own full node and funds Bitcoin development through initiatives like Square Crypto and the Bitcoin Legal Defense Fund.

Block integrates Bitcoin deeply into its ecosystem — including through its Cash App platform and ongoing work on decentralized finance (DeFi) tools like the Lightning Network.

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9. CleanSpark

CleanSpark is a U.S.-based Bitcoin mining company with a growing footprint. As of June 2025, it holds 6,154 BTC (~$439 million).

Known for its efficient operations and transparent reporting, CleanSpark has steadily increased both its hashrate and reserve holdings. The company emphasizes sustainability and grid-supportive mining practices.

10. Bitcoin Group SE

Rounding out the list is Germany-based venture firm Bitcoin Group SE, holding 3,830 BTC (~$275 million). Though smaller in scale compared to U.S. firms, its presence reflects growing European interest in Bitcoin as a strategic asset.

The company invests primarily in blockchain startups and digital currency projects while maintaining a core Bitcoin treasury.

Frequently Asked Questions (FAQ)

Q: Why are companies buying Bitcoin?
A: Companies buy Bitcoin as a hedge against inflation, currency devaluation, and monetary instability. Many view it as a long-term store of value — similar to gold — with higher portability and scarcity.

Q: Is holding Bitcoin risky for public companies?
A: Yes, due to price volatility. However, firms like MicroStrategy argue that the risk of fiat currency erosion outweighs short-term crypto fluctuations. Strong governance and clear communication help manage investor concerns.

Q: How does Bitcoin mining affect a company’s holdings?
A: Miners earn new BTC as block rewards and transaction fees. Over time, this allows them to grow reserves organically while managing costs based on energy efficiency and market conditions.

Q: Can any company add Bitcoin to its balance sheet?
A: Legally, yes — provided they comply with accounting standards (e.g., GAAP or IFRS). Under U.S. GAAP, Bitcoin is treated as an intangible asset and must be written down if market value falls below cost basis.

Q: What happens to corporate-held Bitcoin during a market crash?
A: Most large holders adopt a "hold" strategy regardless of price swings. Some may sell small portions to fund operations or reduce debt, but core treasuries are typically preserved for long-term growth.

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Final Thoughts

The rise of corporate Bitcoin adoption marks a turning point in financial history. From software giants like MicroStrategy to miners like Marathon and exchanges like Coinbase, public companies are redefining what it means to hold value in the digital age.

These organizations aren’t just speculating — they’re building long-term strategies around scarcity, decentralization, and financial sovereignty. As macroeconomic pressures persist and trust in traditional systems wavers, expect more firms to follow suit.

Whether you're an investor tracking institutional trends or simply curious about the future of money, one thing is clear: Bitcoin is no longer on the fringe — it's on the balance sheet.

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