For a few years, the concept that publicly traded firms may purchase Bitcoin for his or her reserves was thought-about laughable. The highest cryptocurrency was thought-about too unstable, too fringe to be embraced by any severe enterprise.
That taboo has been effectively and really damaged, with quite a lot of main institutional traders shopping for up Bitcoin lately.
The floodgates first opened when cloud software program firm MicroStrategy purchased $425 million value of Bitcoin in August and September 2020. Others adopted go well with, together with funds processor Block and electrical automobile producer Tesla.
Per BitcoinTreasuries, public firms holding Bitcoin now account for five.39% of the overall provide of 21 million BTC. These are the largest 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 probably higher generally known as MicroStrategy, however modified its title in February 2025 with co-founder Michael Saylor citing the “power and positivity” of “strategy.”
The agency, which produces cellular software program and offers cloud-based providers, has aggressively pursued a Bitcoin shopping for spree, scooping up hundreds of thousands of {dollars} value of the cryptocurrency. As of this writing, it holds 780,897 BTC in reserve, equal to $59 billion and greater than 3.7% of the complete quantity of Bitcoin that may ever be issued.
Within the firm’s Q1 2024 earnings name, Saylor claimed that the corporate’s adoption of a “Bitcoin strategy” had enabled it to ship 10x to 30x the efficiency of rival enterprise software program firms within the enterprise intelligence sector. The corporate sometimes reveals Bitcoin buys on a weekly foundation, although it routinely skips every week on the finish of every quarter.
In contrast to 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 $1.3 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 at the beginning of the stage of rapid institutional adoption of digital property in the form of Bitcoin,” Saylor mentioned through the firm’s Q1 2024 earnings name. He added that sooner or later, Bitcoin received’t compete in opposition to different crypto belongings, however in opposition to, “gold, art, equities, real estate, bonds, and other types of store-of-value money in wealth creation, wealth preservation, and the capital markets.”
Maybe the loudest Bitcoin proponent on the market, Saylor has already mentioned the agency will probably be “buying the top forever.” He has beforehand mentioned the agency may in the end purchase 7% of the overall BTC provide, and just lately reassured traders in MSTR that it may face up to a Bitcoin drawdown to as a lot as $8,000, simply refinancing its debt alongside the way in which.
“If you think it’s going to zero, then we’ll deal with that,” he mentioned. “But I don’t think it’s going to zero, and I don’t think it’s going to $8,000 either.”
2. Twenty One Capital
The Jack Mallers-led Twenty One Capital (XXI) holds 43,513.12 Bitcoin in line with its public balances on the Bitcoin blockchain. That’s about $3.3 billion value, as of this writing.
The agency, which launched through a SPAC merger with Cantor Fairness Accomplice in December, labored with stablecoin large Tether, crypto change Bitfinex, and Japanese funding agency SoftBank to construct its Bitcoin treasury.
In contrast to different treasury corporations that will accumulate Bitcoin for his or her stability sheets whereas working non-crypto companies, Twenty One’s main focus stays 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 an alternative “render the concept of inflation irrelevant.”
3. Metaplanet
Metaplanet, a Tokyo-listed agency nicknamed the “Asian Strategy,” now holds 40,177 Bitcoin, value over $3 billion on the time of writing.
Outdoors of its Bitcoin operations, the corporate owns and operates a resort that’s being rebranded to the “Bitcoin Hotel,” and claims that it’s the first and solely publicly listed Bitcoin treasury firm in Japan.
Following in Technique’s footsteps, the agency has aggressively added to its Bitcoin holdings. Final September, it achieved its 2025 purpose of proudly owning 30,000 BTC whereas leapfrogging the Bitcoin Commonplace Treasury Firm to take over the third spot on this record.
Although its short-term purpose has been achieved, it has a protracted option to go to achieve its 2027 purpose of proudly owning greater than 210,000 Bitcoin—practically $16 billion value on the time of writing.
The corporate added President Donald Trump’s son Eric Trump to a Strategic Advisory Board in early 2025. Later that yr, it took up residence in the US, increasing with the creation of a subsidiary in Miami, Florida. In March 2026, it broadened its Bitcoin technique, including an funding arm with roughly $25 million anticipated to be invested into Bitcoin firms.
4. MARA
Bitcoin mining firm MARA (previously Marathon Digital), unsurprisingly, can be a big holder of Bitcoin, with round 38,689 BTC—greater than $2.9 billion value—in its company treasury on the time of writing.
The corporate, which initially aimed to construct “the largest Bitcoin mining operation in North America at one of the lowest energy costs,” originated as a patent holding agency (and was also known as a patent troll) earlier than its pivot into crypto mining.
However as Bitcoin miners started to pivot in the direction of offering AI infrastructure, so did MARA. As a part of that transfer, the agency introduced a shift in its technique in March 2026, saying that it’d promote a few of its Bitcoin treasury to fund different initiatives. That technique was put to make use of rapidly, because the agency bought 15,133 BTC valued at $1.1 billion to assist purchase again debt.
“While Bitcoin mining remains the foundation of our platform, we have expanded our footprint in energy generation and are investing in research and development to establish a presence in AI and adjacent markets, creating additional revenue opportunities over the long term,” its most up-to-date 10K submitting reads.
5. Bitcoin Commonplace Treasury Firm
Bitcoin Commonplace Treasury Firm (BSTR) is one other soon-to-be public entity that may launch with greater than 30,000 BTC when its transactions finalize, anticipated to happen in late Q1 or Q2 of 2026.
The agency, which will probably be led by early Bitcoiner and BTC whale Adam Again—who has denied being pseudonymous Bitcoin creator Satoshi Nakamoto, amid high-profile accusations—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 through an in-kind PIPE, or non-public funding in public fairness.
“We are putting unprecedented firepower behind a single mission: maximizing Bitcoin ownership per share while accelerating real-world Bitcoin adoption,” Again mentioned of the agency, in a press release.
Along with its 30,031 Bitcoin, the agency additionally introduced it may increase as much as $1.5 billion in funding for extra purchases.
6. Riot Platforms
One other crypto mining outfit, U.S.-based Riot Platforms, holds 15,680 BTC—value practically $1.2 billion at at this time’s costs.
With its valuation surging from beneath $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.
The corporate additionally reached a settlement with Bitcoin mining agency, Bitfarms, because it tried a hostile takeover of the rival in 2024.
Amid Bitcoin’s drawdown in late 2025, the agency indicated that it could need to promote extra of its Bitcoin holdings than beforehand anticipated to “generate the liquidity required to fund our ongoing operations and working capital needs.” It collectively bought round $450 million value in This autumn and Q1 2026, mixed because it pivoted to serve AI demand alongside different Bitcoin miners.
7. Coinbase
Arguably the best-known crypto agency on this record, 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-Ok submitting, it holds 15,389 BTC in its treasury for funding as of December 31, 2025. That’s about $1.17 billion value.
The agency has added greater than 8,500 BTC for the reason that finish of 2024 when it held 6,885. And its CEO, Brian Armstrong, says it’ll preserve including sooner or later.
“Coinbase is long Bitcoin,” he posted on X in October.
Coinbase is lengthy bitcoin.
Our holding elevated by 2,772 BTC in Q3. And we preserve shopping for extra.
— Brian Armstrong (@brian_armstrong) October 30, 2025
It continues to innovate with Bitcoin, asserting its personal wrapped Bitcoin product, cbBTC, in late 2024. Coinbase additionally restarted Bitcoin lending providers in January 2025.
8. Try Asset Administration
Monetary providers agency Try Asset Administration joined the highest 10 public holders in January 2026 when it pushed its holdings above 13,000 BTC. That quantity stands at 13,678 BTC, valued above $1 billion, as of this writing.
The agency, co-founded by former Republican Ohio gubernatorial candidate Vivek Ramaswamy, raised $750 million in Could 2025 to purchase Bitcoin. Beforehand, it had inspired famed meme inventory agency and online game retailer, GameStop, to shove its holdings into the biggest crypto asset by market cap. GameStop purchased greater than $500 million value of Bitcoin in 2025, and in 2026, revealed that it put its funds right into a lined name choice technique with Coinbase.
After elevating an enormous fund to purchase BTC, Try additionally acquired a smaller Bitcoin treasury agency—Semler Scientific—in an all-stock deal that gave it entry to the healthcare applied sciences agency’s Bitcoin, round 5,048 BTC on the time of the deal.
9. Hut8
Canadian Bitcoin mining agency Hut 8 holds 13,696 BTC, value over $1 billion at present costs in line with its final BTC-denominated replace.
In June 2021, the corporate was listed on the Nasdaq International Choose Market underneath the HUT ticker, with the corporate’s SEC submitting noting that it is “committed to growing shareholder value by increasing the number and value of our Bitcoin holdings.” In November 2023, the agency merged with fellow mining firm US Bitcoin, with the post-merger agency billing itself as an “energy infrastructure company targeting Bitcoin mining and data centers.”
The corporate introduced a $150 million funding final June to increase its AI compute push to fulfill demand, and its inventory practically doubled within the weeks following the presidential election. Its wholly owned subsidiary, American Bitcoin—which was co-founded by President Trump’s son, Eric Trump—has additionally gone public as a Bitcoin miner and treasury agency.
HUT8 inventory soared as soon as extra in December 2025 after the agency inked a $7 billion Google-backed AI knowledge middle deal. Shares in American Bitcoin, its wholly owned subsidiary, hit their lowest mark post-IPO after they dipped in late March.
10. CleanSpark
U.S. Bitcoin mining agency CleanSpark holds 13,363 BTC as of March 26, value roughly $1 billion at at this time’s costs.
Forward of the 2024 Bitcoin halving, the agency expanded its operations, snapping up three Bitcoin mining amenities 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 additional 0.8 EH/s.
Whereas different public firms on the record have made it a behavior of shopping for Bitcoin for his or her treasuries, CleanSpark CFO Gary Vecchiarelli mentioned in February 2025, “We proceed to spend money on ourselves as a result of why purchase Bitcoin at present spot costs once we can mine it for $34,000?”
Editor’s notice: This text was first printed in July 2022 and final up to date with new particulars on April 19, 2026.
This list is maintained via a mix of regulatory filings, information shared by the companies themselves, on-chain data, and rankings like BitcoinTreasuries.net. In situations where data is unclear or incomplete, we have made numerous attempts to reach out to the firms and seek clarification. Where we could not gain clarification, we’ve used our best judgment regarding inclusion. We will continue to update this ranking based on new information and moves ahead.
Additional reporting by Daniel Phillips and Stephen Graves
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
