The 10 Public Companies With the Biggest Bitcoin Portfolios

For a few years, the concept publicly traded companies would possibly purchase Bitcoin for his or her reserves was thought of laughable. The highest cryptocurrency was thought of too risky, too fringe to be embraced by any critical enterprise.That taboo has been nicely 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 Technique (previously MicroStrategy) purchased $425 million price 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 firms holding Bitcoin now account for over 4.7% 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 referred to as MicroStrategy, however modified its title in February 2025 with co-founder Michael Saylor citing the “energy and positivity” of “technique.”

The agency, which produces cellular software program and supplies cloud-based providers, has aggressively pursued a Bitcoin shopping for spree, scooping up tens of millions of {dollars} price of the cryptocurrency. As of this writing in September 2025, it holds 632,457 BTC in reserve, equal to greater than $68 billion and greater than 3% of the overall variety of Bitcoin that may ever be issued.

At one level, Technique Govt Chairman Michael Saylor mentioned, 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 firms within the enterprise intelligence sector.

Not like different executives who sometimes shrink back from discussing their private investments, Saylor has made it public that he personally bought 17,732 BTC—at present price 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 have been numbered.

“We’re at first of the stage of speedy institutional adoption of digital property within the type of Bitcoin,” Saylor mentioned in the course of the firm’s Q1 2024 earnings name. He added that sooner or later, Bitcoin gained’t compete in opposition to different crypto belongings, however in opposition to, “gold, artwork, equities, actual property, bonds, and different varieties of store-of-value cash in wealth creation, wealth preservation, and the capital markets.”

Technique might purchase up as a lot as 7% of the Bitcoin provide, in keeping with Saylor, who’s making the pitch to different public firms as nicely—like Microsoft, although shareholders in the end voted in opposition to the proposal.

Maybe the loudest Bitcoin proponent on the market, Saylor has already mentioned the agency will probably be “shopping for the highest without end.”

Prediction market customers seem to agree with him, with Myriad customers inserting only a 7% likelihood on the agency promoting any of its Bitcoin holdings earlier than the top of the yr, as of September 2025.

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 keeping with a July 2025 social replace. That’s price over $5.5 billion at at the moment’s costs.

The corporate, which goals to construct “the biggest Bitcoin mining operation in North America at one of many lowest vitality prices,” originated as a patent holding agency (and was sometimes called 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 affect” of receiving half the BTC rewards per every efficiently mined block.  The agency had mentioned that it aimed to double the size 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 not too long ago raised practically $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 BTC—over $4.7 billion price at present—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 large Tether, crypto alternate Bitfinex, and Japanese funding agency SoftBank to construct its Bitcoin treasury.

Not like different treasury companies which will accumulate Bitcoin for his or her steadiness sheets whereas working non-crypto companies, Twenty One’s main focus will probably 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 Commonplace Treasury Firm

Bitcoin Commonplace 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 fall 2025.

The agency, which will probably 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 mentioned of the agency, in an announcement.

Along with its 30,021 BTC, at present valued at $3.3 billion, the agency additionally introduced it might increase as much as $1.5 billion in funding for extra purchases.

5. Bullish

Following its public itemizing in August 2025, crypto alternate Bullish instantly grew to become the fifth largest publicly traded firm holding Bitcoin—pushing Elon Musk’s Tesla out of the highest 10 within the course of.

The Peter Thiel-backed agency holds 24,000 BTC, per BitcoinTreasuries, price $2.6 billion at present costs.

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

6. Metaplanet

Metaplanet, a Tokyo-listed agency nicknamed the “Asian Technique,” now holds 20,000 BTC after its newest buy, price over $2.1 billion at at the moment’s costs.

Outdoors of its Bitcoin operations, the corporate owns and operates a resort that’s being rebranded to the “Bitcoin Resort,” 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 of late, growing its reserves greater than 10x from lower than 400 BTC in September 2024 to twenty,000 BTC only a yr later, because it targets a aim of proudly owning greater than 210,000 Bitcoin by 2027.

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

Metaplanet’s Bitcoin accumulation technique confronted headwinds after its inventory worth tumbled over 50% between mid-June and September 2025, with analysts noting that its stock-dependent “flywheel” financing mechanism had “slowed” consequently.

In September 2025, Metaplanet shareholders reportedly authorised an $884 million abroad share sale, in a bid to fight the financing crunch. That very same day, the agency introduced an additional buy of 1,009 BTC, inflicting it to overhaul Riot Platforms within the company Bitcoin treasuries rankings.

7. Riot Platforms, Inc.

One other crypto mining outfit, U.S.-based Riot Platforms, holds 19,239 BTC—price $2.09 billion at at the moment’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 enlargement drive. In April 2021, it spent $650 million on a one-gigawatt Bitcoin mining facility in Texas, ultimately 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 yr, the inventory fell step by step 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.

8. Trump Media & Know-how Group

President Trump’s publicly traded media and know-how agency is the eighth largest holder of Bitcoin with an estimated 15,000 BTC, in keeping with information from Bitcointreasuries.web.

That quantity is probably going derived from the agency’s $2 billion buy of Bitcoin and Bitcoin-related securities in July 2025—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.

9. CleanSpark

U.S. Bitcoin mining agency CleanSpark holds 12,703 BTC as of July 31, price just below $1.4 billion at at the moment’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.

In July 2025, CleanSpark touted its “disciplined accumulation technique,” noting that it had produced 671 BTC within the month previous, and offered 575.97 BTC at a median worth of $112,351. The agency famous that it’s “nicely positioned for additional enlargement” having secured over 1 gigawatt of energy throughout 4 states.

Whereas different public firms on the checklist 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 put money into ourselves, as a result of why purchase Bitcoin at present spot costs after we can mine it for $34,000?”

10. Coinbase

Arguably the best-known crypto agency on this checklist, crypto alternate 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 steadiness sheet. As of its most up-to-date 10-q submitting, it holds 11,776 BTC in its treasury for funding, at present price practically $1.3 billion.

The corporate’s inventory charged again in 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, not too long ago saying its personal wrapped Bitcoin product, cbBTC. Coinbase additionally not too long ago restarted Bitcoin lending providers.

Further reporting by Daniel Phillips and Stephen Graves.

Editor’s word: This text was first revealed in July 2022 and final up to date with new particulars on September 1, 2025.