5 Minutes
How public companies are reshaping corporate treasuries with Bitcoin
Once dismissed as too volatile for corporate balance sheets, Bitcoin has become a mainstream treasury allocation for a growing number of publicly traded companies. Institutional appetite accelerated after 2020, and today public firms collectively control a notable slice of the fixed 21 million BTC supply. According to BitcoinTreasuries, corporate Bitcoin reserves now exceed 4.7% of total supply, with several firms emerging as major holders. Below we profile the 10 largest public Bitcoin treasuries and what their strategies mean for the market.
1. Strategy (formerly MicroStrategy)
Holdings
Strategy has converted its balance sheet to a Bitcoin-first reserve strategy and leads the pack with approximately 632,457 BTC—valued at over $68 billion as of September 2025—representing more than 3% of the total Bitcoin supply.
Notes
Under Executive Chairman Michael Saylor, Strategy pivoted from enterprise software to becoming a Bitcoin treasury company. The firm has publicly signaled long-term accumulation goals and has promoted Bitcoin as a store-of-value that competes with gold, real estate, and other traditional assets.
2. Marathon Digital Holdings
Holdings
Marathon holds roughly 50,639 BTC (about $5.5 billion). As a leading U.S. Bitcoin miner, Marathon combines production and treasury accumulation to scale its exposure to BTC.
Notes
The firm boosted revenue after the 2024 halving and raised significant capital—much of which has been deployed into Bitcoin purchases and mining infrastructure expansion.
3. Twenty-One (XXI)
Holdings
Set to list via a SPAC, Twenty-One expects to hold about 43,514 BTC (~$4.7 billion) once its merger completes.
Notes
Led by Jack Mallers and backed by partners including Tether and SoftBank, Twenty-One is positioning itself as a Bitcoin-native treasury company focused on long-term accumulation and Bitcoin services.
4. Bitcoin Standard Treasury Company (BSTR)
Holdings
BSTR plans to launch with roughly 30,021 BTC (~$3.3 billion) following a merger with a Cantor Fitzgerald SPAC and in-kind contributions from founding shareholders.
Notes
Founded with large BTC contributions from early adopters, BSTR has signaled ambitions to grow Bitcoin-per-share while accelerating mainstream adoption.
5. Bullish
Holdings
After its August 2025 listing, crypto exchange Bullish reported holding about 24,000 BTC (~$2.6 billion).
Notes
Backed by Peter Thiel, Bullish raised substantial capital in stablecoins at IPO and treats fiat-pegged tokens as key digital-asset use cases.
6. Metaplanet
Holdings
Tokyo-listed Metaplanet holds 20,000 BTC (~$2.1 billion) after rapid accumulation in 2024–2025.
Notes
The firm rebranded its hospitality asset as the "Bitcoin Hotel" and aims to scale BTC reserves aggressively, targeting a multi-year objective north of 200,000 BTC.
7. Riot Platforms
Holdings
Riot Platforms, a major U.S. miner, keeps about 19,239 BTC (~$2.09 billion) on its balance sheet.
Notes
Riot expanded capacity via large-scale mining facilities and has used treasury accumulation alongside operational growth as part of its business strategy.
8. Trump Media & Technology Group
Holdings
Trump Media is estimated to hold roughly 15,000 BTC following a $2 billion purchase of Bitcoin and related securities in July 2025.
Notes
The company has signaled broader crypto ambitions, including token and wallet plans for its social platform and filings to launch ETFs.
9. CleanSpark
Holdings
CleanSpark's treasury contains approximately 12,703 BTC (near $1.4 billion).
Notes
The miner emphasized a disciplined accumulation approach—producing BTC via its mining operations and occasionally monetizing production depending on operational economics.
10. Coinbase
Holdings
Coinbase, the best-known listed crypto exchange, reports holding 11,776 BTC (about $1.3 billion) in its investment treasury.
Notes
Coinbase continues product innovation—launching services like wrapped BTC (cbBTC) and resuming lending products—while maintaining a material BTC position on its books.
What this means for crypto markets
The trend of public companies holding Bitcoin underlines growing institutional adoption and a maturing market structure. Corporate treasuries add a predictable, buy-and-hold demand dynamic that can influence liquidity and price discovery. However, concentration among a small number of public entities also raises governance and systemic questions; investors should weigh corporate strategy, balance-sheet risks, and macro factors when evaluating exposure to Bitcoin.
Investor takeaway
Companies that combine operational Bitcoin production (miners) with treasury accumulation or that convert free cash into BTC are shaping how corporations view digital assets. For investors, monitoring which public firms are increasing Bitcoin allocations, how they fund purchases, and their stated holding policies can offer insight into institutional sentiment and long-term demand for Bitcoin.
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