Top Public Companies Holding Bitcoin

Which Companies Hold The Most Bitcoin?

Strategy Inc. (formerly MicroStrategy) is the largest publicly traded company holding Bitcoin (BTC), with 638,460 BTC acquired through a combination of debt offerings, equity sales, and strategic purchases. The company’s Bitcoin holdings are valued at approximately $73.6 billion, representing just over 3.2% of the total circulating BTC supply. This unrivaled accumulation strategy positions Strategy as the dominant leader in corporate Bitcoin treasury holdings.

Marathon Digital Holdings (MARA) follows as the second-largest holder, with 26,842 BTC (approximately $3.1 billion), mainly accumulated through its mining operations. Twenty One Capital (XXI) ranks third with 15,449 BTC valued near $1.8 billion, reflecting growing institutional adoption.

Bitcoin Standard Treasury Company (BSTC) has quickly risen to fourth place, holding 30,021 BTC valued at around $3.6 billion, marking its emergence as a significant corporate Bitcoin holder with a strategy focused on maximizing Bitcoin ownership per share while promoting blockchain adoption. Bullish, a crypto exchange and institutional platform, holds 24,000 BTC valued at approximately $2.8 billion, representing its strategic accumulation and growing role in corporate Bitcoin treasury management.

Following these entities in descending order of holdings are Trump Media & Technology Group with 19,225 BTC (approx. $2.3 billion), Riot Platforms with 18,430 BTC (around $2.2 billion), Metaplanet Inc. with 17,132 BTC (approximately $2.0 billion), and Galaxy Digital Holdings with 12,830 BTC worth about $1.5 billion. CleanSpark holds just under 13,000 BTC valued at about $1.5 billion, rounding out significant recent corporate Bitcoin holders.

The top 10 publicly traded companies combined control a substantial portion of corporate Bitcoin, with Strategy alone accounting for roughly three-quarters of that total. The evolving composition of this group, now including BSTC and Bullish and seeing the displacement of companies like Coinbase and Tesla, reflects the dynamic nature of institutional Bitcoin adoption and treasury strategy.

The 2021 crypto bull run marked a turning point for Bitcoin (BTC), with public companies ramping up investments as institutional adoption surged and El Salvador made BTC legal tender. That momentum drove Bitcoin to a price of up to $69,044 on November 10, 2021, which was at the time its all-time high. Yet, by November 9, 2022, the collapse of crypto giants like Voyager, Celsius, and FTX had slashed its price 77.4% to $15,602.

In 2025, Bitcoin’s trajectory has been robust, reaching a new all-time high of approximately $122,838 on July 14, 2025, before trading near $117,000 as of early August. Institutional adoption and evolving regulatory clarity have contributed to stronger price support and renewed corporate treasury interest.

For this study, the top 10 publicly traded companies with the biggest Bitcoin portfolios will be examined to evaluate their performance relative to their approximated entry price.

How Much Bitcoin Does Strategy, Inc. Own?

According to recent SEC filings, Strategy’s leadership, headed by Michael Saylor, acquired an additional 1,955 BTC in early September 2025 for roughly $217 million at an average price of $111,196 per BTC. This expanded Strategy’s total Bitcoin holdings to 638,460 BTC, valued at over $73.6 billion given current prices. This purchase raised Strategy’s weighted average entry price to around $73,880 per BTC. Since starting its accumulation journey with 129,699 BTC in 2021, Strategy has increased its holdings by more than 392%, with the only sale of 704 BTC made in December 2022 for tax benefit purposes. Michael Saylor is an outspoken proponent of Bitcoin as “digital gold” and a hedge against inflation, with Strategy positioned as a trailblazer in corporate Bitcoin treasury management via innovative financing methods including debt offerings and equity sales.

It remains the top publicly listed company with the largest Bitcoin portfolio. Strategy accounts for an overwhelming 70.9% of combined BTC holdings among the top 10 publicly traded companies, underscoring its unique scale and aggressive accumulation approach.

How Are Publicly Traded Companies with Bitcoin Holdings Performing Today?

Strategy remains the undisputed leader in corporate Bitcoin holdings. It holds 638,460 BTC, valued at approximately $73.6 billion. With an average purchase price at approximately $73,880 per BTC following a recent purchase of 1,955 BTC for $217 million at an average price of $111,196 per Bitcoin, the company boasts substantial unrealized gains fueled largely by Bitcoin’s 2025 surge.

Among mining firms, MARA Holdings is second with 52,477 BTC (approximately $6.1 billion), having added 1,838 BTC in the past month. Riot Platforms follows with 19,309 BTC (approximately $2.2 billion), adding 22 BTC recently. Galaxy Digital Holdings comes next with 17,102 BTC (approximately $2.0 billion), with a total cost basis of $1.8 billion. CleanSpark has 12,827 BTC (approximately $1.5 billion), adding 124 BTC in recent weeks. Together, these mining companies hold around 101,715 BTC (approximately $11.8 billion), acquired largely through mining operations, positioning them as key beneficiaries of Bitcoin's long-term price appreciation.

XXI (Twenty One Capital) is the third-largest public holder, reporting 43,514 BTC on its balance sheet, worth $5.0 billion. Backed by institutional players, XXI's model is notable for real-time, on-chain transparency and a focus on Bitcoin-collateralized financial products. Its rapid climb reflects both its "Bitcoin-native" operating ethos and growing institutional acceptance of BTC as a strategic corporate reserve.

Bitcoin Standard Treasury Company (BSTC) holds 30,021 BTC valued at $3.5 billion, while Bullish owns 24,000 BTC worth approximately $2.8 billion. These companies have displaced Coinbase (which now holds 11,776 BTC) and Tesla from the top 10, marking a shift toward new institutional players focused on integrated crypto ecosystem strategies.

Trump Media has rapidly become a top corporate Bitcoin holder, with 18,430 BTC valued at $2,125,637,134, making it the eighth-largest public Bitcoin holder worldwide. This position, achieved within a single year, means Bitcoin now comprises a large share of the company’s treasury assets. According to the firm’s CEO Devin Nunes, the move is to safeguard financial independence and align with upcoming blockchain products, including a Truth Social token. This pivot reflects both a strategic treasury diversification and the Trump administration’s pro-crypto stance.

Metaplanet Inc., a Tokyo-based public company, is a notable Bitcoin holder, currently holding approximately 20,136 BTC according to CoinGecko’s latest data as of September 2025. Valued at around $2.3 billion, Metaplanet has gained recognition for its aggressive Bitcoin accumulation strategy, positioning itself as a leading corporate Bitcoin investor in Asia. The company’s BTC holdings reflect its commitment to embracing digital assets as a key part of its treasury management and growth strategy.

Top 10 Public Companies by Bitcoin Holdings

The top 10 public companies by Bitcoin holdings, are as follows: 

Methodology

This study examines the top 10 publicly listed companies with the biggest Bitcoin portfolios by the amount of Bitcoin (BTC) held, extracted from reported financial results (10-q, SEDAR filings, press releases, etc.), as of September 14, 2025.

The current Bitcoin value is taken as of September 14, 2025. All prices stated are in USD.

The number of Bitcoins purchased by each public company is then multiplied by its price at the point of purchase and compared against the current Bitcoin holdings’ value in September 2025.

Many companies do not disclose the exact date and time in which they execute their BTC purchases. Instead, they typically provide a range of about one or two weeks long. Within this range, they could have either made one large purchase or several smaller purchases. For this reason, we have elected to find the average BTC price during this period, and multiply it by the total BTC purchased within this period, in order to get a reliable approximated entry price for the total purchase.