Corporate Bitcoin Holdings: Which companies hold the most Bitcoin?

I. Summary:

The trend of corporate adoption of Bitcoin as a treasury reserve asset has gained significant momentum, with a growing number of companies recognizing its potential as a store of value and a hedge against traditional financial risks. This report identifies the leading publicly traded companies that have made substantial investments in Bitcoin or have articulated clear intentions for future acquisitions. The analysis reveals diverse motivations driving this trend, ranging from hedging against inflation and currency debasement to strategic positioning in the evolving digital economy. While the potential benefits of holding Bitcoin, such as higher returns and diversification, are compelling, companies must also navigate significant risks, including market volatility, regulatory uncertainty, and security concerns. Recent developments indicate a continued appetite for Bitcoin among corporations, with some aggressively increasing their holdings while others maintain a more stable approach. The increasing institutional interest, facilitated by the emergence of Bitcoin exchange-traded funds (ETFs), further solidifies Bitcoin’s role in the corporate financial landscape.

II. Introduction:

Bitcoin, since its inception, has evolved from a nascent digital currency to a potential component of corporate treasury strategies. Initially viewed with skepticism by many in the traditional financial world, Bitcoin has increasingly garnered attention as a viable alternative asset for companies seeking to diversify their cash reserves and potentially enhance returns.¹ The macroeconomic environment, characterized by concerns about inflation and the potential devaluation of fiat currencies, has further fueled this interest.⁴ This report aims to identify the most prominent companies that have either made significant forays into Bitcoin acquisition or have publicly announced their plans to do so. By analyzing their strategies, quantifying their holdings and future intentions, and discussing the broader implications of this trend, this report provides a comprehensive overview of the evolving landscape of corporate Bitcoin adoption. The methodology employed involves a thorough examination of news articles, financial reports, and official company announcements to provide a data-driven analysis of this burgeoning trend.

III. Top Companies with Significant Bitcoin Holdings:

The landscape of corporate Bitcoin ownership is dominated by a few key players, primarily publicly traded companies that have disclosed their holdings through regulatory filings and press releases. The following table provides an overview of the top public companies with the largest reported Bitcoin holdings as of April 23, 2025:

MicroStrategy (MSTR:NADQ) stands out as the undisputed leader in corporate Bitcoin holdings, controlling a significant 2.563% of the total 21 million Bitcoin supply with 538,200 BTC.⁷ The company, under the consistent and vocal advocacy of its co-founder and Chairman Michael Saylor, has adopted a strategy centered on Bitcoin as its primary treasury reserve asset.⁸ Their ongoing and aggressive accumulation strategy, evidenced by frequent updates on increasing their holdings ¹⁰, signals a strong conviction in Bitcoin’s long-term value proposition and has influenced other companies to consider similar approaches.⁵

Following MicroStrategy, Marathon Digital Holdings Inc (MARA:NADQ) holds a substantial 47,531 Bitcoins.⁷ As a prominent Bitcoin mining company, their accumulation of Bitcoin is a natural outcome of their core business operations. However, the significant quantity held also reflects a strategic decision to retain a large portion of their mined Bitcoin, indicating a belief in its future appreciation.¹⁵

Riot Platforms, Inc. (RIOT:NADQ) is another major Bitcoin mining operation with significant holdings, currently at 19,223 BTC.⁷ The company consistently reports increases in its Bitcoin treasury, demonstrating a commitment to expanding its holdings beyond its mining output.¹⁷ This steady accumulation suggests a positive long-term outlook on Bitcoin’s value.

CleanSpark Inc (CLSK:NASDAQ), also a key player in Bitcoin mining, holds 11,869 Bitcoins.⁷ Notably, CleanSpark has evolved its strategy to include a more balanced approach, where they monetize a portion of their monthly Bitcoin production to support operations while still building their long-term holdings.¹⁹ This indicates a maturing capital strategy that balances operational needs with the asset’s long-term potential.

Tesla, Inc (TSLA:NADQ), the electric vehicle manufacturer, holds 11,509 Bitcoins.⁷ Their initial investment of $1.5 billion in Bitcoin in early 2021 had a significant impact on market sentiment, signaling a major corporation’s entry into the cryptocurrency space.²¹ While they later sold a portion of their holdings ²⁴, their current unchanged position suggests a more stable, albeit smaller relative to their market capitalization, allocation to Bitcoin.²⁵

Other notable public companies with significant Bitcoin holdings include Hut 8 Corp (HUT:NASDAQ) with 10,264 BTC ⁷, Coinbase Global, Inc. (COIN:NADQ) with 9,000 BTC ⁷, Block, Inc. (SQ:NYSE) with 8,485 BTC ⁷, Galaxy Digital Holdings (BRPHF:OTCMKTS) with 8,100 BTC ⁷, and Metaplanet Inc. (3350.T:TYO) with 4,855 BTC.⁷ These companies represent a diverse range of industries, from cryptocurrency exchanges and financial services to technology and even a hotel operator, highlighting the broadening appeal of Bitcoin as a corporate asset.

IV. Aggressive Accumulators and Future Plans:

Beyond companies with substantial current holdings, several entities have explicitly outlined plans for aggressive future Bitcoin acquisitions.

MicroStrategy (MSTR:NADQ) has demonstrated the most ambitious future plans, articulated through their “21/21 Plan,” which aims to raise $42 billion to significantly increase their Bitcoin holdings by the end of 2027.²⁹ This strategy involves raising capital through at-the-market offerings of their stock and issuing debt, with the sole purpose of acquiring more Bitcoin.¹⁰ Their consistent approach and stated goal of accumulating a substantial portion of the total Bitcoin supply underscore an exceptionally bullish outlook on the asset and a fundamental transformation of their business into a Bitcoin treasury company.³³

Metaplanet Inc. (3350.T:TYO), a Japanese company, has adopted a strategy closely mirroring that of MicroStrategy, with aggressive targets for Bitcoin accumulation.⁶ They aim to hold 10,000 Bitcoin by the end of 2025 and 21,000 Bitcoin by the end of 2026.³⁵ Their focus on “BTC Yield” as a key performance indicator, measuring Bitcoin growth per share, further emphasizes their commitment to this accumulation strategy.³⁵ Metaplanet’s ambition to become a leading Bitcoin holder in Asia is evident in their consistent purchases and long-term targets.³⁸

V. Strategic Investors in Bitcoin:

Several companies have made significant Bitcoin investments as part of a broader strategic vision for their role in the digital economy.

Tesla, Inc. (TSLA:NADQ)‘s initial investment in Bitcoin was framed as a move to diversify their treasury reserves and maximize returns on cash not required for operations.²¹ While they briefly accepted Bitcoin as payment for their vehicles, this was later suspended due to environmental concerns related to Bitcoin mining.²⁴ Despite the fluctuations in their approach, their initial large investment signaled the potential for influential companies, driven by figures like Elon Musk ³⁹, to significantly impact the cryptocurrency market. Their current strategy appears to be one of maintaining their existing holdings.²⁵

Block Inc. (SQ:NYSE), formerly known as Square, has integrated Bitcoin into its business through its Cash App, which allows users to buy and sell the cryptocurrency.⁴² Their corporate treasury also reflects a belief in Bitcoin’s long-term potential, with investments made in 2020 and a more recent strategy of dollar-cost averaging, where they invest 10% of their gross profit from Bitcoin products into further Bitcoin purchases.⁴⁴ Block’s CEO, Jack Dorsey, has expressed a strong conviction that Bitcoin will eventually become the “native currency of the internet,” highlighting a long-term strategic alignment with the cryptocurrency.⁴⁵

Galaxy Digital Holdings (BRPHF:OTCMKTS) operates as a financial services and investment firm heavily focused on digital assets, including cryptocurrency and blockchain.⁴⁶ Their Bitcoin holdings are part of a broader strategy that encompasses trading, asset management, investment banking, and digital infrastructure solutions.⁴⁷ As a company deeply embedded in the cryptocurrency ecosystem, their investments reflect a strategic allocation within a diversified portfolio of digital assets, catering to institutional demand and the evolving landscape of crypto finance.⁴⁸

VI. Bitcoin Miners as Holders:

Major Bitcoin mining companies naturally accumulate Bitcoin as a result of their operations, and many have adopted strategies to hold a significant portion of their mined Bitcoin.

Marathon Digital Holdings Inc (MARA:NADQ), beyond being a miner, has also strategically acquired Bitcoin through market purchases, including utilizing proceeds from convertible note offerings to expand their reserves.¹⁵ This dual approach allows them to benefit from both their mining operations and potential market downturns, enabling them to increase their Bitcoin holdings at potentially attractive prices.¹⁶

Riot Platforms, Inc. (RIOT:NADQ) focuses on expanding its mining capacity and consistently increasing its Bitcoin treasury.¹⁷ They regularly report monthly increases in their Bitcoin holdings, demonstrating a steady accumulation strategy that reinforces their position as a leading Bitcoin-driven infrastructure platform.¹⁷

CleanSpark Inc (CLSK:NASDAQ) has achieved a significant milestone by holding over 10,000 Bitcoin, all mined within the United States.⁵⁸ Their strategy has evolved to a more balanced approach where they sell a portion of their monthly production to cover operational costs while still growing their treasury.¹⁹ This shift marks a move towards self-funded operations and a more sustainable financial model for a Bitcoin mining company.

Hut 8 Corp (HUT:NASDAQ) has a substantial Bitcoin reserve and has recently undergone a strategic restructuring with the launch of “American Bitcoin” in partnership with figures like Eric Trump.⁶¹ This new entity, a majority-owned subsidiary, is focused exclusively on industrial-scale Bitcoin mining and strategic Bitcoin reserve development.⁶³ Hut 8 will serve as the exclusive infrastructure and operations partner, aiming to create a more predictable revenue stream from their infrastructure business while maintaining significant exposure to Bitcoin through their ownership stake in American Bitcoin.⁶²

VII. Motivations Driving Corporate Bitcoin Adoption:

The decision for corporations to allocate a portion of their treasury to Bitcoin is driven by a confluence of factors reflecting a changing perception of the digital asset.

A primary motivation is the view of Bitcoin as a hedge against inflation and the potential debasement of fiat currencies.⁴ With concerns about expansionary monetary policies and rising inflation, companies are seeking assets that can potentially preserve their purchasing power over time. Bitcoin, with its finite supply of 21 million coins ⁶⁶, is seen by many as “digital gold,” offering a scarcity that traditional currencies lack.¹

Beyond a hedge, companies are also drawn to Bitcoin’s potential for long-term appreciation.⁴ The belief that Bitcoin’s value will continue to increase as adoption grows and its scarcity becomes more pronounced drives many corporate investment decisions.⁶⁷ This long-term outlook contrasts with the short-term focus often associated with traditional treasury management.

Diversification of treasury reserves is another key driver.²¹ By allocating a portion of their cash holdings to Bitcoin, companies aim to reduce their reliance on traditional low-yield assets and potentially enhance overall portfolio returns.¹ Bitcoin’s relatively low correlation with traditional asset classes can offer diversification benefits.

Companies are also increasingly viewing Bitcoin as a strategic asset in the evolving digital economy.¹³ As the world becomes more digital, and blockchain technology gains wider acceptance, holding Bitcoin can position companies at the forefront of financial innovation.¹³ This forward-thinking approach can resonate with investors and customers alike.

Finally, some companies, particularly Bitcoin miners, are strategically taking advantage of market opportunities by acquiring more Bitcoin during price declines.¹⁶ This tactical approach allows them to increase their holdings at potentially lower costs, further bolstering their long-term Bitcoin reserves.

VIII. Risks and Benefits of Corporate Bitcoin Treasuries:

The decision to hold Bitcoin as part of a corporate treasury involves a careful consideration of both potential benefits and significant risks.

Benefits:

The potential for higher returns compared to traditional low-yield assets is a significant draw.⁵ The dramatic stock price increases experienced by companies like MicroStrategy ⁷², which have aggressively adopted Bitcoin, illustrate this potential, although it is accompanied by considerable volatility. As discussed earlier, Bitcoin can also serve as a hedge against inflation and offer diversification benefits. Furthermore, companies that embrace Bitcoin may experience an enhanced brand image, being perceived as innovative and attracting tech-savvy customers.⁷³ For companies that may eventually integrate Bitcoin into their operations, accepting or holding it can lead to lower transaction costs and faster transfers compared to traditional payment systems.⁷³

Risks:

The market volatility of Bitcoin is perhaps the most significant risk.⁴⁶ The price of Bitcoin can fluctuate dramatically in short periods ²⁴, leading to potential impairment losses on corporate balance sheets and impacting financial reporting. Regulatory uncertainty surrounding cryptocurrencies also poses a considerable risk.⁴⁹ The evolving and often unclear legal and regulatory landscape can impact the value and usability of Bitcoin holdings. Security and fraud risks are another major concern.⁷³ Cyberattacks, theft, and scams targeting cryptocurrency holdings can lead to significant financial losses.⁸⁰ Accounting and tax considerations for Bitcoin are complex and still evolving.¹⁴ Traditional accounting standards may not perfectly fit the characteristics of Bitcoin, leading to challenges in financial reporting. If a company intends to use Bitcoin for transactions, the lack of consumer protection compared to traditional payment methods is a factor to consider.⁷⁴ Environmental concerns related to Bitcoin mining’s energy consumption can also pose reputational risks for companies holding or using the cryptocurrency.²⁴ An emerging risk is the potential for shareholder lawsuits for not investing in Bitcoin, as the asset gains more mainstream acceptance.⁸⁰

IX. Recent Trends and Updates in Corporate Bitcoin Strategies:

Recent months have seen continued activity and evolving strategies among companies holding Bitcoin.

MicroStrategy has continued its aggressive accumulation, surpassing 500,000 BTC in holdings.¹¹ Their strategy remains focused on leveraging debt and equity offerings to acquire more Bitcoin, solidifying their position as the largest corporate holder.

Tesla has maintained its Bitcoin holdings without significant changes, indicating a stable approach after previous adjustments to their position.²⁵

Marathon Digital continues to strategically use debt financing, such as convertible notes, to expand its Bitcoin reserves, demonstrating a commitment to increasing its holdings.⁵³

Riot Platforms reports consistent monthly increases in its Bitcoin production and holdings, while also exploring opportunities in the AI and high-performance computing (HPC) sectors, indicating a diversification strategy alongside Bitcoin accumulation.¹⁷

CleanSpark has announced a significant expansion of its credit facility and a shift towards a balanced strategy of using a portion of its mined Bitcoin to fund operations, marking a step towards financial self-sufficiency.¹⁹

Hut 8 Corp has strategically launched “American Bitcoin” in partnership with Eric Trump, separating its Bitcoin mining operations into a dedicated subsidiary focused on scaling and reserve development.⁶²

Metaplanet Inc. has continued its rapid accumulation of Bitcoin and is exploring a potential listing in the United States, signaling its global ambitions and commitment to its Bitcoin-focused strategy.⁶

A significant trend is the increasing institutional adoption of Bitcoin through ETFs.² The growth in institutional ownership of U.S. Bitcoin ETFs indicates a greater comfort level and acceptance of Bitcoin as an investment asset by traditional financial institutions.⁸³ This development is likely to further encourage corporate consideration of Bitcoin for their treasuries.

X. Conclusion:

The analysis of corporate Bitcoin holdings reveals a dynamic and evolving landscape. Companies are increasingly recognizing Bitcoin’s potential as more than just a speculative asset, with motivations ranging from hedging against macroeconomic uncertainties to strategic positioning in the digital future. The strategies employed are diverse, with some companies like MicroStrategy and Metaplanet pursuing aggressive accumulation, while others like Tesla maintain a more measured approach. Bitcoin miners naturally hold significant amounts, often with strategies to further increase their reserves.

The potential benefits of holding Bitcoin, such as higher returns and diversification, are attractive to corporations, but they must be weighed against the inherent risks of market volatility, regulatory uncertainty, and security concerns. Recent trends indicate a continued appetite for Bitcoin among corporations, with many actively increasing their holdings or strategically evolving their approach. The increasing institutional adoption facilitated by Bitcoin ETFs further legitimizes Bitcoin as a corporate treasury asset.

Looking ahead, the trend of corporate Bitcoin adoption is likely to continue, albeit with varying degrees of intensity depending on individual company strategies, market conditions, and regulatory developments. Companies considering Bitcoin for their treasury must conduct thorough due diligence, carefully assess the risks and benefits, and develop a well-defined strategy that aligns with their overall financial objectives. The evolving role of Bitcoin in corporate finance suggests a potential shift towards a more digital and decentralized future for corporate balance sheets.