10 Biggest Bitcoin (BTC) Treasuries

Key Takeaways

• Major companies are establishing Bitcoin treasuries, viewing BTC as a primary reserve asset and a potentially strong investment, not just a minor diversification.
• Firms use varied strategies, with miners retaining self-mined BTC and non-miners leveraging equity/debt or opportunistic purchases.
• At a minimum, companies see Bitcoin as a hedge against inflation and uncertainty, supported by evolving accounting and regulatory clarity.
• The substantial Bitcoin holdings by these firms are catalyzing broader institutional acceptance and reshaping corporate treasury strategies.

As Bitcoin matures, certain publicly listed firms continue accumulating large amounts of BTC, shifting the way traditional companies think about cryptocurrencies. The holdings of these firms go far beyond minor portfolio diversifications. Instead, these are substantial treasury decisions with real capital committed, serving as indicators of long-term intent. Their impact on Wall Street alone proves that Bitcoin treasuries are ones to watch.

With BTC’s new all-time high above $122,000, each of these corporations now holds reserves worth millions, or even billions.

Below is a breakdown of the largest known corporate Bitcoin holders and how their approach may indicate longer-term institutional activity.

Top Public Companies Holding the Most Bitcoin

Here are the leading corporations with Bitcoin treasuries:

1. MicroStrategy

Executive Chairman: Michael Saylor
BTC Held: 601,550

MicroStrategy has established itself as the most aggressive corporate Bitcoin accumulator to date. Beginning in 2020, the company pivoted from its legacy business intelligence focus and initiated its BTC acquisition strategy under the leadership of Michael Saylor. The approach has not slowed.

As of mid-July 2025, the firm holds over 601,550 BTC, with the average acquisition price well below the market price. The estimated market value of these holdings exceeded $71 billion as of July 2025, making MicroStrategy’s position larger than many central banks’ gold reserves.

MicroStrategy’s filings confirm that between Q1 and early Q3 2025, MicroStrategy added more than 20,000 BTC, partly financed through equity offerings and debt. Rather than diversifying into other digital assets, the company continues to concentrate purely on BTC.

The company’s treasury decisions have not only influenced institutional sentiment but also inspired smaller firms to evaluate digital assets in capital allocation discussions. There are no signs of slowing purchases, and additional buys may occur depending on future cash flows and market conditions.

2. MARA

CEO: Fred Thiel
BTC Held: 50,000

Marathon Digital is one of the largest publicly traded Bitcoin mining companies in the United States, and its BTC treasury reflects its core operations. Unlike passive holders, Marathon earns its reserves directly through mining activity.

As of the end of May 2025, the firm reported holding 50,000 BTC, ranking second among public companies. Marathon uses a strategy of selling a portion of mined BTC to cover expenses while retaining a substantial portion to bolster its reserves.

Between January and May 2025, the company added roughly 7,000 BTC to its holdings. Despite market volatility in early Q2, Marathon continued to retain newly mined coins, driven by what it describes in reports as “balance sheet resilience.” Public statements suggest Marathon views its holdings not merely as an asset reserve but also as a strategic hedge against monetary inflation.

3. XXI Keeps a Low Profile While Accumulating Aggressively

CEO: Jack Mallers
BTC Held: 37,230

XXI (Twenty-One) operates with limited public exposure, but its BTC activity has drawn attention. With 37,230 BTC held, the company maintains one of the largest institutional reserves known.

The firm’s BTC positions appear to have grown rapidly during 2024 and early 2025, with bulk acquisitions occurring during periods of consolidation below $90,000. XXI may be a multi-family office or private investment vehicle rather than a traditional enterprise.

Unlike miners or tech firms that gradually accumulate, XXI seems to have made large-scale purchases in discrete blocks, suggesting an emphasis on long-term positioning rather than liquidity plays or short-term market timing.

While no formal disclosures exist regarding future BTC plans, crypto wallet activity suggests that the firm continues to hold all previously acquired coins, with no outflows since April 2025.

4. Riot Platforms

CEO: Jason Les
BTC Held: 19,225

Riot Platforms, another major crypto mining company, differs from Marathon in its preference for holding nearly all mined BTC. As of July 2025, Riot holds 19,225 BTC, a substantial portion of which was mined through self-mining operations in Texas.

Since early 2023, Riot has expanded its total hash rate capacity, aiming to scale production and enhance reserve growth without relying on BTC market purchases. During the first half of 2025 alone, the company increased its holdings by more than 2,000 BTC.

This strategy allowed Riot to accumulate value while avoiding transaction fees or execution risk. Public quarterly reports emphasize the importance of direct BTC ownership, which the company treats as both an operational reserve and a store of value.

With recent investments in AI-focused data centers, Riot is attempting to reduce its reliance on third-party energy providers, thereby increasing the efficiency of its mining operations. If energy optimization goals are met, Riot may add another 2,000–3,000 BTC by the end of 2025.

5. Metaplanet Inc.

CEO: Simon Gerovich
BTC Held: 16,352

Metaplanet Inc. is relatively new to digital asset accumulation, but it has already become a notable holder of BTC. The firm holds 16,352 BTC as of July 2025. Unlike many of the better-known firms on this list, Metaplanet gained public attention after making a series of strategic acquisitions in early 2025.

Rather than accumulating slowly over time, the company appears to have made bulk purchases funded by equity financing and strategic asset divestitures.

Despite a low media profile, filings in Japan and South Korea indicate Metaplanet sees BTC as a reserve alternative designed to provide inflation resistance. Its strategy bears a resemblance to MicroStrategy, albeit on a smaller scale.

Additional filings suggest Metaplanet may pursue BTC-backed capital raises in the future, with potential debt issuance linked directly to its holdings. The firm’s lack of selling pressure and its swift move into accumulation highlight an intention to hold for years rather than quarters.

6. Galaxy Digital

CEO: Michael Novogratz
BTC Held: 12,830

Galaxy Digital operates across digital asset investment, trading, and custody infrastructure. Despite this diverse focus, the firm retains a large direct BTC position. As of mid-2025, its treasury includes 12,830 BTC.

Michael Novogratz, the company’s CEO, has long advocated for the adoption of digital assets and frequently comments on macroeconomic trends affecting Bitcoin. Galaxy’s holding strategy reflects both long-term conviction and client alignment, as its financial products often include BTC-denominated structures.

Between late 2024 and Q2 2025, Galaxy added over 1,000 BTC to its holdings. These purchases came during periods of institutional inflows and macro uncertainty, suggesting a strategy linked to broader economic hedging.

Galaxy also uses BTC reserves as collateral in various structured products. Unlike miners or software firms, Galaxy’s balance sheet exposure is dynamic; however, BTC has remained a consistent fixture across its quarterly reports.

7. CleanSpark

CEO: Zach Bradford
BTC Held: 12,608

CleanSpark has quickly risen to the top of the ranks of BTC holders among public firms. The mining-focused company announced in its June 2025 report that it now holds 12,608 BTC, an increase of more than 2,000 since the beginning of the year.

Executives have emphasized the value of direct BTC ownership, noting that the firm’s reserve strategy includes both short-term liquidity planning and long-term balance sheet strength.

CleanSpark also avoids large BTC sales during downturns, preserving upside potential during bull markets. Its quarterly reports continue to show low-cost production, with an average mining cost under $32,000 per BTC. This margin has helped the firm scale its holdings while keeping operational risk manageable.

8. Tesla

CEO: Elon Musk
BTC Held: 11,509

Tesla made headlines in early 2021 with its first BTC purchase and remains among the top corporate holders. As of Q1 2025, Tesla still holds 11,509 BTC. Despite selling portions of its original position during past quarters, the company has kept its current balance unchanged since late 2022.

The Cybertruck maker has not disclosed any new BTC purchases in recent filings. However, it continues to account for its BTC under digital assets, with valuation updated quarterly. The company’s overall posture appears passive, maintaining a fixed holding without further accumulation or divestment.

Tesla’s holdings now exceed $1.3 billion in market value and remain one of the largest single-firm digital asset reserves outside of finance-focused entities.

9. DDC Enterprise Targets Top 3 BTC Treasury Spot

CEO: Norma Chu
BTC Target: 10,000 (goal by year-end 2025)

DDC Enterprise, a NYSE-listed e-commerce firm, has made headlines with its ambitious entry into Bitcoin treasury strategy. In July 2025, the company filed a $500 million F-3 shelf registration with the SEC, explicitly earmarked for expanding its BTC reserves. The goal: accumulate up to 10,000 BTC by the end of 2025 and challenge the upper ranks of corporate Bitcoin holders over the next three years.

The company is adopting a capital-flexible approach, enabling it to raise funds through equity, debt, or warrants to finance Bitcoin purchases. Public filings confirm that this reserve-building effort is designed around a long-term holding thesis, intended to shield the balance sheet from monetary inflation and enhance treasury diversification.

10. Trump Media and Technology Group

CEO: Devin Nunes
BTC Held: Undisclosed

Trump Media and Technology Group (TMTG), the parent company of Truth Social, made headlines in mid-2025 by unveiling a $2 billion Bitcoin acquisition as part of its pivot toward digital asset investment. The move signals the company’s intent to reframe itself as an investment-focused firm with Bitcoin as a central pillar of its treasury strategy.

Announced in May 2025, TMTG’s Bitcoin treasury plan aims to shield the firm from what it describes as “discrimination by financial institutions” and to enhance operational independence. CEO Devin Nunes emphasized that the company intends to continue acquiring Bitcoin, with an additional $300 million earmarked for options tied to BTC-related securities.

TMTG joins a growing list of publicly traded firms that are adopting Bitcoin as a balance sheet asset, serving as a long-term hedge against shifting financial and regulatory landscapes.

What Is Driving the Surge in Bitcoin Treasuries?

The rise in BTC holdings across major public firms is not the result of a single catalyst. Instead, it reflects a convergence of macroeconomic, technological, and regulatory factors that are shaping how corporations manage capital and hedge their exposure.

Here are the core drivers:

Currency Debasement and Inflation Hedging

Persistently high government spending, negative real interest rates, and global monetary expansion have forced CFOs and treasury managers to rethink the role of cash. For firms with long investment horizons, BTC is increasingly seen as a scarce digital alternative to fiat reserves, comparable to gold, but more portable and divisible.

In particular, US firms with large dollar-denominated cash positions are using BTC as a macro hedge, especially when internal capital expenditures are low.

Regulatory Clarity (In Some Jurisdictions)

While the global regulatory environment remains uneven, jurisdictions such as the US, Canada, Japan, and parts of the EU have made progress in providing clearer guidance on digital assets, particularly for public companies. With stronger frameworks for accounting, custody, and disclosure, more firms are becoming comfortable holding BTC on their balance sheets.

The growing acceptance of spot BTC ETFs in several markets has also made institutional access simpler and more secure.

Improved Custody Infrastructure

The ability to securely store and manage large BTC positions has improved significantly over the past three years. Cold wallet providers, qualified custodians, and multi-signature wallet systems now meet the standards of institutional compliance.

This infrastructure growth has removed one of the key barriers for public companies—how to manage risk when holding digital assets directly.

Balance Sheet Optionality

BTC holdings can be used as collateral, deployed in structured financing, or serve as a liquidity buffer during periods of market volatility. Some firms are starting to view BTC as a strategic asset, rather than just a passive investment.

In certain cases (like Metaplanet and MicroStrategy), companies are using BTC as a balance sheet tool to unlock equity or debt financing under more favorable terms than traditional asset-backed structures.

Peer Signaling and Strategic Positioning

The presence of BTC on corporate balance sheets also sends a signal to investors, analysts, and peers that a firm is positioning for long-term digital value creation. In the same way companies hold USD or euros for international operations, holding BTC may come to represent alignment with a broader global shift in value storage.

Once a few public companies adopted BTC, others followed to avoid falling behind, especially in sectors like tech, mining, and digital infrastructure.

Closing Thoughts

The expanding presence of Bitcoin on corporate balance sheets reflects changing priorities around capital preservation, optionality, and long-term positioning. What began as a bold move by a handful of firms has grown into a broader pattern of treasury diversification.

While not without risk, BTC is now part of serious financial strategies for public companies with diverse business models, ranging from mining to software development to manufacturing.

As infrastructure matures and transparency improves, more firms may adopt similar positions, not out of hype, but because the cost of inaction could outweigh the volatility.