For years, the thought of publicly traded companies investing in Bitcoin as a treasury reserve was widely ridiculed. The leading digital currency was viewed as too unstable and unconventional for serious corporate consideration.
However, that perception has drastically shifted, with a growing number of significant institutional investors adding Bitcoin to their holdings in recent times.
The trend began noticeably when cloud-based software provider Strategy (formerly MicroStrategy) allocated $425 million to Bitcoin in August and September of 2020. Following suit, payments giant Block and electric vehicle pioneer Tesla also made substantial investments.
According to data from BitcoinTreasuries, publicly traded companies now possess approximately 4.5% of the total Bitcoin supply, capped at 21 million BTC. Here are the top holders as of this update.
1. Strategy
Strategy, previously known as MicroStrategy, a prominent analytics platform that has evolved into a Bitcoin treasury company, has embraced Bitcoin as its primary reserve asset. The rebranding, finalized in February 2025, reflects the company’s commitment to the “power and positivity” of its strategic focus, according to co-founder Michael Saylor.
The company, specializing in mobile software and cloud solutions, has been aggressively acquiring Bitcoin, investing significant capital in the cryptocurrency. As of August 2025, Strategy holds a staggering 628,946 BTC, valued at over $73 billion. This amount represents more than 2.8% of the total Bitcoin supply.
Michael Saylor, Strategy’s Executive Chairman, has publicly stated that he was purchasing $1,000 worth of Bitcoin every second at one point. During the company’s Q1 2024 earnings call, Saylor asserted that their “Bitcoin strategy” has resulted in a performance that is 10 to 30 times better than their competitors in the business intelligence software sector.
Unlike many executives, Saylor has openly disclosed his personal Bitcoin holdings, revealing that he has personally acquired 17,732 BTC, currently valued at over $1.6 billion, and continues to hold them as of September 2024. This marks a significant change for Saylor, who in 2013, predicted the end of Bitcoin.
“We are at the beginning of rapid institutional adoption of digital assets like Bitcoin,” Saylor stated during Strategy’s Q1 2024 earnings call. He anticipates that Bitcoin will compete with “gold, art, equities, real estate, bonds, and other stores of value in wealth creation, preservation, and capital markets.”
Strategy intends to acquire even more Bitcoin, planning to raise $42 billion for this purpose. Saylor is also advocating for other public companies, such as Microsoft, to adopt a similar strategy, although shareholders ultimately rejected the proposal.
Saylor, a prominent Bitcoin advocate, has stated that Strategy will be ” buying the top forever.“
2. Marathon Digital Holdings Inc.
As expected, Bitcoin mining company Marathon Digital is a substantial holder of Bitcoin, possessing 50,639 BTC in its corporate treasury, according to recent updates. Valued at roughly $6 billion based on current prices.
Marathon Digital’s mission to build “the largest Bitcoin mining operation in North America with competitive energy costs” contrasts with its origins as a patent-holding entity, sometimes labeled a patent troll, before its strategic shift towards cryptocurrency mining.
The company stated that it is accelerating expansion plans following the 2024 Bitcoin halving, aiming to “mitigate the impact” of receiving half the BTC rewards for successfully mined blocks. Marathon Digital had previously shared plans to double the scale of its mining in 2024.
The firm reported a revenue increase of 64% in Q2 2025, marking a record revenue quarter of $238.5 million. Marathon Digital recently raised nearly $2 billion via convertible notes, with the majority used to purchase Bitcoin.
3. Twenty-One (XXI)
Led by Jack Mallers, Twenty One (XXI) anticipates holding 43,514 Bitcoin, currently valued at over $5 billion, once finalized and publicly traded.
The company is set to launch through a SPAC merger with Cantor Equity Partners, partnering with stablecoin leader Tether, crypto exchange Bitfinex, and Japanese investment firm SoftBank to construct its Bitcoin treasury.
Differentiating itself from treasury firms that acquire Bitcoin for balance sheet purposes, Twenty One prioritizes BTC acquisition and providing Bitcoin-related services.
Twenty One commits to a long-term strategy to “render the concept of inflation irrelevant,” exceeding outperforming inflation goals.
4. Bitcoin Standard Treasury Company
Bitcoin Standard Treasury Company (BSTR), another soon-to-be public entity, will debut with over 30,000 Bitcoin upon finalized transactions expected in Q4 2025.
The firm, helmed by early Bitcoin adopter Adam Back, arises from the merger between BSTR and Cantor Equity Partners I, a special purpose acquisition company linked to Cantor Fitzgerald.
As part of the merger, Back and founding shareholders will contribute 25,000 Bitcoin, with another 5,021 Bitcoin through an in-kind PIPE, or private investment in public equity.
“We are allocating unprecedented resources to a single goal: maximizing Bitcoin ownership per share while accelerating real-world Bitcoin adoption,” Back stated about the firm.
In addition to its 30,031 Bitcoin, valued at $3.5 billion, the firm announced plans to raise up to $1.5 billion for further acquisitions.
5. Riot Platforms, Inc.
Riot Platforms, a US-based crypto mining operation, holds 19,273 BTC, worth $2.25 billion based on current values.
After a valuation surge from below $200 million in 2020 to over $6 billion in 2021, the Nasdaq-listed entity pursued rapid expansion. In April 2021, it invested $650 million in a one-gigawatt Bitcoin mining facility in Texas, expanding further in 2022 before rebranding as Riot Platforms to broaden its business in 2023.
In 2024, Riot cautioned shareholders about the uncertain profitability impacts from the Bitcoin halving. After trading briefly around $18 early in the year, the stock gradually declined before ranging below $10 from August to late October. Afterward, shares gained alongside a resurgence in Bitcoin mining stocks and the broader crypto market after Donald Trump was named President-elect in November.
The company reached a settlement with Bitcoin mining firm, Bitfarms, after its hostile takeover attempt in 2024.
6. Metaplanet
Metaplanet, a firm listed in Tokyo often compared to Strategy, now maintains 18,113 Bitcoin after its recent acquisition, worth over $2.1 billion at current valuations.
In addition to its Bitcoin activities, the firm owns and operates a hotel undergoing rebranding as the “Bitcoin Hotel” while maintaining claim as the first and only publicly listed Bitcoin treasury company in Japan.
Mirroring Strategy’s strategy, the company increased its Bitcoin holdings aggressively, multiplying its reserves more than 10x from under 400 BTC in September 2024 to exceeding 4,500 in April 2025. The firm then tripled this figure in just a couple of months, heading towards a goal to own more than 210,000 Bitcoin by 2027.
In other related news, the company added Eric Trump, son of President Donald Trump, to a Strategic Advisory Board in March.
7. Trump Media & Technology Group
President Trump’s publicly traded media and technology firm ranks as the 7th largest Bitcoin holder with approximately 15,000 BTC, as identified by Bitcointreasuries.net.
This estimate likely stems from its recent $2 billion purchase of Bitcoin and related instruments in July, while the company has not fully outlined how much was allocated into BTC directly.
Trump Media has pivoted heavily to crypto after the President re-entered the White House in January.
In addition to its Bitcoin investment, Trump Media announced plans for a crypto token and digital wallet for its Truth Social platform, and has applied to launch several crypto ETFs.
8. CleanSpark
CleanSpark, a Bitcoin mining firm based in the US, reported 12,703 BTC held as of July 31st, valued just under $1.5 billion using current prices.
Prior to the 2024 Bitcoin halving, the firm expanded operations, acquiring three Bitcoin mining facilities in Mississippi for $19.8 million, adding 2.4 EH/s to its capacity. Also adding a third facility in Dalton, Georgia with 0.8 EH/s.
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