More public companies are adding Bitcoin to their balance sheets in 2025, driven by growing institutional acceptance and the SEC’s approval of spot Bitcoin ETFs in early 2024. This shift aligns with broader macro trends, including the U.S. government's exploration of strategic Bitcoin reserve, initiated through an executive order in March 2025.
The strategy, often referred to as a Bitcoin corporate treasury model, is gaining traction among public firms, Bitcoin miners, tech companies, and asset managers seeking inflation hedges or long-term value assets in the Bitcoin bull run in 2025. According to BitcoinTreasuries data, public companies now hold approximately 4.07% of the total Bitcoin supply, up from 3.3% earlier this year. Leading holders include Strategy (formerly MicroStrategy), MARA Holdings, and Tesla, positioning themselves as institutional pioneers in the digital asset space.
Why are they doing it? The reasons vary, from hedging against inflation, diversifying reserves, and signaling long-term confidence to investors. Some are betting on Bitcoin’s future value, with models like PlanB’s stock-to-flow predicting BTC could reach $1 million in the coming years. Others see BTC as a liquid, globally accessible asset that appeals to crypto-aligned shareholders and a potential hedge against dollar depreciation.
Corporate Bitcoin treasuries in 2025 | Source: BitcoinTreasuriesThis article explains what a Bitcoin corporate treasury is, how it works, and which companies are holding the most Bitcoin in 2025.
What Is a Bitcoin Corporate Treasury?
A Bitcoin corporate treasury is when a company holds Bitcoin (BTC) as part of its financial reserves. Instead of keeping all their cash in fiat currencies or short-term bonds, these companies allocate a portion of their funds to Bitcoin on their balance sheets.
The idea behind giving corporate treasuries a digital upgrade by adding BTC to it gained traction after companies like Strategy (formerly MicroStrategy) began converting large amounts of cash into BTC back in 2020. Since then, more firms, especially in tech, finance, and mining, have followed a similar playbook.
Companies adopt this strategy for several reasons:
1. Inflation Hedge: Bitcoin’s fixed supply of 21 million coins makes it appealing during periods of currency devaluation or rising inflation.
2. Liquidity & Flexibility: BTC trades 24/7 across global markets, offering greater access and speed compared to traditional assets.
3. Capital Appreciation: Many believe Bitcoin will rise in value over time. Some long-term models, like PlanB’s stock-to-flow model, predict prices could reach $1 million per BTC in the coming years, though such forecasts remain highly speculative.
4. Investor Signal: Holding Bitcoin can attract crypto-aligned shareholders and signal innovation or long-term vision.
Governments are also taking notice. In the U.S., discussions around building a strategic Bitcoin reserve have begun, with policymakers viewing BTC as a possible hedge for national reserves in the future.
How Many Companies Hold Bitcoin in 2025?
Distribution of Bitcoin over time | Source: BitcoinTreasuriesThe number of companies holding Bitcoin has grown rapidly in 2025. As of July 2025, over 140 publicly traded companies hold Bitcoin in their corporate treasuries. That’s up from just a handful five years ago. These firms collectively own between 3.3% and 4.1% of all Bitcoin that will ever exist, according to recent data from Bitcoin Treasuries.
In addition to public companies, private firms are also joining the movement. For example, Block.one, Tether, and Stone Ridge have accumulated thousands of BTC each. Together, private companies hold an estimated 1.4% of the total Bitcoin supply.
Even governments are getting involved. As of July 2025, the U.S., China, El Salvador, and Bhutan collectively hold over 307,000 BTC, mainly through legal seizures or strategic purchases. That’s about 1.5% of the total supply.
Bitcoin is now firmly embedded in institutional finance. Whether it’s as a hedge against inflation, improve balance sheet resilience, or attract new investors, more organizations are turning to Bitcoin as a long-term reserve asset.
The 10 Largest Public Companies That Hold Bitcoin
As of mid-2025, these are the top public companies holding the most Bitcoin in their treasuries. Some built their stacks through BTC mining. Others raised funds through equity or debt. All are betting big on BTC. Here's a list of some of the biggest publicly listed companies holding Bitcoin in their treasuries:
1. Strategy (formerly MicroStrategy)
Strategy (MicroStrategy) BTC purchases over time | Source: SaylorTracker
Strategy, previously known as MicroStrategy, is a U.S.-based business intelligence company that rebranded in 2025 to reflect its Bitcoin-focused identity. It was the first major public company to adopt a Bitcoin treasury strategy back in August 2020. Since then, it has raised billions through equity offerings and convertible debt to accumulate 597,325 BTC, according to BitcoinTreasuries.net. The company’s stock performance has closely tracked BTC price movements, and its Bitcoin reserves now represent nearly 3% of all Bitcoin in circulation, making Strategy the single largest corporate holder in the world.
2. MARA Holdings, Inc.
Marathon Digital's BTC holdings | Source: BitBo
MARA Holdings (formerly Marathon Digital) is one of the largest Bitcoin mining companies in North America. The firm began aggressively accumulating BTC through mining in early 2024. As of 2025, MARA holds 49,859 BTC, much of which comes from its self-mined operations. The company operates hundreds of thousands of mining rigs across the U.S., and has benefited significantly from rising Bitcoin prices post-halving. Its treasury strategy is powered by low-cost energy partnerships and continuous expansion of its hash rate capacity.
3. XXI (CEP)
XXI's Bitcoin holdings | Source: BitcoinTreasuries
XXI, trading under the ticker CEP, is a lesser-known U.S.-based public company that has quickly risen through the Bitcoin treasury ranks. In just over a year, it accumulated 37,230 BTC, largely through strategic debt offerings and aggressive purchases in Q4 2024 and early 2025. While the company’s core business remains in enterprise services, its pivot toward a BTC-heavy treasury has boosted its valuation, even though some analysts have flagged liquidity concerns due to its relatively smaller market cap compared to holdings.
4. Riot Platforms, Inc.
Riot Platforms' Bitcoin holdings | Source: BitBo
Riot Platforms is another major U.S.-based Bitcoin mining company, known for its large-scale operations in Texas. The firm started adding Bitcoin to its treasury in 2021 and now holds 19,225 BTC. Riot funds its treasury primarily through self-mining, though it has also raised capital through private offerings. In December 2024, the company acquired over 5,000 BTC in a single tranche. Riot’s treasury strategy has made it a proxy for Bitcoin exposure on traditional stock markets.
5. Metaplanet Inc.
Metaplanet's BTC holdings | Source: BitcoinTreasuries
Metaplanet is a Tokyo-listed company often called the "Asian Strategy" due to its Bitcoin-focused pivot. It began accumulating Bitcoin in 2024 and now holds 13,350 BTC as of mid-2025. Originally a hospitality firm, Metaplanet has since rebranded to focus on digital assets, even launching Japan’s first Bitcoin-themed hotel. Its treasury growth has been financed through stock sales and direct BTC purchases, and the company aims to grow its holdings to 10,000 BTC more by year-end.
6. Galaxy Digital Holdings
Galaxy Digital's Bitcoin holdings | Source BitcoinTreasuries
Galaxy Digital, founded by crypto investor Mike Novogratz, is a crypto-focused financial services firm offering asset management, trading, and advisory services. The company holds 12,830 BTC as of 2025, according to investor filings. Galaxy began building its Bitcoin position in the early 2020s and has since grown its holdings both for treasury and client-facing investment products. It is also one of the managers of a U.S. spot Bitcoin ETF, giving it significant influence in institutional crypto markets.
7. CleanSpark, Inc.
CleanSpark's BTC holdings | Source: BitBo
CleanSpark is a U.S.-based sustainable energy and Bitcoin mining firm. The company began accumulating BTC through mining operations in 2023 and now holds 12,502 BTC. CleanSpark emphasizes its low carbon footprint, sourcing electricity from renewable and low-cost energy grids. Rather than purchasing BTC outright, the company mines and holds it, often outperforming industry expectations in monthly BTC production, especially after the 2024 halving event.
8. Tesla, Inc.
Tesla's BTC holdings | Source: BitcoinTreasuries
Tesla, the electric vehicle giant led by Elon Musk, first announced its Bitcoin investment in February 2021. The company purchased $1.5 billion worth of BTC and has since adjusted its holdings slightly. As of December 2024, Tesla holds 11,509 BTC, making it one of the few large-cap tech firms with Bitcoin on its balance sheet. Although Tesla briefly accepted Bitcoin payments, the initiative was paused due to environmental concerns. The company now keeps its BTC in cold storage and records a $600M mark-to-market gain under new accounting rules.
9. Hut 8 Mining Corp
Hut 8's Bitcoin holdings | Source: BitBo
Hut 8 is a Canadian Bitcoin mining company with operations in Alberta and Texas. The firm merged with U.S. Bitcoin Corp in 2023, expanding its capacity significantly. As of 2025, Hut 8 holds 10,273 BTC, much of it self-mined. The company also generates yield by lending out a portion of its BTC through prime brokerage partners. Hut 8 continues to expand its infrastructure to support both mining and AI-related compute operations.
10. Coinbase Global, Inc.
Coinbase's Bitcoin holdings | Source: BitcoinTreasuries
Coinbase is the largest publicly traded crypto exchange in the U.S. The company first disclosed its Bitcoin holdings in early 2021 and now holds 9,267 BTC for its corporate treasury. Coinbase has also created wrapped Bitcoin products (like cbBTC) and resumed its Bitcoin lending services in 2025. As a major player in institutional crypto adoption, Coinbase’s BTC holdings support its position as a backbone of the crypto economy.
How Do Companies Fund Their BTC Purchases?
Buying Bitcoin isn't cheap, especially at 2025 prices. So how do companies afford to build large BTC reserves?
Many public companies use creative strategies to finance their Bitcoin purchases. One popular method is issuing new shares through at-the-market (ATM) equity programs. For example, CleanSpark and Metaplanet have both tapped public markets to raise capital by gradually selling stock at prevailing market prices. This allows them to fund BTC accumulation without taking on debt.
How MicroStrategy funds its Bitcoin purchases | Source: CoinTelegraph
Others opt for convertible debt, which gives bondholders the option to convert debt into equity if the company’s value rises. Strategy (formerly MicroStrategy) pioneered this approach, raising billions since 2020 through multiple convertible note offerings to finance its record-setting 597,000+ BTC treasury. Riot Platforms and Galaxy Digital have also used debt instruments to strengthen their balance sheets while investing in mining infrastructure or acquiring digital assets.
Some firms issue traditional corporate bonds, using the proceeds to purchase Bitcoin outright. This is often attractive when interest rates are low and market sentiment around BTC is bullish. Metaplanet, for example, used bond financing to support its aggressive 2024 buying spree.
But this playbook comes with risks. If a company's share price drops or Bitcoin falls sharply, dilution or losses can mount quickly. Analysts at VanEck have warned that raising equity at depressed valuations, especially for firms trading near their net asset value (NAV), could hurt long-term shareholders. This concern is especially relevant for BTC-heavy companies like XXI (CEP), where volatility in both crypto and equity markets can amplify downside exposure.
The key is timing. If BTC rises, these funding strategies can supercharge growth. But if prices fall, they can backfire.
What Bitcoin Corporate Treasuries Mean for Retail BTC Investors
When large companies hold Bitcoin in their treasuries, it sends a strong signal to the broader market. For retail investors, this trend can have several implications.
1. It adds legitimacy. When publicly traded firms like Strategy, Tesla, and Metaplanet allocate part of their reserves to BTC, it reinforces the idea that Bitcoin isn’t just a speculative asset; it’s being treated like digital gold. This growing institutional adoption may help reduce stigma and drive mainstream confidence.
2. It can influence market trends. Corporate buying often involves large volumes of BTC, serving as Bitcoin whales in the crypto market. This demand can support prices, especially during downturns. On the flip side, if companies sell due to earnings pressure or regulations, it could increase volatility.
3. It may shape regulation trajectory. As more corporations engage with Bitcoin, governments may move faster to create clearer crypto frameworks. That could benefit retail investors by improving market structure, transparency, and investor protection.
4. It could affect portfolio strategies. Seeing Bitcoin on corporate balance sheets may encourage individuals to view BTC as a long-term holding, similar to how they treat gold or index funds. But as always, it’s important to consider your risk tolerance and do your own research (DYOR).
In short, corporate adoption doesn’t guarantee returns, but it does bring more attention, structure, and credibility to the Bitcoin ecosystem and the overall crypto market.
What’s Next? Outlook for 2026 and Beyond
Bitcoin treasury adoption is gaining momentum. In 2025, the launch of spot Bitcoin ETFs in the U.S. accelerated mainstream interest. More public companies are now exploring BTC as a strategic reserve asset.
In the UK, London-based financial firms are pushing forward. Several are lobbying for a regulatory framework by 2026 that supports holding digital assets, including Bitcoin, on corporate balance sheets. This aligns with broader efforts across Europe, where the MiCA framework is already shaping crypto-friendly policy.
One of the most notable developments is the rise of crypto-native treasury firms. ProCap Financial, founded by Bitcoin advocate Anthony Pompliano, is preparing to go public with a bold plan: hold a $1 billion Bitcoin reserve while generating yield through lending and crypto derivatives. This hybrid model could reshape how treasuries operate in the digital era.
Meanwhile, policy discussions in the U.S. have sparked debate about a national strategic Bitcoin reserve. While no federal holdings exist yet, some lawmakers and think tanks are advocating for it as a hedge against inflation and currency devaluation.
Key Trends in Corporate Bitcoin Treasuries
As 2026 approaches, here are three key trends to watch:
1. Earnings impact – Bitcoin’s price volatility may continue to influence quarterly earnings, especially under the new FASB fair-value accounting rules, which require companies to report unrealized gains and losses on crypto holdings.
2. Regulatory evolution – Governments are crafting clearer digital asset frameworks. In the U.S., proposals under the Lummis-Gillibrand Responsible Financial Innovation Act and updates to SEC crypto custody rules could shape how easily companies can hold BTC. The EU’s MiCA regulation is also setting new standards for crypto asset disclosures and corporate holdings.
3. Diversified treasury models – More companies may combine Bitcoin with stablecoins, short-term bonds, and cash, seeking upside from crypto while managing volatility and liquidity risks.
Corporate Bitcoin treasuries are still early, but maturing fast. With regulatory clarity, innovative treasury models, and growing institutional trust, 2026 could be the year BTC becomes a mainstream component of financial strategy.
Conclusion
Bitcoin is gaining ground as a corporate treasury asset. By mid-2025, over 140 public companies collectively hold nearly 4% of Bitcoin’s total supply. Leaders like Strategy, MARA Holdings, and Tesla are using a mix of equity, debt, and bonds to fund their BTC purchases, signaling a shift in how businesses view digital assets.
But this strategy isn’t without risks. Bitcoin’s volatility, potential share dilution, and evolving regulations can impact earnings and investor confidence. Before following the trend, consider your investment goals, risk tolerance, and the regulatory environment. If you're confident about adding Bitcoin to your portfolio, make sure to do it with a strategy that fits your long-term objectives.
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FAQs on Bitcoin Corporate Treasuries
1. What is a corporate Bitcoin treasury?
A Bitcoin treasury refers to a company holding Bitcoin as part of its reserves. Instead of just keeping cash or bonds, the company holds BTC as a long-term store of value or strategic asset.
2. Which company holds the most Bitcoin?
Strategy (formerly MicroStrategy) holds the most, with nearly 600,000 BTC. Other major holders include MARA Holdings, XXI, Riot Platforms, and Metaplanet.
3. What are the main risks of holding Bitcoin in a corporate treasury?
The biggest risks include price volatility, accounting impacts from mark-to-market rules, shareholder dilution, potential margin calls from debt financing, and evolving regulations.
4. How can you track corporate BTC holdings?
You can monitor public data from sites like BitcoinTreasuries.net, CoinGecko, Cointelegraph, and Investopedia for updated holdings and trends.