In recent years, the idea of public companies purchasing Bitcoin as a reserve asset has evolved from a fringe concept to a legitimate corporate strategy. Once dismissed as too volatile and niche for serious institutional adoption, Bitcoin has now gained acceptance among a growing number of major enterprises.
This shift began in earnest when MicroStrategy made its landmark Bitcoin purchases in 2020, opening the floodgates for other publicly traded companies to follow suit. According to data from BitcoinTreasuries, public companies now collectively hold nearly 1.5% of all Bitcoin in existence.
Below, we explore the top 10 public companies with the largest Bitcoin holdings, examining their investment strategies and how cryptocurrency fits into their broader business objectives.
MicroStrategy
MicroStrategy, a prominent business analytics platform, has made Bitcoin its primary treasury reserve asset. The company produces mobile software and cloud-based services while actively pursuing Bitcoin acquisitions worth hundreds of millions of dollars.
As of May 2025, MicroStrategy holds 214,400 Bitcoin, valued at approximately $14.8 billion. This represents over 1% of Bitcoin's total supply. The company's CEO, Michael Saylor, has become one of Bitcoin's most vocal advocates in the corporate world.
During the company's Q1 2024 earnings call, Saylor claimed that adopting their "Bitcoin strategy" had helped MicroStrategy outperform competitors in the business intelligence sector by 10 to 30 times. Unlike many CEOs who avoid discussing personal investments, Saylor has publicly disclosed that he personally holds 17,732 Bitcoin.
Saylor stated: "We are in the early stages of Bitcoin's rapid institutional adoption as a digital asset." He added that in the future, Bitcoin would compete not with other crypto assets but with "gold, art, stocks, real estate, bonds, and other forms of stored value" in wealth creation, wealth protection, and capital markets.
Marathon Digital Holdings Inc.
As a Bitcoin mining company, it's no surprise that Marathon Digital holds significant Bitcoin reserves. The company maintains 17,631 Bitcoin in its corporate treasury (valued at approximately $1.23 billion as of May 2024).
Marathon Digital aims to build "one of North America's largest Bitcoin mining operations with the lowest energy costs." Before transitioning to cryptocurrency mining, the company operated primarily as a patent holding entity.
The company currently operates approximately 240,000 Bitcoin miners capable of generating 29.9 EH/s of hash rate, with an average operational hash rate of 21.1 EH/s. Following the 2024 Bitcoin halving, Marathon implemented accelerated growth plans to mitigate the event's impact on profitability.
However, the company missed its Q1 2024 revenue targets due to what it described as "unexpected equipment failures, transmission line maintenance, and weather-related constraints."
Tesla
Elon Musk's electric vehicle company Tesla entered the Bitcoin market in December 2020, investing a total of $1.5 billion according to SEC filings. The company sold 10% of its Bitcoin holdings in Q1 2021, with CEO Musk explaining this move was intended to demonstrate Bitcoin's liquidity as a cash alternative.
Tesla's relationship with Bitcoin has experienced notable fluctuations. After announcing in March 2021 that it would accept Bitcoin for its products and services, the company reversed this decision just two months later. Musk cited concerns about "rapidly increasing use of fossil fuels for Bitcoin mining and transactions" as the reason for suspending Bitcoin payments.
The company clarified it would not sell its Bitcoin holdings and would reconsider Bitcoin transactions once mining transitioned to more sustainable energy sources. Musk later specified that Tesla would resume Bitcoin transactions when miners reached 50% clean energy usage.
In July 2022, Tesla revealed it had sold approximately 75% of its Bitcoin holdings, generating $936 million from digital asset sales. Musk explained this decision was meant to strengthen the company's cash position amid COVID-19 lockdown uncertainties while emphasizing that Tesla remained "open to increasing our Bitcoin holdings in the future."
As of May 2024, Tesla holds 9,720 Bitcoin (valued at approximately $677 million). The company has maintained this position, with its Q1 2024 balance sheet showing digital assets valued at $184 million.
Hut 8 Mining Corp
Bitcoin mining company Hut 8 holds 9,109 Bitcoin, valued at approximately $644 million at current prices. The company went public on the NASDAQ Global Select Market in June 2021 under the ticker symbol HUT.
According to SEC filings, Hut 8 is committed to increasing shareholder value through growing its Bitcoin holdings and their appreciating value. The company also leverages its self-mined Bitcoin reserves through yield account arrangements with leading digital asset prime brokerage firms to generate fiat currency revenue.
In November 2023, Hut 8 merged with US Bitcoin Corp, creating what the combined company describes as an "energy infrastructure company focused on Bitcoin mining and data centers." Their mining facilities are located across six sites in Alberta, Texas, and New York, with a self-mining capacity of 7.5 EH/s.
In their Q1 2024 earnings report, the company reported revenue of $51.7 million for the quarter, representing a 231% year-over-year increase.
Riot Platforms, Inc.
Another U.S.-based cryptocurrency mining company, Riot Platforms (formerly Riot Blockchain), holds 9,084 Bitcoin worth approximately $643 million at current prices.
The company's valuation surged from under $200 million in 2020 to over $6 billion in 2021, thanks to aggressive expansion efforts. In April 2021, Riot purchased a one-gigawatt Bitcoin mining facility in Rockdale, Texas, for $650 million—a move the company described as a "transformative event" that established it as "North America's largest publicly traded Bitcoin mining and hosting company based on total developed capacity."
In April 2022, Riot announced further plans to develop an additional one-gigawatt mining facility in Navarro County, Texas. Following the 2022 cryptocurrency market crash, CEO Jason Les told Yahoo Finance that Bitcoin mining would "continue to thrive in the United States," adding that "despite the economics of Bitcoin mining coming down, there's still a huge opportunity here."
In January 2023, the company rebranded as Riot Platforms to diversify its business model as the cryptocurrency mining industry faced challenges from the ongoing crypto winter and rising energy costs.
Coinbase Global, Inc.
As one of the most recognizable cryptocurrency companies globally, cryptocurrency exchange Coinbase holds significant Bitcoin reserves. Before its landmark direct listing on NASDAQ in April 2021, Coinbase revealed in February 2021 that it held $230 million worth of Bitcoin on its balance sheet.
As of June 2024, the company holds 9,000 Bitcoin valued at just under $642 million. Coinbase's Bitcoin holdings represent both corporate treasury reserves and Bitcoin held on behalf of customers using their custody services.
Galaxy Digital Holdings
Cryptocurrency-focused merchant bank Galaxy Digital Holdings holds 8,100 Bitcoin. While this represents a decrease from the 16,400 Bitcoin held in July 2022, the appreciation in Bitcoin's price means the dollar value of their June 2024 holdings is approximately $578 million, compared to $357 million two years earlier.
Founded by Michael Novogratz in January 2018, Galaxy Digital has established partnerships with various cryptocurrency companies including Block.one and BlockFi. Unsurprisingly, Novogratz remains a staunch Bitcoin advocate, predicting in March 2024 that Bitcoin would never again fall below $50,000 and forecasting a surge to $100,000 by year's end.
Galaxy Digital is among the firms managing U.S. spot Bitcoin exchange-traded funds (ETFs), which received historic approval from the Securities and Exchange Commission (SEC) in January 2024.
Block, Inc.
In October 2020, Block (then Square) helped ignite institutional Bitcoin investment alongside Tesla, initially investing $50 million in Bitcoin. As of June 2024, the company holds 8,027 Bitcoin worth approximately $573 million.
This investment aligns with the philosophy of CEO Jack Dorsey, a vocal Bitcoin proponent who reportedly runs his own Bitcoin node. When announcing the initial investment, the company described it as "part of Square's ongoing commitment to Bitcoin" and noted plans to "continually assess its total investment in Bitcoin relative to its other investments."
The company has invested in Bitcoin technology development, launching its own Bitcoin wallet and developing Bitcoin mining ASIC chips. In April 2024, Block's payment service subsidiary Square announced that businesses using its Cash App product would be able to automatically convert a portion of their daily sales to Bitcoin.
In May 2024, the company further committed to reinvesting 10% of its profits from Bitcoin-related products and services back into Bitcoin through dollar-cost averaging.
CleanSpark
U.S. Bitcoin mining company CleanSpark holds 6,154 Bitcoin, valued at approximately $439 million as of June 2024.
Ahead of the 2024 Bitcoin halving, the company expanded its operations significantly, acquiring three Bitcoin mining facilities in Mississippi for $19.8 million, adding 2.4 EH/s to its mining capacity. CleanSpark also added a third facility in Dalton, Georgia, providing an additional 0.8 EH/s of mining capacity.
In June 2024, CleanSpark revealed it mined 417 Bitcoin in May, claiming it "exceeded industry expectations" in the first full production month following the halving. The company also announced plans to expand to a location in Wyoming in the "coming days."
Bitcoin Group SE
German-based venture capital company Bitcoin Group SE ranks last on our list, holding a relatively modest 3,830 Bitcoin worth approximately $275 million at current prices.
The company's investments include cryptocurrency exchange Bitcoin.de and Futurum Bank. These two entities merged in October 2020 to form "Germany's first cryptocurrency bank." This move followed the German parliament's decision to allow banks to sell and store cryptocurrencies.
Bitcoin Group SE's managing director Marco Bodewein highlighted the opportunity to introduce institutional investors to cryptocurrency's "high returns and security features" through the bank.
Frequently Asked Questions
Why are public companies investing in Bitcoin?
Public companies are adding Bitcoin to their balance sheets as a hedge against inflation and currency devaluation. Many view Bitcoin as "digital gold"—a store of value that maintains purchasing power over time unlike fiat currencies, which can be subject to inflationary pressures.
How do companies account for Bitcoin on their balance sheets?
Companies typically treat Bitcoin as an indefinite-lived intangible asset, meaning they must impair the value if the price drops below cost but cannot mark up the value if the price increases until they sell. This accounting treatment has drawn criticism from some financial experts.
What risks do companies face when holding Bitcoin?
The primary risks include price volatility, regulatory uncertainty, cybersecurity threats, and accounting challenges. Companies must also consider stakeholder reactions, as not all investors support cryptocurrency investments.
Do companies hold their own Bitcoin or use custodians?
Most companies use specialized cryptocurrency custodians to securely store their Bitcoin holdings. These custodians offer insurance and advanced security measures that typically exceed what companies could implement themselves.
Can Bitcoin investments affect a company's stock price?
Yes, companies with significant Bitcoin investments often see their stock prices correlate with Bitcoin's price movements. This can create both opportunities and risks for investors depending on market conditions.
How do Bitcoin mining companies differ from other corporate holders?
Mining companies acquire Bitcoin through their operational activities rather than market purchases. They often hold Bitcoin as a revenue stream while also maintaining mining infrastructure investments.
As institutional adoption continues to grow, more public companies may consider adding Bitcoin to their balance sheets. For those interested in tracking these developments, explore more strategies for monitoring corporate cryptocurrency investments. The trend represents a significant shift in how companies approach treasury management and value preservation in the digital age.