Bitcoin has evolved from a fringe digital experiment into a legitimate corporate treasury asset. Once dismissed as too volatile for serious businesses, it is now embraced by major public companies across industries — from software and finance to energy and automotive. These organizations are not only investing in Bitcoin but also integrating it into their long-term financial strategies.
This shift reflects growing institutional confidence in Bitcoin as a store of value, often compared to digital gold. As of 2025, publicly traded firms collectively hold nearly 1.5% of the total 21 million Bitcoin supply, according to data from BitcoinTreasuries.org.
Below are the top 10 public companies with the largest Bitcoin holdings, showcasing how corporate adoption is reshaping the crypto landscape.
1. MicroStrategy: The Bitcoin Standard-Bearer
MicroStrategy stands at the forefront of corporate Bitcoin adoption. What began as a bold experiment in 2020 has transformed into a full-scale treasury strategy. As of May 2025, the company holds 214,400 BTC — over 1% of Bitcoin’s total supply — valued at approximately $14.8 billion.
Under CEO Michael Saylor’s leadership, MicroStrategy redefined its financial philosophy, treating Bitcoin as its primary reserve asset. In a 2024 earnings call, Saylor stated that this “Bitcoin-first” strategy outperformed traditional enterprise software peers by 10x to 30x.
Saylor isn’t just betting the company’s future on Bitcoin — he’s personally invested. He owns an estimated 17,732 BTC, worth over $1.2 billion, making him one of the largest individual holders globally.
“We’re in the early innings of institutional adoption,” Saylor said. “Bitcoin isn’t competing with other cryptos — it’s competing with gold, real estate, and bonds.”
MicroStrategy continues to raise capital through debt offerings to buy more Bitcoin, reinforcing its role as a catalyst for corporate crypto adoption.
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2. Marathon Digital Holdings Inc.
As a pure-play Bitcoin miner, Marathon Digital Holdings naturally ranks among the top corporate holders. As of May 2024, it held 17,631 BTC, worth around $1.23 billion.
The company operates approximately 240,000 mining rigs with a total hashrate of 29.9 EH/s, positioning itself as one of North America’s largest mining operators. Its goal is to scale operations at the lowest possible energy cost.
Marathon accelerated expansion plans after the April 2024 Bitcoin halving to offset reduced block rewards. However, operational challenges — including equipment failures and weather-related disruptions — impacted first-quarter performance.
Despite setbacks, Marathon remains committed to scaling its mining capacity and increasing its Bitcoin reserves through organic mining and strategic acquisitions.
3. Tesla: The On-Again, Off-Again Adopter
Tesla made headlines in December 2020 when it disclosed a $1.5 billion investment in Bitcoin — one of the first major tech companies to do so. The move followed public encouragement from MicroStrategy’s Saylor and CEO Elon Musk’s growing interest in crypto.
In Q1 2021, Tesla sold 10% of its holdings to prove Bitcoin’s liquidity. Then came a dramatic reversal: Musk announced Tesla would no longer accept Bitcoin due to environmental concerns over fossil fuel usage in mining.
By July 2022, Tesla had sold about 75% of its Bitcoin portfolio, generating $936 million in cash amid pandemic-related uncertainties.
As of May 2024, Tesla still holds 9,720 BTC — valued at roughly $677 million — suggesting a long-term belief in the asset despite public hesitations.
Musk has since indicated Tesla may resume using Bitcoin if miners adopt cleaner energy sources — specifically, once 50% of mining uses renewable power.
Tesla also accepts Dogecoin for select merchandise, highlighting Musk’s broader support for decentralized digital currencies.
4. Hut 8 Mining Corp
Hut 8 is more than a miner — it's an energy infrastructure innovator. It holds 9,109 BTC (valued at ~$644 million) and operates mining facilities in Alberta, Texas, and New York with a combined hashrate of 7.5 EH/s.
After merging with US Bitcoin in November 2023, Hut 8 rebranded as a next-generation energy company focused on sustainable Bitcoin mining and data centers.
The company leverages its self-mined BTC through yield-bearing accounts with major digital asset institutions, converting holdings into stable fiat income without selling.
In Q1 2024, Hut 8 reported $51.7 million in revenue — a 231% year-over-year increase — driven by improved efficiency and higher BTC prices.
5. Riot Platforms, Inc.
Riot Platforms exemplifies aggressive growth in the mining sector. It holds 9,084 BTC (~$643 million) and operates one of North America’s largest mining campuses in Rockdale, Texas.
Originally valued under $200 million in 2020, Riot surged past $6 billion during the 2021 bull run. Its expansion includes plans for a second gigawatt-scale facility in Navarro County.
Despite criticism from short-seller Kerrisdale Capital — which called Bitcoin mining “one of the dumbest business models” — Riot’s stock rebounded quickly after initial dips.
CEO Jason Les remains confident: “There’s still massive opportunity here,” even amid market cycles and rising energy costs.
Riot changed its name from Riot Blockchain in January 2023 to reflect broader ambitions beyond mining alone.
6. Coinbase Global, Inc.
As the most recognizable name in U.S. crypto trading, Coinbase’s inclusion is no surprise. **By June 2024, it held 9,000 BTC (~$642 million)** — up from $230 million worth in early 2021.
While primarily a platform for users to buy and sell crypto, Coinbase maintains a strategic reserve of Bitcoin on its balance sheet.
It also plays a pivotal role in institutional access by managing one of the approved spot Bitcoin ETFs following SEC approval in January 2024 — further legitimizing crypto in traditional finance.
7. Galaxy Digital Holdings
Founded by crypto advocate Michael Novogratz in 2018, Galaxy Digital holds 8,100 BTC (~$578 million) as of June 2024 — down from 16,400 BTC two years prior but worth more due to price appreciation.
Galaxy acts as a crypto-native investment bank, partnering with key players like Block.one and BlockFi (prior to its collapse). It also manages a spot Bitcoin ETF and provides prime brokerage services.
Novogratz remains bullish: he predicted in early 2024 that Bitcoin would never fall below $50,000 and could reach $100,000 by year-end.
8. Block, Inc.
Block (formerly Square) was among the first to follow MicroStrategy’s lead, investing $50 million in Bitcoin in October 2020. **Today, it holds 8,027 BTC (~$573 million).**
CEO Jack Dorsey — a vocal Bitcoin maximalist — runs his own node and champions decentralized finance. Under his vision, Block launched Cash App’s Bitcoin features and developed custom ASIC chips for mining.
In May 2024, Block announced it would reinvest 10% of profits from Bitcoin-related services back into BTC via dollar-cost averaging (DCA).
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9. CleanSpark
CleanSpark has emerged as an efficient miner with strategic foresight. **It holds 6,154 BTC (~$439 million)** and expanded operations pre-halving by acquiring three Mississippi facilities for $19.8 million.
In May 2024 alone, it mined 417 BTC — outperforming industry averages post-halving. Expansion plans include a new site in Wyoming.
Its focus on operational efficiency and sustainability sets it apart in a competitive mining landscape.
10. Bitcoin Group SE
Based in Germany, Bitcoin Group SE holds 3,830 BTC (~$275 million) — the smallest on this list but significant in Europe’s regulatory context.
It owns Bitcoin.de and Futurum Bank — merged in 2020 to form Germany’s first crypto bank after new laws allowed banks to custody and trade digital assets.
Managing Director Marco Bodewein sees strong demand from institutional investors drawn to crypto’s high returns and security potential.
Frequently Asked Questions (FAQ)
Q: Why are companies buying Bitcoin?
A: Companies view Bitcoin as a hedge against inflation and currency devaluation. With limited supply (only 21 million coins), it serves as a deflationary store of value similar to gold.
Q: Is holding Bitcoin risky for corporations?
A: Yes — price volatility is real. However, many firms adopt long-term holding strategies (HODLing) and diversify exposure gradually to manage risk.
Q: Can any company legally hold Bitcoin?
A: In most jurisdictions, yes — especially where crypto regulations are clear. U.S., Canada, Germany, and others allow public companies to include Bitcoin on their balance sheets.
Q: How do these companies acquire Bitcoin?
A: Through direct purchases on exchanges or over-the-counter (OTC) desks. Miners like Marathon and Riot generate BTC organically through mining operations.
Q: What happens if a company goes bankrupt with Bitcoin holdings?
A: Assets are liquidated as part of bankruptcy proceedings. However, secure custody solutions help protect holdings during financial distress.
Q: Will more companies adopt Bitcoin in the future?
A: Likely — especially as regulatory clarity improves and financial tools (like ETFs) make integration easier for treasuries.
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