Key Insights:
- 192 publicly traded Bitcoin treasury companies hold around 1.2 million Bitcoins.
- Strategy (previously MicroStrategy) maintains the largest publicly traded corporate Bitcoin treasury.
- Holding Bitcoin in large numbers helps companies to hedge against market uncertainties.
Bitcoin has come a long way from the day when it was worth only 10K BTC for 2 Papa John’s pizzas. Today, the established firms, institutions, and even governments are considering Bitcoin treasury solutions. Big companies are accumulating BTC to use it as a hedge against fiat currency devaluation and inflation.
As per the recent findings by bitcointreasuries.net, the publicly traded companies hold approximately 1.2 million Bitcoins. That is 6% of the entire supply of Bitcoin, valued at $96.12B. There are a total of 198 firms that are in this business.
However, the huge chunk is largely controlled by only a few major players. The most prominent one to name is Strategy. Under the leadership of Michael Saylor, this company turned its losses into profits by selling its shares and accumulating Bitcoins.
In this piece, we will highlight the top 8 publicly traded Bitcoin treasury companies holding the largest Bitcoin threshold in their vaults.
Strategy (MSTR): The Biggest one among the publicly traded Bitcoin treasury companies
Strategy (previously MicroStrategy) is the world’s largest publicly traded Bitcoin treasury company. Under the chairmanship of Michael Saylor, they have adopted an aggressive Bitcoin accumulation strategy.
Cash reserves, Convertible bonds, High-yield bonds and loans, At-the-Market (ATM) equity offerings, and Convertible preferred shares fund this purchase.
Strategy became the first U.S. public company to add Bitcoin to MicroStrategy’s balance sheet in August 2020. They made an initial investment of $250 million for 21,454 BTC as a treasury reserve. This was the moment when Strategy pivoted from being a software development firm to a Bitcoin investment company.
Bitcointreasuries.net reports that the firm currently holds 843,738 Bitcoins. That is 4.03% of the total Bitcoin supply. Between April and June, the firm made 5 major purchases of Bitcoins. They purchased 13,927 BTC on 13th April 2026, which took their holdings to 780,897.80,897.
Following this, they bought 34,164 and 3,273 in the same month. These acquisitions all increased their holding to 818,334 Bitcoins. This month, they made their first purchase on May 11th of 535 Bitcoins.
Then, the most recent Bitcoin shopping they did was on 18th May of 24, 869 Bitcoins. This took their holdings to 843,738 BTCs. The strategy aims to take their holding numbers to 1 million Bitcoins by the end of this year.
Twenty One Capital (XXI): The company maintains the 2nd largest Bitcoin Treasury
Twenty One Capital is the second-largest publicly traded Bitcoin treasury company, holding 43,514 BTC. That’s worth around $3.4B USD value as of May 25, 2026. Their journey started in April 2025 when Tether, SoftBank Group, and Bitfinex came together and started this venture.
As per the latest development, on May 26, 2025, Tether completely bought out SoftBank’s stake.
The firm went through a SPAC merger (Special Purpose Acquisition Company) with Cantor Equity on December 8, 2025. Jack Miller, the CEO of Strive and Twenty One Capital, led this deal.
The next day, on December 9, 2025, it went live on the NYSE as the first true Bitcoin-native public company. The original seed goal was to inject the 42,000 BTC to fund the corporate treasury. This made it 3rd largest Bitcoin holding company at the time,
Among that, Tether contributed 24,000, Bitfinex 7,000, and Softbank 10,500 BTC. Later, the treasury grew to 43,514 BTC, which came through public listing through additional purchases. XXI climbed to second position in late March 2026, surpassing the Mara Holdings.
The rapid change in position happened when the Mining Company MARA sold 15,133 bitcoins at a loss to repay its debts.
Metaplanet Inc.: The Strategy of Asia
As of late May 2026, Metaplatnet maintains a treasury of 40,177 Bitcoins, worth approximately $3.1 Billion. Known as Japan’s first publicly listed Bitcoin treasury company, the firm faced a dramatic transformation in the past.
Before entering the financial markets, the company was in the budget hotel business. At that time, it operated under the name of Red Planet Japan. The Covid 19 pandemic had severely hit the hospitality industry, which affected the business of this company as well.
This incident forced the firm to pivot to Web3 consultation and the Blockchain industry in 2020. This was the year when MicroStrategy started to invest in Bitcoin, and their success was visible. Following their footsteps, Metaplanet started selling off all its hotels to accumulate BTC and evade financial hardships.
They only retained one hotel in Tokyo, which was later renamed “The Bitcoin Hotel.” Just like Strategy’s goal of purchasing a million Bitcoins, Metaplanet too has set a target. They are committed to buying around 210,000 BTC by the end of 2027.
If they achieve this target by the time, they would control a total 1% supply of Bitcoin. Other than hotel selling, Metaplanet employs several methods to fund its purchase. That includes issuing zero-interest bonds and options strategies, which involve selling cash-secured puts.
MARA Holdings: A Bitcoin Mining Company with a Major corporate Bitcoin treasury
MARA Holdings started as a uranium exploration firm in 2010 as Verve Ventures Inc. Next year, on December 7, 2011, they changed their name to American Strategic Minerals Corporation. In the later years, they pivoted the business model and shifted it to real estate property investment.
In the same year, in October 2012, they again changed their business field and entered IP licensing operations. This time, they changed the company’s name to Marathon Digital Holdings, Inc. Finally, on November 1, 2017, they made their crypto shift and purchased cryptocurrency mining machines.
Following the machine purchase, they also established a data center in Canada to mine digital assets. Mara made its first open market Bitcoin purchase of $150 million worth of Bitcoin for around $31,100 per coin. The second major purchase they made on July 25, 2024, was 100 million worth of Bitcoin.
As of May 2026, MARA holdings have accumulated around 35,303 BTC, worth $2.3 Billion. Before these open market purchases, the majority of Bitcoins in its holdings used to come from Mining operations. The 2024 acquisition took the firm’s Bitcoin treasury to 20,000 BTC. While announcing this purchase in their press release, MARA introduced its full HODL strategy.
Per that PR, MARA committed to adopting a full HODL approach. The policy says that the firm would retain all bitcoin mined in its operations. If needed, it will make recurring strategic open market purchases.
Salman Khan, MARA’s chief financial officer, stated, “Prior to last year, the company used to hold all of its bitcoin. Given Bitcoin’s current tailwinds, including increased institutional support and an improving macro environment, we are once again implementing this strategy and focusing on growing the amount we hold on our balance sheet.
Bitcoin Standard Treasury Company
Bitcoin Standard Treasury Company (BRTS) maintains a corporate treasury of 30,021 BTC, valued at $2.3 Billion. That makes it the 5th largest Bitcoin treasury company. Led by cryptographer Adam Back, the company aims to accumulate and hold Bitcoin for the long term.
Just like Twenty One Capital, the firm is going public through a merger with Cantor Equity Partners I (CEPO). CEPO, sponsored by Cantor Fitzgerald, is a SPAC. Brandon Lutnick, the son of the U.S. Commerce Secretary Howard Lutnick, is chairing it.
The news of this merger surfaced in mid-2025. Both parties signed the definitive agreement on July 16, 2025, and made the public announcement on July 18. Since then, there has been no major development.
However, there have been some activities in recent months. The firms filed the S-4 registration in May 2026. In April, the CEO, Adam Back, announced that the shareholder approval for the listing could come soon. However, the Bitcoin price volatility and uncertainty in the market left the decision in a cliffhanger.
Now, the way things are progressing, many are speculating a potential Q2/Q3 2026 closing. Once shareholder approval comes, the merged company will go public on Nasdaq under the symbol BSTR.
Bullish: A Crypto exchange maintaining a Bitcoin treasury
Bullish, founded by Brendan Blumer in 2020 in Hong Kong, comes at the top of the list with its holdings of 24,300 BTC. As of the current price of Bitcoin, the holdings are worth roughly $1.88 billion. The company is led by former President of the New York Stock Exchange, Thomas W. Farley.
The company provides infrastructure and services for the trading of cryptocurrencies through its Exchange platform. The Bullish Exchange platform is licensed in several countries, including Germany, Hong Kong, Gibraltar, and New York State.
Bullish is also known for being backed by major investors, including Peter Thiel, Alan Howard, Louis Bacon, Christian Angermayer, and Richard Li. The company was launched with a massive Bitcoin treasury. It has positioned itself as an institutionally focused global cryptocurrency platform that provides market infrastructure and services.
Coinbase Global, Inc.: The largest Cryptocurrency exchange in the United States
One of the more popular crypto firms and exchanges, Coinbase, also holds a significant amount of Bitcoin. The company has increased its Bitcoin treasury to 16,492 BTC, giving it a valuation of roughly $1.27 billion. Additionally, Coinbase CEO Brian Armstrong has also publicly announced that it will keep purchasing Bitcoin in the future.
Coinbase is a crypto ecosystem company that operates across multiple blockchain infrastructures, including Ethereum-related products and services. Despite the broader expansion of smart contracts and alternative digital assets, Coinbase has continued accumulating Bitcoin as a key treasury reserve asset.
This highlights the importance of Bitcoin as a store of value to the companies that are connected to the major crypto industry. Coinbase generates its revenue through trading fees, custody services, and stablecoin products. However, its growing interest adds confidence in Bitcoin as a long-term treasury asset.
Riot Platforms, Inc.: A Prominent Bitcoin Miner
On the eighth rank, Riot Platforms places itself with an estimated holdings of 15,680 BTC. It makes the firm’s Bitcoin treasury worth nearly $1.21 billion at today’s Bitcoin prices. It has built this significant Bitcoin treasury through its large-scale mining operations.
Formally known as Riot Blockchain Inc, it primarily operates as a cryptocurrency mining company and the development of large-scale data projects. Unlike other companies that purchase Bitcoin directly from the market, Riot accumulates its Bitcoin through self-mining operations.
The company runs its major mining operations in central Texas and Kentucky, alongside other major infrastructure capacities in Denver and Houston. The company’s strategy has helped it become one of the largest corporate Bitcoin holders among publicly traded companies.
Risk Remains
With the rapid adoption, holding Bitcoin on balance sheets remains a challenging factor due to its highly volatile nature. It can cause financial crises in periods of market decline. A sharp decline can significantly reduce the value of corporate reserves within a short period of time. This can directly affect the valuations of the companies, which may result in instability and liquidity crisis.
A sharp decline can significantly reduce the value of corporate reserves within a short period of time. This can directly affect the valuations of the companies, which may result in instability and liquidity crisis. As a result, Bitcoin treasury strategies may offer substantial gain potential. However, they also expose companies to significant financial and market-related risks.
