Detailed Analysis of the Top 100 Public Companies by Bitcoin Holdings: Leaders, Accumulation Strategies, Regional Features, and Key Insights for Investors
Public companies are increasingly accumulating Bitcoin (BTC) in their corporate reserves. According to the latest data, the total volume of BTC held by the top 100 public holders exceeds 950,000 BTC—equivalent to over $100 billion and approximately 5% of the total supply of the first cryptocurrency. Just a few years ago, such investments were considered exotic, but now Bitcoin has become a strategic asset for many corporations. This review presents the leaders in BTC reserves, their accumulation strategies, regional and sectoral patterns, as well as concluding insights for investors.
Leaders: MicroStrategy and Other Giants in BTC Reserves
The absolute leader is the American company MicroStrategy. It has accumulated a record 628,946 BTC—about 66% of all bitcoins on the balance sheets of public firms. This amounts to approximately $75 billion (3% of the world’s BTC supply). This reserve has been formed as the company has been consistently directing free cash flow and borrowed capital to purchase BTC since 2020.
Besides MicroStrategy, several other companies hold significant volumes of Bitcoin:
- MicroStrategy – 628,946 BTC
- Marathon Digital Holdings – 50,639 BTC (the largest miner)
- Twenty One (XXI) – 43,514 BTC (a new Bitcoin holding company)
- Bitcoin Standard Treasury (BSTR) – 30,021 BTC (a SPAC fund)
- Riot Platforms – 19,239 BTC (a major miner)
Marathon's reserve (~50,639 BTC) is more than 12 times smaller than MicroStrategy's; the total reserves of the remaining companies are also significantly inferior to the first position.
Mining Companies as BTC Custodians
A substantial portion of corporate BTC reserves is held by public mining companies. They mine cryptocurrency and often do not sell all mined Bitcoin, instead accumulating it on their balance sheets. For example, Marathon Digital—the largest miner in the U.S.—has collected ~50,639 BTC, retaining a large part of its yield. Riot Platforms holds ~19,239 BTC. Canadian company Hut 8 (with ~10,700 BTC) is also among the top ten. This policy turns miners into investment companies betting on price growth. The stocks of these firms typically move in sync with BTC prices, thereby strengthening the connection of the sector to the cryptocurrency market.
New Bitcoin Holdings: XXI and Bitcoin Standard
In 2025, new public companies emerged with the main goal of holding Bitcoin. American Twenty One (ticker: XXI) accumulated ~43,514 BTC in just a few months, positioning itself as a "bitcoin-native" instrument (maximum BTC per share). Another example is Bitcoin Standard Treasury (BSTR), which went public through a SPAC and started with 30,021 BTC on its balance sheet. Such structures have become corporate analogs of Bitcoin funds, providing institutional and retail investors the opportunity to invest in BTC through shares. The emergence of such fund-like companies demonstrates the market's desire to meet the demand for direct Bitcoin ownership through traditional financial instruments.
From Traditional Business: Tesla, Block, and Others
Among BTC holders are also companies from traditional sectors that are not directly linked to mining or cryptocurrencies. Tesla (automotive industry) invested $1.5 billion in Bitcoin back in 2021; after partial sales, it still holds ~11,500 BTC. Fintech company Block, Inc. (formerly Square) added ~8,700 BTC to its balance sheet as part of supporting cryptocurrency services. Notably, even the media business is showing interest in digital assets: for example, Trump Media & Technology Group allocated part of its raised funds to Bitcoin and has accumulated about 15,000 BTC. These cases illustrate how Bitcoin is penetrating the corporate finances of various industries—ranging from automotive and retail to technology and entertainment.
Regional Distribution: U.S. Dominance
The geography of corporate BTC reserves is clearly skewed towards the U.S. American companies dominate: all top-5 leaders and many other participants in the top 100 are from the U.S., collectively controlling about 90% of total BTC reserves. This is explained by the developed financial market in the country and the leading role of the U.S. in the mining and technology industry. Canada lags significantly behind: several Canadian miners (e.g., Hut 8, Bitfarms) together own only tens of thousands of BTC. In Europe and Asia, the scales are much more modest: the largest examples are Germany's Bitcoin Group SE (~3,600 BTC) and Hong Kong's Boyaa (~3,300 BTC). There are no companies from Russia or the CIS in the top 100.
Industry Patterns: Who is Accumulating BTC?
Among public BTC holders, several categories can be identified:
- Mining Companies – leaders by volume (Marathon, Riot, Hut 8, etc.) that mine Bitcoin and keep a large portion of coins in reserves.
- Cryptocurrency Exchanges and Fintech – companies working in the cryptocurrency market (Coinbase, Galaxy Digital, etc.) that hold BTC as a strategic asset and part of their capital.
- Technology Corporations – some IT and industrial firms have included Bitcoin in their treasury reserves for diversification (pioneer – MicroStrategy; also examples include Tesla and Block).
- Investment Holdings – organizations specifically created for accumulating crypto assets (e.g., XXI, BSTR) using BTC as their main value growth asset.
- Others – rare representatives from retail, media, or other sectors that have added Bitcoin to their balance sheets (e.g., GameStop).
The motives are generally similar: protecting capital from inflation, diversifying reserves, and betting on the long-term growth of the cryptocurrency market.
BTC Accumulation Strategies: From One-Time Purchases to Ongoing Accumulation
Companies apply different approaches to accumulating Bitcoin:
- Periodic Purchases. Regularly buying BTC regardless of market fluctuations. For instance, MicroStrategy systematically invests raised funds into Bitcoin, increasing its reserve.
- Holding the Yield. Miners choose to keep part of their mined cryptocurrency in reserve instead of selling it all. Marathon and others have accumulated thousands of BTC by reinvesting their yield.
- One-Time Purchase. Some companies have made a significant one-time investment from their treasury reserves into BTC. For example, Tesla made a one-off purchase of Bitcoin worth $1.5 billion and has since retained the remaining coins.
- Starting with a Large Balance. Firms entering the market already with a substantial BTC reserve (like XXI and BSTR, which converted investor capital into tens of thousands of coins from the very beginning).
As a result, most adhere to a “buy and hold” strategy, viewing Bitcoin as a long-term reserve asset and anticipating an increase in its value over time.
Market Trends: Growth in Corporate Reserves
In 2024–2025, corporate BTC holdings grew dramatically—from ~300,000 to over 950,000 BTC. The price surge (Bitcoin surpassed $100,000) and favorable regulatory changes (in the U.S., accounting for crypto assets at market value is permitted) have stimulated more companies to allocate part of their capital to BTC. It is expected that by the end of 2025, the number of corporations holding BTC and the total volume of their coins will continue to set records (projected to exceed 1 million BTC).
The active corporate demand significantly impacts the market. Company purchases of coins reduce the free supply and support a bullish trend. Stocks of “Bitcoin-oriented” firms move in unison with BTC prices, linking the traditional stock market to the crypto industry. However, the concentration of such reserves among a few players carries risks: a sale by a major holder could trigger price declines. So far, corporate participation as long-term investors is perceived positively—as a sign of maturity and legitimacy of Bitcoin within the global financial system.
Insights for Investors
The widespread participation of public companies in accumulating BTC indicates the growing integration of cryptocurrencies into the traditional financial world. The fact that well-known corporations hold large reserves of Bitcoin reflects an increased trust in this asset by large capital and could generate heightened interest from other investors. Furthermore, shares of companies with significant BTC reserves have essentially become a “proxy” for cryptocurrency: by purchasing stocks of MicroStrategy, miners, or even Tesla, an investor indirectly bets on the price of Bitcoin. This approach allows exposure to the market without direct ownership of coins, but it also entails double risks—beyond the volatility of BTC itself, corporate factors (debt burden, costs, etc.) also influence stock prices. Finally, the ongoing trend of corporate investments reduces the supply of coins in the market and increasingly connects traditional finance with the crypto industry. Investors from the CIS should consider these global changes: while local companies are not yet participating in the Bitcoin reserve race, the global trend may eventually impact our region.
