The 10 Public Companies With the Biggest Bitcoin Portfolios

For a few years, the concept that publicly traded companies may purchase Bitcoin for his or her reserves was thought of laughable. The highest cryptocurrency was thought of too risky, too fringe to be embraced by any severe enterprise.

That taboo has been nicely and actually damaged, with plenty of main institutional traders shopping for up Bitcoin in recent times.

The floodgates first opened when cloud software program firm MicroStrategy purchased $425 million price of Bitcoin in August and September 2020. Others adopted go well with, together with funds processor Block and electrical automotive producer Tesla.

Per BitcoinTreasuries, public corporations holding Bitcoin now account for two.8% of the full provide of 21 million BTC. These are the largest holders as of this writing.

1. MicroStrategy

MicroStrategy, a outstanding enterprise analytics platform turned Bitcoin treasury firm, has adopted BTC as its main reserve asset.

The agency, which produces cell software program and supplies cloud-based providers, has aggressively pursued a Bitcoin shopping for spree, scooping up tens of millions of {dollars} price of the cryptocurrency. As of this writing in January 2025, it holds 461,000 BTC in reserve, equal to over $48 billion price and greater than 2% of the full variety of Bitcoin that can ever be issued.

At one level, MicroStrategy Government Chairman Michael Saylor mentioned, he was shopping for $1,000 in Bitcoin each second. Within the firm’s Q1 2024 earnings name, Saylor claimed that the corporate’s adoption of a “Bitcoin technique” had enabled it to ship 10x to 30x the efficiency of rival enterprise software program corporations within the enterprise intelligence sector.

Not like different executives who sometimes shrink back from discussing their private investments, Saylor has made it public that he personally bought 17,732 BTC—at the moment price over $1.85 billion and nonetheless holds them as of September 2024. It’s one thing of an about-face for the MicroStrategy co-founder, who in 2013 claimed that Bitcoin’s days have been numbered.

“We’re in the beginning of the stage of speedy institutional adoption of digital property within the type of Bitcoin,” Saylor mentioned throughout the firm’s Q1 2024 earnings name. He added that sooner or later, Bitcoin gained’t compete towards different crypto property, however towards, “gold, artwork, equities, actual property, bonds, and different sorts of store-of-value cash in wealth creation, wealth preservation, and the capital markets.”

MicroStrategy plans to purchase much more Bitcoin within the close to future, because it’s within the midst of elevating a deliberate $42 billion to do exactly that, and Saylor is making the pitch to different public corporations as nicely—like Microsoft, although shareholders finally voted towards the proposal.

2. Marathon Digital Holdings Inc.

Bitcoin mining firm Marathon Digital, unsurprisingly, can be a big holder of Bitcoin, with 44,394 BTC in its company treasury based on its most up-to-date replace in December 2024. That’s price greater than $4.6 billion at immediately’s costs.

The corporate, which goals to construct “the biggest Bitcoin mining operation in North America at one of many lowest vitality prices,” originated as a patent holding agency (and was also known as a patent troll) earlier than its pivot into crypto mining.

As of July 2024, Marathon Digital runs greater than 250,000 Bitcoin miners able to producing 31.5 EH/s, with a median operational hash price of 26.3 EH/s.

The agency famous that it’s accelerating its progress plans following the 2024 Bitcoin halving, in a bid to “mitigate the affect” of receiving half the BTC rewards per every efficiently mined block.  The agency had mentioned that it aimed to double the dimensions of its mining operations in 2024.

The corporate elevated its income by 35% to $132 million in Q3 2024, up from $98 million in Q2. It just lately raised almost $2 billion by way of convertible notes, most of which has been used to purchase Bitcoin.

3. Riot Platforms, Inc.

One other crypto mining outfit, U.S.-based Riot Platforms, holds 17,722 BTC—price about $1.85 billion at immediately’s costs.

With its valuation surging from beneath $200 million in 2020 to highs of over $6 billion in 2021, the Nasdaq-listed firm went on an aggressive growth drive. In April 2021, it spent $650 million on a one-gigawatt Bitcoin mining facility in Texas, finally increasing additional in 2022 earlier than rebranding to Riot Platforms to diversify its enterprise mannequin in 2023.

In 2024, it warned shareholders that there was “no assure” the Bitcoin halving would enhance profitability and whereas RIOT shares traded briefly round $18 within the early a part of the 12 months, the inventory fell regularly earlier than ranging beneath $10 from August till late October. After such, it gained alongside a resurgence for Bitcoin mining shares and the broader cryptocurrency market after Donald Trump was named President-elect in November.

The corporate additionally reached a settlement with Bitcoin mining agency, Bitfarms, because it tried a hostile takeover of the rival in 2024.

4. Galaxy Digital Holdings

Crypto-focused service provider financial institution Galaxy Digital Holdings holds an estimated 11,242 BTC based on knowledge from a November 2024 investor launch, based mostly on having $711 million price of Bitcoin as of September 30, 2024. On the present worth, as of this writing, that quantity of Bitcoin is price about $1.18 billion.

Based by Michael Novogratz in January 2018, the corporate supplies asset administration and digital infrastructure providers to establishments seeking to achieve entry to digital property like Bitcoin and Ethereum.

Novogratz is, unsurprisingly, a eager advocate for Bitcoin, arguing in March 2024 that the cryptocurrency would by no means dip beneath $50,000 once more, and months later predicting that it could soar to $100,000 by the top of the 12 months.

Galaxy Digital is one in all plenty of companies managing a U.S. spot Bitcoin ETF, following their landmark approval by the SEC in January 2024. Lately, Novogratz indicated that Trump successful the Presidential election was “crucial day for crypto.”

5. Hut 8 Corp

Canadian Bitcoin mining agency Hut 8 holds 10,096 BTC, price greater than $1 billion at present costs based on its most up-to-date replace from December 2024.

In June 2021, the corporate was listed on the Nasdaq International Choose Market below the HUT ticker, with the corporate’s SEC submitting noting that it is “dedicated to rising shareholder worth by rising the quantity and worth of our Bitcoin holdings.”

The corporate additionally defined that it generates fiat revenue by leveraging its reserve of self-mined and held Bitcoin, “by way of yield account preparations with main digital asset prime brokerages.”

In November 2023, the agency merged with fellow mining firm US Bitcoin, with the post-merger agency billing itself as an “vitality infrastructure firm concentrating on Bitcoin mining and knowledge facilities.” These mining facilities are based mostly at six websites throughout Alberta, Texas, and New York, with a reported 7.5 EH/s of put in self-mining capability.

The corporate introduced a $150 million funding final June to develop its AI compute calls for, and its inventory almost doubled within the weeks following the Presidential election, bringing its market cap to greater than $2 billion as of this writing.

6. Tesla

Electrical automobile producer Tesla joined the ranks of corporations holding Bitcoin in December 2020, with an SEC submitting revealing that the corporate invested “an combination $1.5 billion” in Bitcoin.

Tesla offered 10% of its Bitcoin holdings in Q1 2021; based on CEO Elon Musk, this was “to show liquidity of Bitcoin as a substitute for holding money on steadiness sheet.”

The corporate’s Bitcoin play adopted months of hypothesis, after CEO Elon Musk took to Twitter (aka X) to debate the cryptocurrency. In late 2020, MicroStrategy’s Saylor supplied to share his “playbook” for Bitcoin investing with Musk, after arguing {that a} transfer into Bitcoin could be doing Tesla shareholders a “$100 billion favor.”

Nonetheless, Musk and Tesla have had an on-and-off relationship with Bitcoin. After saying that Tesla would settle for funds in Bitcoin for its services and products in March 2021, simply two months later the CEO abruptly introduced that the corporate would now not settle for the cryptocurrency for funds.

Citing the “quickly rising use of fossil fuels for Bitcoin mining and transactions”, Musk revealed that the corporate would not be promoting any of its Bitcoin holdings, and would think about using it for transactions once more as soon as mining “transitions to extra sustainable vitality.” He later clarified that the corporate would resume utilizing Bitcoin for transactions as soon as miners are utilizing 50% clear vitality.

In July 2022, the corporate revealed that it had offered “roughly 75%” of its Bitcoin in its Q2 2022 quarterly replace, with its steadiness sheet displaying gross sales from digital property amounting to $936 million. In a name with analysts, Musk said that the agency did so with the intention to shore up its money place within the face of uncertainty round COVID lockdowns.

As of January 2025, the corporate holds 9,720 BTC in its portfolio—price simply over $1 billion at present costs—per bitcointreasuries.org. It stays to be seen whether or not Tesla will add to its steadiness sheet, however Musk has mentioned that “he’s open to rising its Bitcoin holdings sooner or later.”

Musk is probably finest often known as a eager advocate of Dogecoin. Tesla has enabled Dogecoin purchases for some merchandise, plus Musk is now main the Division of Authorities Effectivity (DOGE), spawning new meme cash and a swift motion upward for Dogecoin.

7. Coinbase International, Inc.

Arguably the best-known crypto agency on this listing, crypto trade Coinbase went public in a landmark direct itemizing on the Nasdaq in April 2021.

Forward of its itemizing, in February 2021, Coinbase revealed that it held $230 million in Bitcoin on its steadiness sheet. As of its September 2024 10-Q submitting, it holds 9,363 BTC in its treasury, price round $980 million.

The corporate’s inventory has charged again in direction of its earlier all-time excessive within the wake of the 2024 Presidential election and it continues to innovate with Bitcoin, just lately saying its personal wrapped Bitcoin product, cbBTC. Coinbase additionally just lately restarted Bitcoin lending providers.

8. CleanSpark

U.S. Bitcoin mining agency CleanSpark holds 9,297 BTC, price round $975 million at immediately’s costs.

Forward of the 2024 Bitcoin halving, the agency expanded its operations, snapping up three Bitcoin mining amenities in Mississippi for $19.8 million and including as much as 2.4 EH/s to its mining capability. The corporate additionally added a 3rd facility in Dalton, Georgia to its lineup, with an extra 0.8 EH/s.

In June 2024, CleanSpark revealed that it had mined 417 BTC within the month of Could, claiming to have “outperformed trade expectations” in its first full month of manufacturing following the halving. The corporate added that it plans to additional develop to a web site in Wyoming “within the coming days.”

The corporate’s inventory, like that of its friends, almost doubled within the weeks following the election, valuing the corporate at greater than $3 billion on the time of writing.

9. Block, Inc.

Alongside Tesla, Sq. father or mother firm Block lit the fuse for institutional funding in Bitcoin with its October 2020 funding of $50 million within the cryptocurrency.

As of the top of September 2024, the agency holds 8,363 Bitcoin, price about $876 million.

The funding is probably unsurprising, contemplating that CEO Jack Dorsey is an enthusiastic advocate for Bitcoin—even operating his personal Bitcoin node and describing the coin’s whitepaper as “poetry.”

On the time of its preliminary funding, the corporate described it as “a part of Sq.’s ongoing dedication to Bitcoin,” noting that “the corporate plans to evaluate its combination funding in Bitcoin relative to its different investments on an ongoing foundation.”

The agency has invested in Bitcoin expertise, launching its personal Bitcoin pockets and growing a Bitcoin mining ASIC chip. In April 2024, its fee providers subsidiary Sq. introduced that it could allow companies utilizing its Money App product to routinely convert a portion of each day gross sales into Bitcoin.

In Could 2024, the agency introduced that it could reinvest 10% of its earnings from Bitcoin-related services and products into BTC, in a greenback price common or DCA buy program.

10. Bitcoin Group SE

Germany-based enterprise capital agency Bitcoin Group SE brings up the rear of the listing, with approximate Bitcoin holdings of three,678 based mostly on a latest monetary replace, price $385 million.

Its investments embrace crypto trade Bitcoin.de and Futurum financial institution, which merged in October 2020 to kind “Germany’s first crypto financial institution.”

The transfer adopted the German parliament’s choice to allow banks to promote and retailer cryptocurrencies, with Bitcoin Group SE managing director Marco Bodewein highlighting the chance to introduce the financial institution’s institutional traders to crypto’s “excessive returns and security options.”

Germany offered nearly all of its confiscated Bitcoin holdings all through the summer season.

Extra reporting by Daniel Phillips

Editor’s observe: This text was first revealed in July 2022 and final up to date with new particulars on January 26, 2025.

Edited by Andrew Hayward