The 10 public companies with the largest Bitcoin portfolios

For many years, the idea that publicly traded corporations could buy Bitcoin for their reserves was considered laughable. The top cryptocurrency was considered too volatile, too fringes to be embraced by any serious business.

That taboo has been well and truly broken in recent years, with several major institutional investors buying bitcoin.

The floodgates first opened when cloud software company MicroStrategy bought $425 million worth of bitcoins between August and September 2020. Others have followed suit, including payment processor Block and electric car maker Tesla.

At BitcoinTreasuries, public companies holding Bitcoin now account for 2.8% of the total supply of 21 million BTC. These are the biggest owners as of this writing.

1. Micro strategy

MicroStrategy, the popular business analytics platform Bitcoin treasury company, has adopted BTC as its primary reserve asset.

The company, which makes mobile software and offers cloud-based services, has chased bitcoin purchases by raising millions of dollars in cryptocurrency. As of this writing in January 2025, it holds 461,000 BTC in reserves, worth over $48 billion and over 2% of the total number of Bitcoins in reserve.

At one point, Michael Saylor, the executive chairman of Microstrategy, was buying $1,000 in Bitcoin every second. In the company's Q1 2024 earnings call, Saylor said the company's adoption of a “Bitcoin strategy” has enabled it to deliver 10 to 30x the performance of competing enterprise software companies in the business intelligence sector.

Unlike other executives who avoid discussing their personal investments, Saylor disclosed that he personally purchased 17,732 BTC—currently worth more than $1.85 billion and holding them until September 2024. It's something about a face for a microstrategy company. – The founder, who said that in 2013 Bitcoin's days are numbered.

“We are at the point of rapid institutional adoption of a digital asset in the form of Bitcoin,” he said during the company's Q1 2024 earnings call. He added that in the future, Bitcoin will not compete with other crypto assets, but “with gold, art, stocks, real estate, bonds and other storage value funds in wealth creation, wealth preservation and capital markets”.

Microstrategy plans to buy more bitcoins in the near future amid plans to raise $42 billion to do so, and Saylor is making the pitch for other public companies like Microsoft, even if shareholders ultimately voted against the proposal.

2. Marathon Digital Holdings Inc.

Bitcoin mining company Marathon Digital, unsurprisingly, is also the largest owner of Bitcoin, with 44,394 BTC in its corporate treasury according to the most recent update of December 2024. This value is more than $4.6 billion at today's price.

The company, which aims to build “one of the largest Bitcoin mining operations in North America with the lowest energy costs” before its pillar of crypto mining, originated from a patent firm (and was often called a patent troll).

In the year As of July 2024, Marathon Digital has over 250,000 Bitcoin miners capable of producing 31.5 EH/s, with an average operational hash rate of 26.3 EH/s.

The firm has stated that it is accelerating its growth plans following the 2024 Bitcoin halving, with the intention of “reducing the impact” of receiving half of the BTC rewards for each successful mining operation. The company It said it aims to double its mining operations by 2024.

The company raised its revenue by 35% to $132 million in Q3 2024, up from $98 million in Q2. It recently raised nearly $2 billion in convertible notes, most of which was used to buy bitcoin.

3. Riot Platforms, Inc.

Another crypto mining outfit, US-based Riot Platforms, holds 17,722 BTC—worth $1.85 billion at today's prices.

In the year With a valuation of less than $200 million in 2020 growing to more than $6 billion in 2021, the Nasdaq-listed company has been aggressively expanding. In the year In April 2021, it spent $650 million to mine one gigawatt of Bitcoin in Texas, eventually expanding further in 2022 to Riot Platforms to replicate its business model in 2023.

In the year In 2024, he warned shareholders that there was “no guarantee” that BTN's deployment would improve profitability, and while RIOT shares traded around $18 at the start of the year, the stock fell gradually before reaching below $10 from August to late October. This has been followed by a resurgence for Bitcoin mining stocks and the broader cryptocurrency market after Donald Trump was named president-elect in November.

In the year In 2024, the company struck a deal with BitFarms, a Bitcoin mining company, in an attempt to take on its rival.

4. Galaxy Digital Holdings

Crypto-focused merchant bank Galaxy Digital Holdings According to data released in November 2024, it holds an estimated 11,242 BTC. The value of Bitcoin is about $1.18 billion.

Founded in January 2018 by Michael Novogratz, the company provides asset management and digital infrastructure services to institutions seeking to acquire digital assets such as Bitcoin and Ethereum.

Novogratz is unsurprisingly a high-profile advocate of Bitcoin, arguing that the cryptocurrency won't fall below $50,000 in March 2024 and months later predicting it will rise to $100,000 by the end of the year.

Galaxy Digital is one of several firms managing the US spot Bitcoin ETF following its approval by the SEC in January 2024. Novogratz recently noted that Trump's presidential victory was “the most important day for crypto.”

5. Hut 8 Corp

Canadian Bitcoin mining company Hat 8 holds 10,096 BTC, worth more than $1 billion at current prices, according to its most recent update in December 2024.

In the year In June 2021, the company will be listed on the Nasdaq Global Select Market under the HUT ticket, with the company's SEC filing saying it is “committed to increasing shareholder value by increasing the number and value of our bitcoin holdings.”

The company also said it will generate fiat income using its own mined and held Bitcoin stock, “through product account arrangements with leading digital asset brokers.”

In the year In November 2023, the company merged with mining company US Bitcoin, with the post-merger company billing itself as an “energy infrastructure company targeting Bitcoin mining and data centers.” Those mining centers are based in six locations across Alberta, Texas and New York, with a reported 7.5 EH/s of installed self-mining capacity.

The company announced a $150 million investment last June to fuel demand for AI data, and its stock has doubled in the weeks since the presidential election.

6. Tesla

Electric vehicle manufacturer Tesla joined the ranks of companies holding Bitcoin in December 2020, with an SEC filing showing the company has invested “a total of $1.5 billion” in Bitcoin.

Tesla Sells 10% of Bitcoin Holdings in Q1 2021 According to CEO Elon Musk, this was to “ensure Bitcoin's liquidity as an alternative to holding cash on the balance sheet.”

The company's bitcoin play follows months of speculation, after CEO Elon Musk took to Twitter (pronounced X) to discuss the cryptocurrency. In the year In late 2020, Microstrategy's Saylor offered to share his own “toy” for Bitcoin investing, after arguing that a move to Bitcoin would do Tesla shareholders a “$100 billion favor.”

However, Musk and Tesla have had an on-and-off relationship with Bitcoin. After Tesla announced that it would accept payment for its products and services in Bitcoin by March 2021, two months later the CEO suddenly announced that the company would no longer accept cryptocurrency for payments.

Referring to the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions”, Musk stated that the company will not sell any of its Bitcoin holdings, and that it will once again consider using mining for transactions “toward a sustainable energy transition.” The company explained that it will continue to use bitcoins for transactions when miners use 50% clean energy.

In July 2022, the company stated in its Q2 2022 quarterly update that it had sold “about 75%” of Bitcoin, with the balance sheet showing sales of $936 million from digital assets. In a call with analysts, Musk said the company did this to boost its financial position amid uncertainty surrounding the Covid lockdowns.

In the year As of January 2025, the company holds 9,720 BTC in its portfolio – more than $1 billion at current prices – according to bitcointreasuries.org. It remains to be seen whether Tesla will add to its balance sheet, but Musk said he is “open to increasing his Bitcoin holdings in the future.”

Musk is perhaps best known as Dogecoin's biggest advocate. Tesla has enabled Dogecoin purchases for some goods, and Musk is now leading the Department of Government Efficiency (DOGE), generating new meme coins and accelerating the movement of Dogecoin.

7. Coinbase Global, Inc.

Arguably the best-known crypto firm on this list, crypto exchange Coinbase debuted in April 2021 in its historic direct listing on the Nasdaq.

Prior to the listing, in February 2021, Coinbase revealed that it held $230 million in Bitcoin on its balance sheet. In the year As of its September 2024 10-Q filing, it holds 9,363 BTC in treasury, worth nearly $980 million.

The company's stock has returned to all-time highs due to the 2024 presidential election and continues to evolve with Bitcoin, recently announcing its own packaged Bitcoin product, cbBTC. Coinbase has recently relaunched its Bitcoin lending services.

8. CleanSpark

US Bitcoin mining firm CleanSpark holds 9,297 BTC, worth $975 million at today's prices.

In the year Before the 2024 Bitcoin halving, the company expanded its operations by snapping up three Bitcoin mining facilities in Mississippi for $19.8 million, increasing its mining capacity to 2.4 EH/s. The company also added a third facility to its lineup in Dalton, Georgia with 0.8 EH/s.

In June 2024, CleanSpark said it mined 417 BTC in May, the first full month of production following the halving, saying it “beat industry expectations.” He added that the company plans to further expand to a location in Wyoming “in the coming days.”

The company's stock, like its peers, has nearly doubled in the weeks since the election, valuing the company at more than $3 billion as of press time.

9. Block, Inc.

Alongside Tesla, Square's parent company Block lit the fuse for institutional investment in Bitcoin in October 2020 with a $50 million investment in the cryptocurrency.

In the year At the end of September 2024, the company will hold 8,363 bitcoins, worth $876 million.

The investment is perhaps unexpected, considering CEO Jack Dorsey is an ardent advocate for Bitcoin—he runs his own Bitcoin blockchain, describing the coin's white paper as “poetry.”

At the time of the initial investment, the company explained that as part of “Square's ongoing commitment to Bitcoin,” the company plans to continually evaluate its overall investment in Bitcoin against other investments.

The company has invested in Bitcoin technology, launching its own Bitcoin wallet and developing a Bitcoin mining ASIC chip. In April 2024, it announced that it would allow businesses using the payment services Subsquare Cash app to convert a portion of their daily sales into Bitcoin.

In May 2024, the firm announced that it would reinvest 10% of its profits from Bitcoin-related products and services into BTC, dollar-cost averaging, or the DCA buyback program.

10. Bitcoin Group SE

The German-based venture capital company Bitcoin Group SE brings up the rear of the list, with estimated Bitcoin holdings of 3,678 based on the latest financial update, worth $385 million.

His investments include crypto exchange Bitcoin.de and Futurum Bank, which merged in October 2020 to become “Germany's first crypto bank”.

The move follows the German parliament's decision to sell and stockpile banks, highlighting the opportunity to introduce the bank's institutional investors to crypto's “high returns and security features,” said Marco Bodewein, managing director of Bitcoin Group SE.

Germany sold its seized bitcoin holdings throughout the summer.

Additional reporting by Daniel Phillips

Editor's note: This article was first published in July 2022 and was last updated with new details on January 26, 2025.

Edited by Andrew Hayward.