For years, the notion that publicly traded companies might hold Bitcoin as part of their reserves was dismissed as impractical. Critics cited its volatility and niche appeal. Today, that perception has shifted dramatically, with institutional investors increasingly embracing Bitcoin as a strategic asset.
Here are the top 10 public companies with the largest Bitcoin holdings as of April 2025:
1. Strategy
Holdings: 531,644 BTC (~$45 billion)
Formerly known as MicroStrategy, this business analytics firm rebranded in 2025 to reflect its focus on Bitcoin as a primary reserve asset. Under Executive Chairman Michael Saylor, Strategy has become synonymous with institutional Bitcoin adoption, purchasing over $1,000 worth of BTC every second at its peak. The company plans to raise $42 billion to expand its holdings further.
👉 Why Strategy’s Bitcoin bet is reshaping corporate treasuries
2. Marathon Digital Holdings
Holdings: 47,531 BTC (~$4 billion)
This North American Bitcoin mining giant operates 250,000 miners and has aggressively expanded post-2024 halving. Marathon’s convertible notes raised nearly $2 billion, largely allocated to Bitcoin acquisitions.
3. Riot Platforms
Holdings: 19,223 BTC (~$1.6 billion)
Nasdaq-listed Riot Platforms operates a 1-gigawatt Texas mining facility and recently settled a hostile takeover bid for rival Bitfarms. Despite warning shareholders about halving risks, its holdings remain substantial.
4. CleanSpark
Holdings: 11,869 BTC (~$1 billion)
CleanSpark mines Bitcoin at $34,000 per coin, leveraging low operational costs. The firm expanded its capacity ahead of the 2024 halving and continues to prioritize mining over direct purchases.
5. Tesla
Holdings: 11,509 BTC (~$979 million)
Elon Musk’s Tesla made waves with its $1.5 billion Bitcoin investment in 2020. Despite briefly accepting BTC payments, Tesla later paused the program. Musk remains open to increasing holdings but has focused recently on Dogecoin initiatives.
👉 How Tesla’s Bitcoin strategy compares to other automakers
6. Hut 8 Corp
Holdings: 10,264 BTC (~$872 million)
This Canadian miner merged with US Bitcoin in 2023, diversifying into AI and data centers. Hut 8 generates yield from its BTC reserves via prime brokerage arrangements.
7. Galaxy Digital Holdings
Holdings: 11,242 BTC (~$954 million)
Founded by Bitcoin bull Mike Novogratz, Galaxy Digital manages a U.S. spot Bitcoin ETF and advocates for BTC as a hedge against traditional assets.
8. Block, Inc.
Holdings: 8,485 BTC (~$721 million)
Jack Dorsey’s Block (formerly Square) invests 10% of Bitcoin-related profits into BTC monthly. The firm also develops mining ASICs and Bitcoin wallet technology.
9. Coinbase Global
Holdings: 6,885 BTC (~$585 million)
Coinbase holds BTC as a treasury asset and recently launched cbBTC, a wrapped Bitcoin product. The exchange also resumed Bitcoin lending services in 2025.
10. Metaplanet
Holdings: 4,525 BTC (~$384 million)
Dubbed the "Asian Strategy," this Tokyo-listed firm plans to hold 10,000 BTC by 2025. It also operates a "Bitcoin Hotel" and appointed Eric Trump to its advisory board.
FAQ
Q: Why do companies hold Bitcoin?
A: Companies view Bitcoin as a hedge against inflation and a long-term store of value, akin to digital gold.
Q: How do mining firms like Marathon acquire Bitcoin?
A: They earn BTC through block rewards and often reinvest profits into additional holdings or infrastructure.
Q: Has Tesla sold its Bitcoin?
A: Tesla sold 10% in 2021 but retains ~11,509 BTC. Elon Musk hasn’t ruled out future purchases.
Q: What’s the largest corporate Bitcoin holder?
A: Strategy leads with over 530,000 BTC, worth ~$45 billion.
Editor’s Note: This article was last updated in April 2025.
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