In the world of corporate Bitcoin holdings, a few key players dominate the landscape. While Tesla may be the most recognizable name among large-scale corporate buyers, several other companies have amassed even larger Bitcoin portfolios—significantly boosting their stock prices in recent years. Notably, nearly all major corporate Bitcoin holders are based in North America, with Japan’s Nexon being the sole exception in the top rankings.
Below, we break down the publicly traded companies holding the most Bitcoin, based on data from CoinGecko.
MicroStrategy Leads the Pack
MicroStrategy holds the title as the world’s largest corporate Bitcoin owner, with a staggering 174,530 BTC (valued at approximately $9.1 billion as of February 22, 2024).
The Virginia-based business intelligence software company first began acquiring Bitcoin in 2020 and has since expanded its holdings to nearly 10 times that of the next-largest corporate holder. Thanks to its aggressive Bitcoin strategy, MicroStrategy’s stock surged over 350% in 2023.
Top Public Companies by Bitcoin Holdings (as of February 22, 2024):
- MicroStrategy – 174,530 BTC ($9.1B)
- Marathon Digital – 15,741 BTC ($822M)
- Hut 8 – 9,864 BTC ($515M)
- Tesla – 10,500 BTC ($546.7M)
- Hive Blockchain – 6,278 BTC ($328M)
Tesla ranks fourth on the list, with Bitcoin holdings worth $546.7 million.
The electric vehicle giant made headlines in 2021 when it purchased $1.5 billion worth of Bitcoin, aiming to diversify its corporate treasury and accept crypto payments for its products. However, in 2022, Tesla sold a significant portion of its holdings during a market downturn, incurring steep losses.
Canadian Bitcoin Miners Show Strong Growth
Hut 8 and Hive Blockchain, two Canada-based crypto mining firms, are among the largest corporate holders of Bitcoin. Their stocks surged by 191% and 144%, respectively, in 2023. Another miner, CleanSpark, saw its stock skyrocket over 425% last year and recently announced a $19.8 million expansion into new Bitcoin mining facilities in Mississippi.
👉 Why Bitcoin Mining Stocks Are Outperforming the Market
The Rising Institutional Interest in Bitcoin
With Bitcoin reaching new all-time highs in 2024, corporate adoption is expected to grow alongside retail and institutional demand. The recent approval of Bitcoin spot ETFs has further fueled investment, pushing Bitcoin’s market cap back above $1 trillion for the first time since 2021.
FAQs
Q: Why do companies hold Bitcoin on their balance sheets?
A: Companies like MicroStrategy view Bitcoin as a hedge against inflation and a long-term store of value. Others, like Tesla, initially accepted it for payments before scaling back.
Q: How does Bitcoin affect these companies’ stock prices?
A: Firms with large Bitcoin holdings often see their stock prices correlate with BTC’s market performance, as investors treat them as proxy investments.
Q: Are Bitcoin miners profitable given high energy costs?
A: Yes, efficient miners like CleanSpark optimize energy use and expand operations strategically to maintain profitability.
👉 Exploring Bitcoin Investment Strategies for Corporations
Key Takeaways:
- MicroStrategy remains the undisputed leader in corporate Bitcoin holdings.
- Bitcoin miners are leveraging bullish markets for stock growth and infrastructure expansion.
- Regulatory developments (like ETFs) are driving renewed institutional interest.
This analysis reflects data as of Q1 2024—market conditions and corporate strategies may evolve.