The 10 Public Companies With the Biggest Bitcoin Portfolios

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

That taboo has been effectively and actually damaged, with plenty of main institutional buyers 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 whole 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 major reserve asset.

The agency, which produces cellular software program and offers cloud-based companies, has aggressively pursued a Bitcoin buying spree, scooping up 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 total number of Bitcoin that will ever be issued.

At one level, MicroStrategy Government Chairman Michael Saylor stated, he was shopping for $1,000 in Bitcoin every second. Within the firm’s Q1 2024 earnings call, 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.

In contrast to different executives who sometimes shrink back from discussing their private investments, Saylor has made it public that he personally bought 17,732 BTC—presently 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 were numbered.

“We’re initially of the stage of speedy institutional adoption of digital property within the type of Bitcoin,” Saylor stated in the course of the firm’s Q1 2024 earnings call. He added that sooner or later, Bitcoin received’t compete towards different crypto belongings, 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 buy even more Bitcoin in the near future, because it’s within the midst of elevating a deliberate $42 billion to just do that, and Saylor is making the pitch to different public corporations as effectively—like Microsoft, although shareholders in the end voted against the proposal.

2. Marathon Digital Holdings Inc.

Bitcoin mining firm Marathon Digital, unsurprisingly, can also be a big holder of Bitcoin, with 44,394 BTC in its company treasury in line with its most recent update in December 2024. That’s price greater than $4.6 billion at at this time’s costs.

The corporate, which goals to construct “the biggest Bitcoin mining operation in North America at one of many lowest power 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 mean operational hash fee 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 impression” of receiving half the BTC rewards per every efficiently mined block.  The agency had stated that it aimed to double the size of its mining operations in 2024.

The corporate increased its revenue by 35% to $132 million in Q3 2024, up from $98 million in Q2. It just lately raised nearly $2 billion via 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 at this time’s costs.

With its valuation surging from under $200 million in 2020 to highs of over $6 billion in 2021, the Nasdaq-listed firm went on an aggressive enlargement 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 step by step earlier than ranging under $10 from August till late October. After such, it gained alongside a resurgence for Bitcoin mining stocks and the broader cryptocurrency market after Donald Trump was named President-elect in November.

The corporate also 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 according to data from a November 2024 investor launch, primarily based on having $711 million price of Bitcoin as of September 30, 2024. On the present value, as of this writing, that quantity of Bitcoin is price about $1.18 billion.

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

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

Galaxy Digital is one among a number of firms managing a U.S. spot Bitcoin ETF, following their landmark approval by the SEC in January 2024. Not too long ago, Novogratz indicated that Trump winning 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 in line with its most recent update from December 2024.

In June 2021, the corporate was listed on the Nasdaq World Choose Market below the HUT ticker, with the corporate’s SEC filing 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 “power infrastructure firm focusing on Bitcoin mining and knowledge facilities.” These mining facilities are primarily based 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 investment final June to increase its AI compute calls for, and its inventory almost doubled within the weeks following the Presidential election, bringing its market cap to more 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 filing revealing that the corporate invested “an combination $1.5 billion” in Bitcoin.

Tesla sold 10% of its Bitcoin holdings in Q1 2021; in line with CEO Elon Musk, this was “to show liquidity of Bitcoin as an alternative choice to holding money on steadiness sheet.”

The corporate’s Bitcoin play adopted months of hypothesis, after CEO Elon Musk took to Twitter (aka X) to discuss the cryptocurrency. In late 2020, MicroStrategy’s Saylor offered 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 accept payments in Bitcoin for its services and products in March 2021, simply two months later the CEO abruptly announced that the corporate would 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 power.” He later clarified that the corporate would resume utilizing Bitcoin for transactions as soon as miners are utilizing 50% clear power.

In July 2022, the corporate revealed that it had sold “roughly 75%” of its Bitcoin in its Q2 2022 quarterly update, with its steadiness sheet exhibiting gross sales from digital belongings amounting to $936 million. In a call with analysts, Musk acknowledged that the agency did so to be able 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 stated that “he’s open to increasing its Bitcoin holdings in the future.”

Musk is maybe finest often known as a eager advocate of Dogecoin. Tesla has enabled Dogecoin purchases for some merchandise, plus Musk is now main the Department of Government Efficiency (DOGE), spawning new meme coins and a swift motion upward for Dogecoin.

7. Coinbase World, Inc.

Arguably the best-known crypto agency on this record, crypto alternate Coinbase went public in a landmark direct listing 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 filing, it holds 9,363 BTC in its treasury, price round $980 million.

The corporate’s inventory has charged again towards its previous all-time high within the wake of the 2024 Presidential election and it continues to innovate with Bitcoin, just lately announcing its own wrapped Bitcoin product, cbBTC. Coinbase additionally just lately restarted Bitcoin lending services.

8. CleanSpark

U.S. Bitcoin mining agency CleanSpark holds 9,297 BTC, price round $975 million at at this time’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 Might, claiming to have “outperformed business expectations” in its first full month of manufacturing following the halving. The corporate added that it plans to additional increase to a website 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 at 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 in the cryptocurrency.

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

The funding is maybe unsurprising, contemplating that CEO Jack Dorsey is an enthusiastic advocate for Bitcoin—even working his own 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 own Bitcoin wallet and developing a Bitcoin mining ASIC chip. In April 2024, its fee companies subsidiary Sq. announced that it might allow companies utilizing its Money App product to robotically convert a portion of day by day gross sales into Bitcoin.

In Might 2024, the agency announced that it might reinvest 10% of its earnings from Bitcoin-related services and products into BTC, in a greenback value common or DCA buy program.

10. Bitcoin Group SE

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

Its investments embody crypto alternate 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 resolution to allow banks to sell and store cryptocurrencies, with Bitcoin Group SE managing director Marco Bodewein highlighting the chance to introduce the financial institution’s institutional buyers to crypto’s “excessive returns and security options.”

Germany sold the majority of its confiscated Bitcoin holdings all through the summer season.

Further reporting by Daniel Phillips

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

Edited by Andrew Hayward