Ranking of corporate Bitcoin holdings in 2025: Strategy ranks first with over 630,000 BTC holdings, with several new faces entering the top ten.

Once upon a time, it was considered a fantasy for publicly traded companies to include Bitcoin in their reserve assets. However, this situation has completely changed. Since 2020, when MicroStrategy (now known as Strategy) took the lead in purchasing BTC in large quantities, more and more companies, including Block and TSL, have followed suit. According to BitcoinTreasuries data, publicly traded companies currently hold more than 4.7% of the total supply of Bitcoin. These companies are treating Bitcoin as a core asset through direct purchases, Mining, or special purpose acquisitions. Among them, MicroStrategy is far ahead with its bold accumulation strategy, holding over 630,000 BTC in reserves, while many new companies, especially encryption Mining companies and those focused on Bitcoin, are rapidly emerging, changing the landscape of Coin Hoarding among enterprises.

1. Strategy ( Original MicroStrategy ): The Undisputed Corporate Bitcoin Giant

Strategy (, formerly known as MicroStrategy), has become synonymous with the Coin Hoarding wave in the Bitcoin enterprise. Since first acquiring $425 million worth of Bitcoin in August and September 2020, the company, under the leadership of co-founder Michael Saylor (, has pursued an aggressive Bitcoin purchasing strategy. As of September 2025, it holds 632,457 BTC in its corporate reserves, valued at over $6.8 billion, accounting for more than 3% of the total Bitcoin supply. Saylor has publicly stated that he purchased Bitcoin at a rate of $1,000 per second and believes that the future of Bitcoin will compete with traditional assets such as gold and stocks. Saylor personally holds 17,732 BTC, a stark contrast to his bearish stance on Bitcoin in 2013. Although shareholders voted against a proposal for Microsoft to imitate its Bitcoin purchases, Saylor remains confident that the company will "always buy at the top."

2. Marathon Digital Holdings Inc.: Bitcoin Mining Giant Ranks Second

As a company focused on Bitcoin Mining, it is not surprising that Marathon Digital ranks second on the list of companies holding Bitcoin. According to the company's social media update in July 2025, it holds 50,639 BTC in its corporate treasury, worth over $5.5 billion at current prices. After the Bitcoin halving in 2024, the company accelerated its growth plans to "mitigate" the effects of the halving of mining rewards, aiming to double the scale of its mining business. In the second quarter of 2025, Marathon Digital's revenue grew by 64%, setting a record high. The company also recently raised nearly $2 billion through convertible notes, most of which was used to purchase Bitcoin.

3. Twenty-One )XXI(: A New Force Centered on Coin Hoarding

Led by Jack Mallers, the company Twenty-One )XXI( is expected to hold 43,514 BTC, currently valued at over $4.7 billion, upon its official listing after the completion of the transaction. The company's listing plan is to achieve this through a merger with Cantor Equity Partners' SPAC. Unlike most companies that use Bitcoin as a reserve asset but operate primarily in non-encryption fields, Twenty-One's core focus will be on Coin Hoarding BTC and providing related Bitcoin services. Its goal is not to "outpace inflation," but to make the concept of inflation "irrelevant."

4. Bitcoin Standard Treasury Company: Gathering of Early Bitcoin Whales

Bitcoin Standard Treasury Company )BSTR( is another company set to go public, expected to hold over 30,000 Bitcoins after the trading completion in the fourth quarter of 2025. The company is led by early Bitcoin evangelist and whale Adam Back, and is a product of the merger between BSTR and Cantor Fitzgerald's special purpose acquisition company Cantor Equity Partners I. As part of the merger, Back and his founding shareholders will contribute 25,000 Bitcoins, with an additional 5,021 from physical PIP. Back stated that the company's sole mission is to "maximize Bitcoin ownership per share while accelerating real-world adoption of Bitcoin."

5. Bullish: New Exchange Joins the Top Five

After successfully going public in August 2025, the cryptocurrency exchange Bullish immediately became the fifth largest holder of Bitcoin among publicly traded companies, pushing Elon Musk's TSL out of the top ten. According to data from BitcoinTreasuries, the Peter Thiel-backed company holds 24,000 BTC, valued at $2.6 billion at current prices. The company raised $1.15 billion in stablecoin revenue through its IPO and stated that it views stablecoins as "one of the most transformative and widely used digital asset use cases."

6. Metaplanet: Asia's "MicroStrategy" Road

The Tokyo-based publicly listed company Metaplanet is dubbed "Asia's MicroStrategy" as its Bitcoin holdings have reached 20,000 BTC, worth over $2.1 billion, following a recent purchase. The company owns a hotel and is rebranding it as a "Bitcoin hotel," claiming to be Japan's first and only publicly listed Bitcoin vault company. Metaplanet is actively following in the footsteps of MicroStrategy, with its Bitcoin reserves skyrocketing from less than 400 in September 2024 to 20,000 in just one year, setting a goal to hold over 210,000 Bitcoins by 2027. Despite its stock price plummeting significantly in mid-2025, the company has responded to the funding crisis through an $884 million overseas stock sale plan.

7. Riot Platforms, Inc.: U.S. Mining Giant, Multi-Strategy Layout

Another American encryption mining company, Riot Platforms, owns 19,239 BTC, valued at $2.09 billion at current prices. The company underwent massive expansion after its valuation skyrocketed in 2021 and renamed itself to Riot Platforms in 2023 for business diversification. Although the company had warned that the halving might not improve profitability, its stock price rebounded at the end of 2024 with the recovery of the encryption market. Riot Platforms also attempted a hostile acquisition of its competitor Bitfarms and ultimately reached a settlement.

8. Trump Media & Technology Group: The Crypto Ambitions of a Media Giant

President Trump's publicly traded media and technology company is the eighth largest holder of Bitcoin, with an estimated 15,000 BTC held according to data from Bitcointreasuries.net. This number likely stems from the company's purchase of $2 billion worth of Bitcoin and Bitcoin-related securities in July 2025. Since Trump's return to the White House, the Trump Media Company has been aggressively positioning itself in the encryption space, not only purchasing Bitcoin but also previewing the cryptocurrency tokens and wallet for its Truth Social platform, and applying to launch multiple cryptocurrency ETFs.

9. CleanSpark: Mining is a more cost-effective strategy than buying

As of July 31, American Bitcoin Mining company CleanSpark holds 12,703 BTC, worth nearly $1.4 billion. The company has expanded its operations ahead of the 2024 Bitcoin halving and emphasized its "disciplined accumulation strategy." While other companies on the list tend to purchase Bitcoin as reserves, CleanSpark's CFO Gary Vecchiarelli stated in February 2025, "We continue to invest in ourselves because why buy Bitcoin at the current spot price when we can mine it at a cost of $34,000?"

10. Coinbase: Bitcoin Reserves of the Exchange

As one of the most well-known encryption companies on the list, Coinbase went public on NASDAQ through a direct listing in April 2021. As early as February 2021, before going public, Coinbase revealed that it held $230 million in Bitcoin on its balance sheet. According to its latest 10-Q filing, the company holds 11,776 BTC as investment reserves, currently worth nearly $1.3 billion. The company's stock price rebounded after the 2024 presidential election, reaching new highs in June and July 2025. Coinbase is also continuously innovating, recently announcing its own wrapped Bitcoin product, cbBTC, and restarting its Bitcoin lending service.

) Conclusion

Once considered an "outlier," Bitcoin has now become a strategic reserve asset for an increasing number of publicly listed companies, a shift that profoundly reflects its mainstreaming process. From MicroStrategy's pioneering actions to the influx of mining companies and emerging businesses, the corporate coin hoarding trend is rapidly growing and forming a new industry landscape. These companies not only use Bitcoin as a tool for preserving value on their balance sheets but also deeply integrate it with their own businesses, such as mining, asset management, and financial services. Although Bitcoin's price remains volatile, the firm holdings from these large institutions provide strong fundamental support for the market and instill confidence in individual investors. The continuous growth of corporate Bitcoin holdings signals that Bitcoin's position in the global financial system is steadily solidifying.