In recent years, the idea of public companies adding Bitcoin to their balance sheets has evolved from a fringe concept into a mainstream financial strategy. Once dismissed as too volatile and speculative, Bitcoin is now being embraced by major corporations as a long-term store of value—especially amid inflationary economic conditions and increasing institutional adoption.
The trend was ignited in 2020 when MicroStrategy made a bold move by purchasing $425 million worth of Bitcoin. This landmark decision opened the floodgates, inspiring other global companies like Tesla, Square (now Block), and Galaxy Digital to follow suit. For investors seeking exposure to Bitcoin without managing private keys or navigating crypto exchanges, investing in these publicly traded firms has become an attractive alternative.
Based on data compiled by Bitcoin Worldwide, here are the top 10 public companies holding the largest Bitcoin reserves as of 2025.
1. MicroStrategy
MicroStrategy stands at the forefront of corporate Bitcoin adoption. The company has officially designated Bitcoin as its primary treasury reserve asset—a strategic shift that redefined its financial identity.
Founded in 1989 and led by CEO Michael Saylor, MicroStrategy began as a business intelligence and software development firm. But in August 2020, it pivoted dramatically by acquiring its first batch of Bitcoin. Since then, the company has consistently increased its holdings through aggressive accumulation.
As of late 2025, MicroStrategy owns 124,391 BTC, making it the largest corporate holder outside of ETFs and exchanges. In one notable purchase at the end of 2021, the company acquired 1,914 BTC at an average price of $49,229 per coin.
“If you're looking for a non-sovereign store of value in an inflationary environment, Bitcoin is the logical digital gold.”
— Michael Saylor
Saylor has been a vocal advocate for Bitcoin, even comparing it favorably to gold due to its scarcity and deflationary design. He once revealed he personally owns over 17,700 BTC—worth hundreds of millions of dollars—placing him among the top individual holders globally.
👉 Discover how companies are turning Bitcoin into a strategic asset
MicroStrategy isn’t just holding; it’s actively promoting Bitcoin adoption across industries. In early 2021, Saylor hosted a high-profile event aimed at educating executives on integrating Bitcoin into corporate treasuries. His vision? A future where “hundreds of companies” hold Bitcoin on their balance sheets.
2. Tesla
Tesla’s foray into Bitcoin made global headlines—and stirred controversy. In February 2021, the electric vehicle giant announced a $1.5 billion investment in Bitcoin, revealing its intent to diversify cash reserves and maximize returns.
According to SEC filings, Tesla currently holds 42,902 BTC, valued at approximately $2.04 billion. The company also briefly accepted Bitcoin as payment for vehicles, signaling strong initial support.
However, Elon Musk’s relationship with Bitcoin has been volatile. Two months after announcing Bitcoin payments, Tesla reversed course, citing environmental concerns over fossil fuel usage in mining. Musk stated the company would not sell its holdings and would resume transactions once miners transitioned to sustainable energy sources.
Despite this pause, Tesla remains a significant player in corporate crypto adoption. Musk later confirmed that Tesla still holds its original stash and may expand its crypto portfolio in the future.
3. Galaxy Digital
Led by veteran investor Michael Novogratz, Galaxy Digital is one of the most influential crypto-native financial institutions. As of 2025, it holds 16,400 BTC, valued at over $779 million.
Founded in 2018, Galaxy Digital operates as a merchant bank focused exclusively on digital assets. It provides trading, asset management, and advisory services within the blockchain ecosystem. The firm has partnered with major players like BlockFi and Block.one, reinforcing its central role in institutional crypto finance.
Novogratz initially hailed 2020 as “Bitcoin’s moment,” driven by global stimulus measures and growing demand for decentralized assets. While he later acknowledged Bitcoin’s volatility compared to gold, he continues to support its long-term potential.
In 2021, Galaxy co-filed a proposal for a spot Bitcoin ETF—an effort that paved the way for eventual regulatory approvals in later years.
4. Voyager Digital
Voyager Digital, a crypto brokerage platform, holds 12,260 BTC ($582 million), positioning it among the top institutional holders.
The company offers users a seamless gateway to trade various cryptocurrencies. In Q1 2021 alone, Voyager reported revenue of $60.4 million—up 16x from the previous quarter—reflecting surging retail and institutional interest.
While optimistic about crypto’s growth trajectory, Voyager has also acknowledged risks. Regulatory filings warn that sharp declines in Bitcoin prices could significantly impact operations—especially amid macroeconomic uncertainty linked to global events.
5. Block (formerly Square)
Block, founded by Twitter co-founder Jack Dorsey, has long been a proponent of Bitcoin integration. The company first invested $50 million in Bitcoin in October 2020 and later added another $170 million worth.
Today, Block holds 8,207 BTC ($381 million) and continues to affirm its long-term commitment. CFO Amrita Ahuja stated in 2021: “It makes sense for every company to have Bitcoin on its balance sheet.”
Beyond ownership, Block is building infrastructure to support broader adoption. It launched a $5 million fund for cryptocurrency education and released tbDEX—a decentralized exchange protocol designed to bridge fiat and digital currencies with minimal identity requirements.
The rebrand from Square to Block in December 2021 underscored its deepening focus on blockchain innovation.
👉 Explore how fintech leaders are integrating blockchain into mainstream finance
6. Marathon Digital
Marathon Digital is a pure-play Bitcoin mining company with 7,649 BTC ($363 million) in reserves.
Originally a patent holding firm, Marathon shifted entirely to crypto mining and aims to become North America’s largest publicly traded mining operation. In 2021, it purchased a 107MW power plant in Montana to fuel large-scale mining operations.
The company plans to deploy over 199,000 miners by 2023, boosting hash rate by 600%. Its strategy hinges on low-cost energy and scalable infrastructure.
7. Hut 8 Mining
Canadian miner Hut 8 holds 5,242 BTC ($249 million), nearly all mined in-house. Listed on Nasdaq since June 2021, Hut 8 emphasizes shareholder value through strategic accumulation and yield-generating activities via partnerships with major digital asset brokers.
CEO Jaime Leverton asserts:
“Our commitment to holding Bitcoin is central to creating incremental value for investors.”
8. Coinbase
As one of the world’s leading cryptocurrency exchanges, Coinbase went public in April 2021—a milestone for the industry. Though primarily an exchange, it maintains a treasury reserve of 4,482 BTC ($213 million).
While its holdings slightly decreased post-listing due to operational spending, Coinbase remains a trusted gateway for millions of users accessing Bitcoin and other digital assets.
9. Riot Blockchain
Riot Blockchain holds 3,995 BTC ($189 million) and operates one of North America’s largest mining facilities in Rockdale, Texas. With a $650 million investment in infrastructure, Riot aims to dominate the green mining space using renewable energy sources.
10. Bitcoin Group SE
Based in Germany, Bitcoin Group SE owns 3,947 BTC ($187 million). It operates Bitcoin.de—the largest European crypto trading platform—and helped launch Germany’s first licensed crypto bank through a merger with Futurum Bank.
This aligns with new EU regulations allowing traditional banks to custody digital assets—opening doors for institutional adoption across Europe.
Frequently Asked Questions (FAQ)
Q: Why are companies buying Bitcoin?
A: Companies buy Bitcoin as a hedge against inflation and currency devaluation. Its fixed supply makes it an attractive alternative to traditional reserves like cash or bonds.
Q: Is holding Bitcoin risky for public companies?
A: Yes—Bitcoin is volatile. However, many firms view it as a long-term investment similar to R&D or strategic acquisitions.
Q: Can I gain exposure to Bitcoin by investing in these companies?
A: Absolutely. Stocks like MicroStrategy offer indirect exposure without requiring direct ownership or custody of Bitcoin.
Q: Are any of these companies selling their Bitcoin?
A: Most maintain a “hold” strategy. Tesla sold 10% in 2021 but reaffirmed it wouldn’t liquidate further unless conditions change.
Q: How do mining companies differ from others on this list?
A: Firms like Marathon and Riot generate BTC through mining operations rather than direct purchases—adding organic growth potential.
Q: Will more companies add Bitcoin to their balance sheets?
A: Industry experts predict continued adoption as regulatory clarity improves and financial tools mature.
👉 Stay ahead of the next wave of corporate crypto adoption
Bitcoin is no longer just a digital currency—it's becoming a cornerstone of modern corporate finance. As more public companies recognize its value as a durable store of wealth, the line between traditional finance and decentralized assets continues to blur. Whether you're an investor or observer, understanding this shift is key to navigating the future of money.