TLDR
- Public companies now hold over 1 million Bitcoin, confirmed by BitcoinTreasuries.NET.
- Strategy leads corporate treasuries with 636,505 BTC, followed by MARA Holdings at 52,477 BTC.
- New entrants like XXI and Bitcoin Standard Treasury Company are rapidly building large reserves.
- Exchanges and ETFs remain the largest holders, controlling 1.62 million BTC worldwide.
Corporate Bitcoin holdings have reached a major milestone, as public companies now control more than 1 million BTC. Data from BitcoinTreasuries.NET confirmed the total at 1,000,698 BTC, valued at over $111 billion. This surge reflects accelerating adoption of Bitcoin as a treasury asset, with growing participation from listed firms, miners, and newly formed acquisition companies.
Early Accumulators and Market Leaders
Bitcoin miners were the first entities to hold large reserves, with MARA Holdings leading early efforts. However, corporate adoption gained wider attention in August 2020 when Michael Saylor’s Strategy became the first public company to implement a Bitcoin balance sheet strategy. Since then, 184 listed firms have joined the trend.
Strategy remains the largest holder with 636,505 BTC. MARA Holdings continues in second place with 52,477 BTC, after mining 705 BTC in August. Meanwhile, new entrants such as Jack Mallers-led XXI and the Bitcoin Standard Treasury Company are building significant reserves, with 43,514 BTC and 30,021 BTC respectively. Other top holders include crypto exchange Bullish with 24,000 BTC, Japanese firm Metaplanet with 20,000 BTC, and Riot Platforms, Trump Media & Technology Group Corp, CleanSpark, and Coinbase.
Cycles of Accumulation and Market Shifts
The wave of adoption followed challenges during the 2022 bear market. Many miners liquidated a combined 58,770 BTC, compared to 3,500 BTC sold in the prior year. Bitcoin also dropped to a low of $15,740 after the collapse of FTX. During that period, Strategy continued its accumulation despite broad criticism. Observers later pointed to its recovery as an influence on companies such as Metaplanet and Semler Scientific, both of which began building reserves after previously struggling financially.
Currently, firms are not only buying Bitcoin directly but also using Wall Street financing tools to expand holdings. Equity offerings and convertible notes are common methods to increase Bitcoin per share value. Notably, XXI and the Bitcoin Standard Treasury Company launched through Special Purpose Acquisition Companies, providing alternative structures for Bitcoin-focused corporate strategies.
Global Expansion and Broader Holdings
Corporate adoption is not limited to the United States, though it leads with 64 companies. Canada accounts for 34, while the United Kingdom and Hong Kong each report 11. Additional firms are emerging in Mexico, South Africa, and Bahrain.
Yet, corporate treasuries are not the largest Bitcoin holders overall. Exchanges and ETF issuers control about 1.62 million BTC. Governments hold 526,363 BTC, and private companies 295,015 BTC. A further 242,866 BTC remains locked in protocols, leaving around 16.2 million BTC distributed among individual holders with private keys.
