TLDR
- Public firms now hold 1,045,887 BTC valued at about $110 billion.
- Strategy Inc. leads with 640,250 BTC and a 2,000% stock increase.
- Eleven of the top 20 BTC holders gained over 286% since adoption.
- Holding BTC alone doesn’t ensure profit without strong operations.
Public companies are increasingly embracing Bitcoin as part of their treasury strategy, collectively holding more than 1 million BTC valued at around $110 billion as of Oct. 17. Yet only a handful of early adopters have truly benefited from the so-called “Bitcoin standard.” While some firms have turned this approach into major stock market gains, others have struggled despite large holdings.
Early Adopters Lead the Pack
Strategy Inc. (formerly MicroStrategy) remains the top performer among public Bitcoin holders. The company began accumulating BTC in August 2020 when its stock traded at $13.49. Today, shares are around $284, marking a rise of nearly 2,000%. Over the same period, Bitcoin itself gained about 900%. By using debt-financed purchases and convertible notes, Strategy Inc. positioned itself as a “Bitcoin proxy” with an $83 billion market capitalization, even after a recent 45% correction.
Riot Platforms also benefited from its early entry. The firm started buying BTC in 2020 when shares were $3.20 and now trades near $19.50, a 510% gain. Its efficient mining operations and growing treasury contributed to this growth.
CleanSpark followed a similar path, beginning accumulation in mid-2023 at $5.20 and now trading around $20, reflecting a 285% increase. Marathon Digital, holding 53,250 BTC, recorded a 135% stock gain from $8.50 to $20, supported by strong mining revenue and a balanced treasury approach.
Stable Growth and New Entrants
Hut 8 Mining, one of the oldest miners, started accumulating Bitcoin in 2018. Its stock rose from $17.60 to $48, a 173% increase. Consistent production growth and reinvestment of mined BTC have supported this progress.
Newly listed Bullish also entered the list of outperformers. The company went public in August 2025 with 24,300 BTC on its balance sheet. Its stock climbed from $37 to $57.55, a 55% gain driven by exchange synergies and Bitcoin exposure. Coinbase, another major holder with 11,776 BTC, rose from $271 to $330, supported by stronger trading volumes and a more stable regulatory environment.
Cango Inc. and Semler Scientific showed modest performance. Cango’s shares moved from $3.50 to $4.16, while Semler stayed near $23 following its merger with Strive. These firms remain in early stages of their Bitcoin adoption.
Struggles Among Bitcoin Treasuries
Not all Bitcoin-holding companies have seen gains. Metaplanet, often called “Asia’s Strategy,” holds over 30,000 BTC but saw its stock fall from $13 to $2.80, a 78% drop. The decline came amid yen depreciation, dilution, and overleveraging. Trump Media & Technology Group, which added 15,000 BTC earlier in 2025, dropped from $21.33 to $15.78, losing 26%.
Block Inc., an early Bitcoin adopter since 2020, has also struggled. Its stock fell from $170 to $75, down 55%, amid broader weakness in the payments sector. GD Culture Group, which started buying BTC in September 2025, dropped 37% after initial gains.
Outlook for Bitcoin-Holding Companies
Out of the top 20 public Bitcoin holders, 11 companies have shown clear Bitcoin-driven growth. These firms gained an average of 286% since adoption, while others without disciplined strategies averaged 45%. Early entrants with strong operations and measured accumulation approaches continue to perform best.
The data shows that holding Bitcoin alone does not guarantee stock appreciation. Companies combining operational efficiency, financial discipline, and long-term commitment to Bitcoin have turned their holdings into a competitive advantage, while others still face the challenges of volatility and market cycles.
