Background: The Institutional Embrace of Bitcoin
For years, the idea of publicly traded corporations buying Bitcoin for their reserves was considered laughable. That taboo has been shattered since August 2020 when MicroStrategy (now Strategy) bought $425 million in BTC, followed by Block, Tesla, and many others. According to BitcoinTreasuries, public companies now hold 5.39% of the total 21 million BTC supply. Here are the top 10 holders as of this writing.
1. Strategy – The Undisputed Leader
Strategy (formerly MicroStrategy) is a business analytics platform turned Bitcoin treasury company. Renamed in February 2025 by co-founder Michael Saylor, it holds 780,897 BTC (worth $59B, over 3.7% of all BTC ever to exist). In its Q1 2024 earnings call, Saylor claimed the Bitcoin strategy enabled 10x–30x better performance than rivals. The firm typically discloses weekly buys, skipping quarter-end weeks. Saylor personally owns 17,732 BTC (over $1.3B) and still holds them as of September 2024. Interestingly, he predicted Bitcoin's demise in 2013 but now believes it will compete with gold, art, equities, and bonds. He has said the firm will “buy the top forever” and could ultimately own 7% of total supply, while reassuring investors it can withstand a drawdown to $8,000 (though he doesn't expect that).
2. Twenty One Capital – A New Focused Treasury
Led by Jack Mallers, Twenty One Capital (XXI) holds 43,513.12 BTC (~$3.3B) based on its public blockchain balances. The firm launched via a SPAC merger with Cantor Equity Partner in December 2025, working with Tether, Bitfinex, and SoftBank to build its treasury. Unlike diversified firms, Twenty One's primary focus is acquiring BTC and offering Bitcoin-related services. Its long-term goal is to “render the concept of inflation irrelevant.”
3. Metaplanet – The Asian Strategy
Tokyo-listed Metaplanet (nicknamed “Asian Strategy”) holds 40,177 BTC (~$3B). It owns a hotel being rebranded as “Bitcoin Hotel” and claims to be Japan's only publicly listed Bitcoin treasury company. Following Strategy's model, it aggressively accumulated 30,000 BTC by September 2025 (ahead of schedule), surpassing Bitcoin Standard Treasury Company for third place. Its 2027 goal is 210,000 BTC (~$16B). In early 2025, it added President Trump's son Eric Trump to its advisory board; later in 2025 it set up a US subsidiary in Miami; and in March 2026, it created an investment arm to deploy ~$25M into Bitcoin companies.
4. MARA – Mining Giant's AI Pivot
MARA (formerly Marathon Digital) holds approximately 38,689 BTC (~$2.9B). Originally aiming to build “the largest Bitcoin mining operation in North America at one of the lowest energy costs,” it shifted strategy in March 2026, saying it might sell some BTC to fund AI initiatives. It quickly sold 15,133 BTC ($1.1B) to buy back debt. Its latest 10-K filing states: “Bitcoin mining remains the foundation, but we have expanded into energy generation and AI to create additional revenue.”
5. Bitcoin Standard Treasury Company – Adam Back's New Vehicle
Bitcoin Standard Treasury Company (BSTR) will go public in late Q1 or Q2 2026 with more than 30,031 BTC. Led by early Bitcoiner Adam Back, the firm is the result of a merger with a Cantor Fitzgerald-linked SPAC. Back and founding shareholders are contributing 25,000 BTC, with an additional 5,021 BTC via a PIPE. Back said: “We are putting unprecedented firepower behind maximizing Bitcoin ownership per share while accelerating real-world adoption.” The firm can raise up to $1.5B for further purchases.
6. Riot Platforms – From Miner to AI Provider
US-based Riot Platforms holds 15,680 BTC (~$1.2B). Its market cap surged from below $200M in 2020 to over $6B in 2021. In April 2021, it spent $650M on a 1-gigawatt mining facility in Texas, later expanded. Rebranded to Riot Platforms in 2023 to diversify. In 2024, it reached a settlement with Bitfarms after a hostile takeover attempt. Amid the 2025 Bitcoin drawdown, it sold ~$450M worth of BTC in Q4 2025 and Q1 2026 combined to pivot toward AI demand.
7. Coinbase – Exchange's Growing Bitcoin Stash
Crypto exchange Coinbase (NASDAQ: COIN) went public in April 2021. It held $230M in Bitcoin ahead of its listing. As of its latest 10-K (Dec 31, 2025), it holds 15,389 BTC (~$1.17B), up from 6,885 at end of 2024. CEO Brian Armstrong tweeted: “Coinbase is long Bitcoin. Our holding increased by 2,772 BTC in Q3. And we keep buying more.” The exchange launched its own wrapped Bitcoin product cbBTC in late 2024 and restarted Bitcoin lending in January 2025.
8. Strive Asset Management – Financial Services Entrant
Strive Asset Management joined the top 10 in January 2026, holding 13,678 BTC (~$1B). Co-founded by former Ohio gubernatorial candidate Vivek Ramaswamy, it raised $750M in May 2025 to buy Bitcoin. It encouraged GameStop to invest, which led to GameStop buying $500M+ in BTC in 2025 and later using a covered call strategy with Coinbase. Strive also acquired Semler Scientific (5,048 BTC at deal time) in an all-stock transaction.
9. Hut8 – Canadian Miner's AI Data Center Deal
Canadian miner Hut 8 holds 13,696 BTC (~$1B). Listed on Nasdaq in June 2021, it merged with US Bitcoin in November 2023, becoming an “energy infrastructure company targeting Bitcoin mining and data centers.” In June 2025, it announced $150M investment for AI compute. Its stock nearly doubled after the presidential election. In December 2025, it soared again after a $7B Google-backed AI data center deal. Its wholly owned subsidiary, American Bitcoin (co-founded by Eric Trump), went public as a miner and treasury firm but saw its post-IPO low in late March 2026.
10. CleanSpark – Self-Mining Efficiency
US miner CleanSpark holds 13,363 BTC (~$1B) as of March 26, 2026. Ahead of the 2024 halving, it expanded by acquiring three Mississippi mining facilities for $19.8M (adding 2.4 EH/s) and one in Georgia (0.8 EH/s). CFO Gary Vecchiarelli explained: “We continue to invest in ourselves because why buy Bitcoin at spot prices when we can mine it for $34,000?” This self-mining approach distinguishes CleanSpark from companies that simply purchase on the open market.
Editor's Note and Data Sources
This article was first published in July 2022 and last updated on April 19, 2026. The ranking is based on regulatory filings, company disclosures, on-chain data, and sources like BitcoinTreasuries.net. When data was unclear, we attempted to contact the firms; if clarification was not possible, we used our best judgment. We will continue to update this list as new information emerges. Additional reporting by Daniel Phillips and Stephen Graves.