The 2025 Bitcoin Treasury Titans: 12 Companies Holding the Digital Gold Standard

Forget gold reserves—the new corporate balance sheet flex is measured in satoshis. As 2025 draws to a close, a handful of companies aren't just betting on Bitcoin; they're building fortresses with it. This isn't speculative dabbling; it's strategic treasury management on a blockchain ledger.

The New Corporate Asset Class

MicroStrategy's Michael Saylor didn't just open the floodgates—he blew the dam apart. What started as a controversial hedge against inflation morphed into a blue-chip playbook. Now, companies across tech, finance, and even traditional sectors are allocating portions of their cash reserves to Bitcoin, treating it less like a moonshot and more like digital real estate on the network. They're not trading it; they're holding it. Cold storage isn't a preference; it's policy.

Beyond the Balance Sheet

The rationale cuts deeper than asset appreciation. For some, it's a public declaration of belief in a decentralized financial future—a middle finger to monetary policy as usual. For others, it's a brutally efficient treasury tool: a globally recognized, borderless asset that settles in minutes, not days. It bypasses banking hours, currency conversion fees, and the gentle erosions of quantitative easing. Call it a hedge, or call it a quiet revolution tucked in the 'digital assets' line of a 10-K filing.

The Holding Pattern

These treasury titans share a common thread: conviction. They weathered the volatility, ignored the noise from traditional finance pundits—who are still trying to price in 'sentiment' and 'halving cycles' like it's 2017—and simply accumulated. Their strategies vary from dollar-cost averaging to strategic, lump-sum acquisitions during market dips, proving that in crypto, the strongest hands often wear suits.

The message is clear: Bitcoin is graduating from the fringe to the fundamental. While Wall Street debates ETFs and basis trades, these companies are doing the simplest, most powerful thing of all—they're taking custody. In the end, the biggest crypto trade of 2025 might just be the one nobody's selling.

1. Strategy (formerly MicroStrategy): The corporate Bitcoin pioneer

No company has reshaped corporate Bitcoin adoption more than Strategy. Headquartered in the United States (U.S.), the firm was historically known for enterprise analytics software. That identity changed permanently in August 2020, when CEO Michael Saylor announced that the company WOULD convert a large portion of its treasury reserves into Bitcoin.

The decision came at a time of aggressive monetary expansion and historically low interest rates. Saylor argued that holding large cash reserves guaranteed long-term loss, while Bitcoin—scarce, decentralized, and globally liquid—offered protection against currency debasement.

Strategy’s first Bitcoin (BTC) purchase in August 2020 involved just over 21,000 BTC at an average price of around $11,000 per Bitcoin. Rather than stopping there, the company returned to the market repeatedly, buying through bull markets, crashes, and prolonged drawdowns. 

From that point forward, Strategy kept coming back to the crypto market regardless of price direction. It added Bitcoin during deep pullbacks and sharp rallies alike. The company bought Bitcoin below $15,000 during downturns, continued accumulating as prices moved past $40,000, added sizable amounts above $60,000, and eventually even bought Bitcoin above the $100,000 level.

By mid-2025, that approach reached a new milestone. In July 2025, Strategy purchased 4,225 BTC at an average price of roughly $111,827 per Bitcoin, confirming that its strategy was not tied to “cheap” price levels but to long-term conviction.

Several purchases during 2025 illustrate this consistency:

• March 17, 2025: 130 BTC at about $82,981, the smallest single purchase of the year
• April 7–14, 2025: 3,459 BTC at roughly $82,618
• June 23–29, 2025: 4,980 BTC at around $106,801
• August 2025: 10,624 BTC at approximately $90,615, the largest weekly accumulation of the year
• September 15, 2025: 525 BTC at about $114,562
• October 20–26, 2025: 390 BTC at roughly $111,117
• November 2025: 8,178 BTC at around $102,171, the largest recent purchase

This strategy inevitably exposed the company to long stretches of unrealized losses, especially during the 2022 bear market. Still, Strategy never changed direction. Instead of cutting back, it leaned further in, raising capital through equity offerings and convertible debt while repeatedly stating that Bitcoin was no longer just part of its treasury—it was the treasury!

Today, Strategy holds 671,268 BTC, by far the largest corporate Bitcoin position in the world. Despite volatility, the company is solidly profitable on a long-term basis, with an average acquisition price well below current market levels. 

Strategy has made it clear that Bitcoin accumulation is ongoing and central to its future, effectively turning the firm into a publicly traded Bitcoin treasury vehicle.

2. MARA Holdings, Inc.: Mining into a long-term treasury

MARA Holdings built its Bitcoin position in a way that sets it apart from companies that simply buy coins in the open market. As a miner based in the United States, the company runs one of the largest Bitcoin mining operations in the world, which means it earns Bitcoin directly through its own infrastructure instead of relying only on open-market purchases.

In its early years, MARA followed the standard mining playbook. Most of the Bitcoin produced was sold quickly to pay operating costs and finance the expansion of new sites and equipment. That mindset began to shift around 2021, when the company took a harder look at the long-term value of the asset it was mining every day.

Rather than viewing Bitcoin simply as a source of immediate revenue, management started holding on to a larger share of mined coins. The thinking was that retaining BTC could deliver greater long-term value than constantly converting it into cash to boost short-term results.

Because much of MARA’s Bitcoin comes straight from mining, its real cost of acquisition depends less on market prices and more on operational factors such as electricity costs, mining hardware efficiency, and changes in overall network difficulty.

This structure has led to paper losses during prolonged market downturns, but it has also meant that periods of price recovery have had a powerful positive impact on the company’s balance sheet.

Today, MARA holds roughly 53,250 BTC, placing it second among publicly listed companies by total Bitcoin reserves. The company continues to walk a careful line between paying for day-to-day operations and growing its Bitcoin position, showing how BTC has shifted from being just the end product of mining to a central pillar of its long-term treasury strategy.

3. Twenty One Capital: Built entirely around Bitcoin

Twenty One Capital looks very different from companies that discovered Bitcoin later in their corporate lives. It was created with Bitcoin at the center from the very beginning, designed to give public-market investors direct exposure to Bitcoin through a dedicated corporate vehicle.

The firm started buying Bitcoin soon after it was established in 2024, making accumulation part of its CORE identity rather than a secondary balance-sheet decision. Most of its Bitcoin has been acquired through open-market purchases, typically during quieter or weaker market conditions instead of chasing prices during sharp rallies.

Although the company has not released detailed breakdowns of purchase dates or average costs, its behavior points to a clear long-term mindset. Bitcoin is not treated as a trade or a short-term opportunity, but as the foundation of the company’s strategy and investor thesis.

With 43,514 BTC, Twenty One Capital has quickly become one of the largest Bitcoin treasury companies globally. Bitcoin is not an auxiliary asset for the firm—it defines its corporate identity and investor thesis. Management has consistently indicated that expanding Bitcoin holdings remains a central objective.

4. Metaplanet Inc.: Japan’s Bitcoin treasury leader

Metaplanet has become one of the best-known corporate Bitcoin holders outside the United States. Headquartered in Japan, the company shifted away from a conventional business model and moved toward a Bitcoin-focused treasury strategy as years of ultra-low interest rates and currency pressure reshaped financial planning in the country.

Metaplanet began accumulating Bitcoin in earnest during 2024, openly drawing inspiration from Strategy’s balance-sheet transformation. Early purchases occurred at significantly lower price levels, followed by additional accumulation as the company gained confidence in Bitcoin’s role as a reserve asset.

The firm now holds 30,823 BTC, making it one of Asia’s largest corporate Bitcoin holders. Metaplanet has framed Bitcoin as a long-term store of value rather than a speculative trade, and management has suggested that further accumulation remains on the table depending on capital-raising conditions.

5. Bitcoin Standard Treasury Company: A pure treasury play

Bitcoin Standard Treasury Company is among the clearest expressions of the corporate Bitcoin thesis. Based in the United States, the company exists primarily to hold Bitcoin as its core treasury asset.

Unlike diversified corporations, Bitcoin Standard Treasury Company does not have an established legacy business competing for capital or attention. The company was structured with a single objective in mind: long-term Bitcoin ownership. 

Rather than actively trading or rotating assets, its approach centers on holding Bitcoin through market cycles, positioning itself as a straightforward corporate vehicle for Bitcoin exposure.

With holdings of around 30,021 BTC, the company sits just behind Metaplanet in the public rankings. Its growing reserve highlights a broader shift toward firms created specifically to reflect Bitcoin’s fixed supply and long-term value narrative, rather than adapting those ideas onto an existing business model.

6. Bullish: Exchange infrastructure with a treasury backbone

Bullish sits at the crossroads of crypto market infrastructure and balance-sheet strategy. Headquartered in the United States, the company runs a major digital asset exchange while also holding a meaningful amount of Bitcoin as part of its corporate reserves.

With roughly 24,300 BTC on its balance sheet, Bullish uses Bitcoin in two ways. It serves as a long-term treasury asset, and it also provides DEEP liquidity that supports the exchange’s day-to-day market activity. Rather than treating Bitcoin as a speculative side holding, Bullish’s reserve signals confidence in Bitcoin’s lasting importance to the wider crypto ecosystem.

7. Riot Platforms, Inc.: Mining with balance-sheet discipline

Riot Platforms is another major U.S. Bitcoin miner that has embraced holding Bitcoin rather than selling all production. Over time, Riot began keeping a larger share of the Bitcoin it mined, combining its mining operations with a clear focus on building its treasury.

The company now holds about 19,324 BTC. Its approach focuses on running operations efficiently at scale while holding Bitcoin as a long-term asset that can grow value for shareholders.

8. Coinbase Global, Inc.: The exchange that keeps skin in the game

Coinbase is the world’s largest publicly traded cryptocurrency exchange, and it also holds Bitcoin. Headquartered in the United States, the exchange began accumulating Bitcoin very early in its corporate history, dating back to the company’s formative years after its founding in 2012.

Unlike companies that made a single, headline-grabbing treasury purchase, Coinbase’s Bitcoin holdings were built gradually over time, primarily through a combination of direct purchases and retained Bitcoin earned through operations. 

The strategy was closely associated with Co-Founder and CEO Brian Armstrong, who has consistently argued that holding Bitcoin aligns the company financially and philosophically with the ecosystem it serves.

The company currently holds about 14,548 BTC, showing a long-term belief in Bitcoin’s role in the digital asset ecosystem. While this is small compared to the company’s overall size, it reflects Coinbase’s ongoing commitment to the space it serves.

9. Hut 8 Mining Corp.: A Canadian accumulator

Hut 8 is one of the oldest and most established Bitcoin miners in North America. Instead of selling all the Bitcoin it mines, the company keeps a significant portion, making Bitcoin a key part of its treasury approach.

With roughly 13,696 BTC, Hut 8 gives investors exposure to both its mining operations and potential long-term gains from Bitcoin, showing a disciplined strategy of accumulation rather than short-term selling.

10. CleanSpark, Inc.: Efficiency-driven Bitcoin retention

CleanSpark entered Bitcoin through mining, but it never followed the aggressive, growth-at-any-cost playbook. From the beginning, the company focused on running lean operations, keeping energy use under control, and expanding only when it made financial sense. That discipline shaped how it handled Bitcoin as well.

Instead of selling most of what it mined, CleanSpark chose to keep a meaningful portion of its Bitcoin over time. The idea was simple: if the company could mine Bitcoin efficiently, it made more sense to hold it rather than keep selling for cash.

CleanSpark now holds about 13,011 BTC. The size of the holding shows a careful but steady strategy, balancing a long-term belief in Bitcoin with the practical need to run a sustainable mining operation.

11. Trump Media & Technology Group: A high-profile treasury signal

Trump Media & Technology Group’s Bitcoin holdings stand out for reasons beyond just the balance sheet. Based in the United States, the company’s move into Bitcoin aligns with broader themes of decentralization, alternative financial systems, and questioning traditional institutions.

With roughly 11,542 BTC in its treasury, the allocation is unusual for a media-focused company. It is not tied to mining or crypto infrastructure, which makes the decision even more notable. The move signals that Bitcoin adoption is no longer limited to tech firms or miners—it is spreading into areas where it was rarely expected.

12. Tesla, Inc.: The catalyst that changed the conversation

When Tesla bought Bitcoin in 2021, it changed how corporate treasuries viewed the asset almost overnight. The disclosure of a $1.5 billion Bitcoin purchase made Bitcoin something even the world’s most visible corporations were willing to hold.

During the market slump in 2022, Tesla sold a large portion of its Bitcoin holdings, reducing risk while keeping liquidity available. Even so, the company did not fully exit. Today, Tesla still holds around 11,509 BTC, keeping a smaller but deliberate position on its balance sheet.

Other significant BTC treasury companies (Ranks 13–15)

Just below the top tier are several companies with meaningful Bitcoin exposure:

• Block, Inc. holds roughly 8,780 BTC, showing a long-standing involvement with Bitcoin across its products, payment systems, and treasury approach.
• Strive holds about 7,525 BTC, treating Bitcoin mainly as a long-term reserve rather than an actively traded asset.
• GD Culture Group holds close to 7,500 BTC, reflecting how Bitcoin ownership is gradually spreading beyond companies built entirely around crypto.

Mid-tier Bitcoin treasury holders 

A growing group of public companies holds smaller but still notable Bitcoin positions:

• Cango Inc. — 7,290 BTC
• Galaxy Digital Holdings — 6,894 BTC
• Next Technology Holding Inc. — 5,833 BTC
• KindlyMD, Inc. — 5,398 BTC
• American Bitcoin Corp. — 5,098 BTC

Together, these companies show how Bitcoin treasury adoption is widening across different regions and business models, even among firms that are not traditionally associated with digital assets.

Not to be missed: Quiet followers of the treasury trend

Several companies further down the rankings highlight how widespread corporate Bitcoin adoption has become:

• GameStop Corp. — 4,710 BTC
• The Smarter Web Company (UK) — 2,664 BTC
• Core Scientific — 2,116 BTC
• Bitfarms Ltd. — 1,827 BTC
• Bitplanet Inc. (South Korea) — 265 BTC

India’s first BTC treasury company: Jetking Infotrain Ltd.

Jetking Infotrain Ltd. occupies a special spot in Bitcoin’s corporate story, becoming the first publicly listed company in India to put Bitcoin on its balance sheet. The company currently holds 21 BTC, worth around $2 million, and has made it clear that this is not the end goal but an early step toward a much larger long-term position.

Jetking’s leadership has openly pointed to Michael Saylor and Strategy as influences behind the decision, describing Bitcoin as a long-term store of value rather than something meant for short-term trading. 

In a market like India, where very few companies have taken this route, Jetking’s move stands out as a clear signal that corporate Bitcoin adoption is beginning to break through long-held hesitation.

Who holds the world’s Bitcoin today

The top 100 publicly listed companies together hold over 1 million BTC, showing just how concentrated Bitcoin ownership is within large corporations. ETFs and other investment funds are significant as well, managing nearly 1.5 million BTC, showing that institutional investors are actively integrating Bitcoin into their portfolios.

Private companies hold around 280,000 BTC, while governments have more than 640,000 BTC, showing how some countries treat Bitcoin as a strategic asset. 

Source: Bitcoin Treasuries

The DeFi sector, including smart contracts, holds around 375,000 BTC, showing that decentralized platforms are playing a bigger role in the Bitcoin ecosystem.

Exchanges and custodians, which take care of buying, selling, and safely storing Bitcoin, hold about 146,000 BTC, helping the market stay active and liquid.

When you look at everything together, public and private companies, funds, DeFi platforms, custodians, and governments, it’s clear that Bitcoin is no longer just a niche investment. It has become an important part of institutional strategies and the broader financial system.

The bigger picture

Corporate Bitcoin treasuries are no longer an experiment. From U.S. software firms and Japanese conglomerates to miners, exchanges, media companies, and Indian educators, Bitcoin is steadily reshaping corporate finance.

What began as a controversial decision in 2020 has matured into a global treasury strategy—one that challenges traditional assumptions about cash, risk, and long-term value. As regulation stabilizes and institutional comfort grows, Bitcoin’s role on corporate balance sheets is likely to expand even further.