The 10 Public Companies With the Biggest Bitcoin Portfolios – Decrypt

For a few years, the concept publicly traded firms may purchase Bitcoin for his or her reserves was thought of laughable. The highest cryptocurrency was thought of too unstable, too fringe to be embraced by any severe enterprise.

That taboo has been effectively and really damaged, with various main institutional buyers shopping for up Bitcoin lately.

The floodgates first opened when cloud software program firm MicroStrategy purchased $425 million value of Bitcoin in August and September 2020. Others adopted go well with, together with funds processor Block and electrical automobile producer Tesla.

Per BitcoinTreasuries, public firms holding Bitcoin now account for two.8% of the entire provide of 21 million BTC. These are the largest holders as of this writing.

1. MicroStrategy

MicroStrategy, a outstanding enterprise analytics platform turned Bitcoin treasury firm, has adopted BTC as its major reserve asset.

The agency, which produces cellular software program and offers cloud-based providers, has aggressively pursued a Bitcoin shopping for spree, scooping up thousands and thousands of {dollars} value of the cryptocurrency. As of this writing in January 2025, it holds 461,000 BTC in reserve, equal to over $48 billion value and greater than 2% of the entire variety of Bitcoin that can ever be issued.

At one level, MicroStrategy Govt Chairman Michael Saylor mentioned, he was shopping for $1,000 in Bitcoin each second. Within the firm’s Q1 2024 earnings name, Saylor claimed that the corporate’s adoption of a “Bitcoin technique” had enabled it to ship 10x to 30x the efficiency of rival enterprise software program firms within the enterprise intelligence sector.

In contrast to different executives who sometimes draw back from discussing their private investments, Saylor has made it public that he personally bought 17,732 BTC—at present value over $1.85 billion and nonetheless holds them as of September 2024. It’s one thing of an about-face for the MicroStrategy co-founder, who in 2013 claimed that Bitcoin’s days had been numbered.

“We’re firstly of the stage of fast institutional adoption of digital property within the type of Bitcoin,” Saylor mentioned through the firm’s Q1 2024 earnings name. He added that sooner or later, Bitcoin received’t compete in opposition to different crypto property, however in opposition to, “gold, artwork, equities, actual property, bonds, and different sorts of store-of-value cash in wealth creation, wealth preservation, and the capital markets.”

MicroStrategy plans to purchase much more Bitcoin within the close to future, because it’s within the midst of elevating a deliberate $42 billion to do exactly that, and Saylor is making the pitch to different public firms as effectively—like Microsoft, although shareholders in the end voted in opposition to the proposal.

2. Marathon Digital Holdings Inc.

Bitcoin mining firm Marathon Digital, unsurprisingly, can be a big holder of Bitcoin, with 44,394 BTC in its company treasury based on its most up-to-date replace in December 2024. That’s value greater than $4.6 billion at in the present day’s costs.

The corporate, which goals to construct “the biggest Bitcoin mining operation in North America at one of many lowest vitality prices,” originated as a patent holding agency (and was sometimes called a patent troll) earlier than its pivot into crypto mining.

As of July 2024, Marathon Digital runs greater than 250,000 Bitcoin miners able to producing 31.5 EH/s, with a mean operational hash fee of 26.3 EH/s.

The agency famous that it’s accelerating its progress plans following the 2024 Bitcoin halving, in a bid to “mitigate the impression” of receiving half the BTC rewards per every efficiently mined block.  The agency had mentioned that it aimed to double the size of its mining operations in 2024.

The corporate elevated its income by 35% to $132 million in Q3 2024, up from $98 million in Q2. It lately raised almost $2 billion through convertible notes, most of which has been used to purchase Bitcoin.

3. Riot Platforms, Inc.

One other crypto mining outfit, U.S.-based Riot Platforms, holds 17,722 BTC—value about $1.85 billion at in the present day’s costs.

With its valuation surging from beneath $200 million in 2020 to highs of over $6 billion in 2021, the Nasdaq-listed firm went on an aggressive enlargement drive. In April 2021, it spent $650 million on a one-gigawatt Bitcoin mining facility in Texas, ultimately increasing additional in 2022 earlier than rebranding to Riot Platforms to diversify its enterprise mannequin in 2023.

In 2024, it warned shareholders that there was “no assure” the Bitcoin halving would enhance profitability and whereas RIOT shares traded briefly round $18 within the early a part of the yr, the inventory fell progressively earlier than ranging beneath $10 from August till late October. After such, it gained alongside a resurgence for Bitcoin mining shares and the broader cryptocurrency market after Donald Trump was named President-elect in November.

The corporate additionally reached a settlement with Bitcoin mining agency, Bitfarms, because it tried a hostile takeover of the rival in 2024.

4. Galaxy Digital Holdings

Crypto-focused service provider financial institution Galaxy Digital Holdings holds an estimated 11,242 BTC based on knowledge from a November 2024 investor launch, based mostly on having $711 million value of Bitcoin as of September 30, 2024. On the present worth, as of this writing, that quantity of Bitcoin is value about $1.18 billion.

Based by Michael Novogratz in January 2018, the corporate offers asset administration and digital infrastructure providers to establishments seeking to achieve entry to digital property like Bitcoin and Ethereum.

Novogratz is, unsurprisingly, a eager advocate for Bitcoin, arguing in March 2024 that the cryptocurrency would by no means dip beneath $50,000 once more, and months later predicting that it could soar to $100,000 by the top of the yr.

Galaxy Digital is one among various corporations managing a U.S. spot Bitcoin ETF, following their landmark approval by the SEC in January 2024. Just lately, Novogratz indicated that Trump profitable the Presidential election was “an important day for crypto.”

5. Hut 8 Corp

Canadian Bitcoin mining agency Hut 8 holds 10,096 BTC, value greater than $1 billion at present costs based on its most up-to-date replace from December 2024.

In June 2021, the corporate was listed on the Nasdaq International Choose Market underneath the HUT ticker, with the corporate’s SEC submitting noting that it is “dedicated to rising shareholder worth by rising the quantity and worth of our Bitcoin holdings.”

The corporate additionally defined that it generates fiat earnings by leveraging its reserve of self-mined and held Bitcoin, “through yield account preparations with main digital asset prime brokerages.”

In November 2023, the agency merged with fellow mining firm US Bitcoin, with the post-merger agency billing itself as an “vitality infrastructure firm focusing on Bitcoin mining and knowledge facilities.” These mining facilities are based mostly at six websites throughout Alberta, Texas, and New York, with a reported 7.5 EH/s of put in self-mining capability.

The corporate introduced a $150 million funding final June to increase its AI compute calls for, and its inventory almost doubled within the weeks following the Presidential election, bringing its market cap to greater than $2 billion as of this writing.

6. Tesla

Electrical car producer Tesla joined the ranks of firms holding Bitcoin in December 2020, with an SEC submitting revealing that the corporate invested “an combination $1.5 billion” in Bitcoin.

Tesla bought 10% of its Bitcoin holdings in Q1 2021; based on CEO Elon Musk, this was “to show liquidity of Bitcoin as an alternative choice to holding money on steadiness sheet.”

The corporate’s Bitcoin play adopted months of hypothesis, after CEO Elon Musk took to Twitter (aka X) to debate the cryptocurrency. In late 2020, MicroStrategy’s Saylor supplied to share his “playbook” for Bitcoin investing with Musk, after arguing {that a} transfer into Bitcoin could be doing Tesla shareholders a “$100 billion favor.”

Nevertheless, Musk and Tesla have had an on-and-off relationship with Bitcoin. After saying that Tesla would settle for funds in Bitcoin for its services and products in March 2021, simply two months later the CEO abruptly introduced that the corporate would not settle for the cryptocurrency for funds.

Citing the “quickly rising use of fossil fuels for Bitcoin mining and transactions”, Musk revealed that the corporate would not be promoting any of its Bitcoin holdings, and would think about using it for transactions once more as soon as mining “transitions to extra sustainable vitality.” He later clarified that the corporate would resume utilizing Bitcoin for transactions as soon as miners are utilizing 50% clear vitality.

In July 2022, the corporate revealed that it had bought “roughly 75%” of its Bitcoin in its Q2 2022 quarterly replace, with its steadiness sheet displaying gross sales from digital property amounting to $936 million. In a name with analysts, Musk said that the agency did so with a view to shore up its money place within the face of uncertainty round COVID lockdowns.

As of January 2025, the corporate holds 9,720 BTC in its portfolio—value simply over $1 billion at present costs—per bitcointreasuries.org. It stays to be seen whether or not Tesla will add to its steadiness sheet, however Musk has mentioned that “he’s open to rising its Bitcoin holdings sooner or later.”

Musk is probably greatest generally known as a eager advocate of Dogecoin. Tesla has enabled Dogecoin purchases for some merchandise, plus Musk is now main the Division of Authorities Effectivity (DOGE), spawning new meme cash and a swift motion upward for Dogecoin.

7. Coinbase International, Inc.

Arguably the best-known crypto agency on this checklist, crypto change Coinbase went public in a landmark direct itemizing on the Nasdaq in April 2021.

Forward of its itemizing, in February 2021, Coinbase revealed that it held $230 million in Bitcoin on its steadiness sheet. As of its September 2024 10-Q submitting, it holds 9,363 BTC in its treasury, value round $980 million.

The corporate’s inventory has charged again in the direction of its earlier all-time excessive within the wake of the 2024 Presidential election and it continues to innovate with Bitcoin, lately saying its personal wrapped Bitcoin product, cbBTC. Coinbase additionally lately restarted Bitcoin lending providers.

8. CleanSpark

U.S. Bitcoin mining agency CleanSpark holds 9,297 BTC, value round $975 million at in the present day’s costs.

Forward of the 2024 Bitcoin halving, the agency expanded its operations, snapping up three Bitcoin mining amenities in Mississippi for $19.8 million and including as much as 2.4 EH/s to its mining capability. The corporate additionally added a 3rd facility in Dalton, Georgia to its lineup, with an extra 0.8 EH/s.

In June 2024, CleanSpark revealed that it had mined 417 BTC within the month of Might, claiming to have “outperformed trade expectations” in its first full month of manufacturing following the halving. The corporate added that it plans to additional increase to a web site in Wyoming “within the coming days.”

The corporate’s inventory, like that of its friends, almost doubled within the weeks following the election, valuing the corporate at greater than $3 billion on the time of writing.

9. Block, Inc.

Alongside Tesla, Sq. mother or father firm Block lit the fuse for institutional funding in Bitcoin with its October 2020 funding of $50 million within the cryptocurrency.

As of the top of September 2024, the agency holds 8,363 Bitcoin, value about $876 million.

The funding is probably unsurprising, contemplating that CEO Jack Dorsey is an enthusiastic advocate for Bitcoin—even working his personal Bitcoin node and describing the coin’s whitepaper as “poetry.”

On the time of its preliminary funding, the corporate described it as “a part of Sq.’s ongoing dedication to Bitcoin,” noting that “the corporate plans to evaluate its combination funding in Bitcoin relative to its different investments on an ongoing foundation.”

The agency has invested in Bitcoin know-how, launching its personal Bitcoin pockets and creating a Bitcoin mining ASIC chip. In April 2024, its cost providers subsidiary Sq. introduced that it could allow companies utilizing its Money App product to robotically convert a portion of each day gross sales into Bitcoin.

In Might 2024, the agency introduced that it could reinvest 10% of its income from Bitcoin-related services and products into BTC, in a greenback value common or DCA buy program.

10. Bitcoin Group SE

Germany-based enterprise capital agency Bitcoin Group SE brings up the rear of the checklist, with approximate Bitcoin holdings of three,678 based mostly on a latest monetary replace, value $385 million.

Its investments embrace crypto change Bitcoin.de and Futurum financial institution, which merged in October 2020 to kind “Germany’s first crypto financial institution.”

The transfer adopted the German parliament’s resolution to allow banks to promote and retailer cryptocurrencies, with Bitcoin Group SE managing director Marco Bodewein highlighting the chance to introduce the financial institution’s institutional buyers to crypto’s “excessive returns and security options.”

Germany bought nearly all of its confiscated Bitcoin holdings all through the summer season.

Further reporting by Daniel Phillips

Editor’s be aware: This text was first printed in July 2022 and final up to date with new particulars on January 26, 2025.

Edited by Andrew Hayward