Bitcoin Corporate Treasury Holdings Comparison

Corporate Bitcoin Treasury Rankings

Public companies collectively hold over 1.2 million BTC on their balance sheets, representing roughly 5.7% of Bitcoin's fixed 21 million supply. What started as a single company's unconventional bet in 2020 has grown into a recognized corporate treasury strategy adopted by more than 140 publicly traded firms worldwide.

The following table ranks the largest public company Bitcoin holders by total BTC held, with cost basis and acquisition details sourced from SEC filings and official company disclosures as of Q1 2026.

Note: Block's figure reflects corporate treasury only. Including Cash App customer holdings, Block custodies 28,355 BTC total. MARA's figure includes 9,995 BTC loaned or pledged as collateral.

Strategy: The Largest Corporate Bitcoin Holder

Strategy (formerly MicroStrategy) holds 843,706 BTC, more than 19 times the next largest public company holder. Executive Chairman Michael Saylor initiated the Bitcoin treasury strategy in August 2020, converting the company from a mid-cap software firm into the primary vehicle for leveraged Bitcoin exposure in public equities.

The company has funded acquisitions through four instruments: convertible notes ($8.2 billion raised at near-zero interest rates), at-the-money stock offerings ($28.7 billion+), perpetual preferred stock series (STRK, STRF, STRD, STRC), and operating cash flow from its ~$477 million annual software business. Strategy's "21/21 plan" targets raising $42 billion over three years for additional BTC purchases.

At an average cost basis of ~$75,699 per BTC and a total investment of ~$63.9 billion, Strategy is underwater at Bitcoin prices below that threshold. The company reported a $12.5 billion loss in Q1 2026 as Bitcoin fell from ~$90,000 to ~$68,000. In late May 2026, Strategy sold 32 BTC to fund preferred stock distributions: the first disclosed net sale in nearly three years.

Non-Crypto Companies Holding Bitcoin

Several companies outside the crypto industry hold Bitcoin as a treasury reserve asset, treating it as an alternative to cash or bonds on their balance sheets.

Tesla purchased $1.5 billion in BTC in February 2021, sold approximately 75% in Q2 2022 for ~$936 million (citing liquidity needs during COVID uncertainty), and has held the remaining 11,509 BTC unchanged through Q1 2026. At a cost basis of $386 million, Tesla's position has been profitable despite the Q2 2022 sale. The company reported a $173 million after-tax fair value loss on its digital asset holdings in Q1 2026 under the new FASB fair-value accounting standard (ASC 350-60).

Block (formerly Square), led by Jack Dorsey, holds ~8,997 BTC in its corporate treasury. Dorsey views Bitcoin as "the native currency of the internet," and Block's entire product ecosystem reflects this: Cash App enables retail BTC purchases, Bitkey provides self-custody hardware, and Proto develops Bitcoin mining chips. In April 2026, Block launched a proof-of-reserves dashboard with third-party cryptographic verification of its wallet holdings.

Metaplanet, a Japanese investment company, has rapidly accumulated 40,177 BTC, making it the largest non-American corporate Bitcoin holder. The company has issued zero-interest bonds to fund purchases and has set a target of 210,000 BTC (1% of Bitcoin's total supply) by the end of 2027.

Bitcoin Miners as Treasury Holders

Bitcoin miners occupy a unique position in the corporate treasury landscape: they produce BTC as a core business output and must decide how much to hold versus sell for operating expenses. The April 2024 halving cut block rewards from 6.25 to 3.125 BTC, putting pressure on miner economics and forcing strategic decisions about treasury management.

MARA Holdings, the largest publicly traded miner by hashrate (72.2 EH/s as of March 2026), held 35,303 BTC but sold ~$1.5 billion worth in Q1 2026 to repay convertible notes and fund a pivot toward AI infrastructure. Riot Platforms similarly sold ~$450 million of BTC during Q4 2025 and Q1 2026. CleanSpark has maintained a more consistent hold strategy, accumulating ~13,453 BTC while mining approximately 640 BTC per month at 50 EH/s operational hashrate.

Publicly listed miners collectively sold over 32,000 BTC in Q1 2026 alone, more than all of 2025 combined. The primary driver: post-halving mining costs rose to approximately $80,000 per BTC, squeezing margins and creating pressure to monetize reserves or diversify revenue streams.

New BTC Treasury Vehicles in 2025 and 2026

A new category of company has emerged: firms created specifically to hold Bitcoin as their primary asset. These BTC treasury vehicles raise capital through equity and debt markets solely to acquire and hold BTC.

Twenty One Capital, backed by Tether and SoftBank, went public via SPAC merger and rapidly accumulated 43,514 BTC under the leadership of Jack Mallers (creator of Strike). Tether subsequently bought out SoftBank's ~26% stake for ~$679 million and proposed merging XXI with Strike and Elektron Energy, a 50 EH/s mining operation.

Strive, an asset management firm, acquired Semler Scientific in an all-stock transaction to combine their Bitcoin treasuries, creating a combined holding of ~12,798 BTC. In Africa, the Africa Bitcoin Corporation (formerly Altvest Capital) became the first publicly listed African company to adopt Bitcoin as its primary treasury reserve.

Acquisition Strategies Compared

Companies use fundamentally different approaches to building Bitcoin positions. The financing method affects risk profile, shareholder dilution, and the company's ability to withstand price drawdowns.

Strategy's approach represents the most aggressive use of leverage: the company has raised over $37 billion in combined equity and debt specifically for Bitcoin purchases. This creates significant upside when BTC appreciates (Strategy stock often trades at a premium to its net asset value) but amplifies downside risk during corrections. Companies like Block and Coinbase take a more conservative approach, using operating cash flow and maintaining Bitcoin as one component of a broader business.

For individuals looking to build a Bitcoin position with a disciplined approach similar to how Block and Coinbase make regular purchases, a dollar-cost averaging calculator can help model outcomes over time.

Treasury Management Considerations

Holding Bitcoin on a corporate balance sheet introduces operational requirements that traditional cash and bonds do not. Companies must address custody, accounting, governance, and risk management.

Custody is the most critical operational decision. Most large holders use institutional-grade cold storage with multisig arrangements or hardware security modules (HSMs). Coinbase Custody serves as custodian for the majority of US spot Bitcoin ETF assets and several corporate treasury holders. Some companies, like Block, have invested in proving reserves cryptographically through on-chain verification.

The FASB's ASU 2023-08 standard, effective for fiscal years beginning after December 15, 2024, requires companies to report Bitcoin at fair market value with gains and losses flowing through the income statement. This replaced the previous impairment-only model, which forced companies to write down BTC when prices dropped but prevented them from recognizing gains until they sold. The new standard has made corporate Bitcoin holdings more transparent but also introduces significant quarterly earnings volatility: Strategy reported a $12.5 billion loss in Q1 2026 solely from BTC price changes.

For a deeper analysis of how institutional Bitcoin adoption is reshaping financial markets, including the interplay between corporate treasuries and spot ETFs, see our research coverage.

Why Companies Hold Bitcoin

Corporate Bitcoin holders cite several rationales, though motivations vary significantly by company type:

• Inflation hedge: Bitcoin's fixed supply of 21 million provides structural protection against purchasing-power erosion of cash reserves
• Treasury diversification: an alternative to T-bills, money market funds, and gold, with a non-correlated return profile
• Strategic alignment: companies like Block and Coinbase hold BTC as an extension of their core business thesis around open financial infrastructure
• Shareholder value via "BTC yield": a metric pioneered by Strategy that measures growth in BTC per diluted share, separate from price appreciation
• Accounting clarity: the 2025 adoption of FASB fair-value rules removed the asymmetric impairment problem, making Bitcoin a more practical balance sheet asset

Companies That Sold Bitcoin Holdings

Not every corporate Bitcoin experiment has been a permanent commitment. Understanding why companies sell provides as much insight as understanding why they buy.

Tesla sold ~75% of its BTC in Q2 2022, realizing ~$936 million. Elon Musk cited a desire to increase the company's cash position during COVID-related uncertainty. Tesla has held its remaining 11,509 BTC without change for four years since that sale.

Among miners, MARA sold ~$1.5 billion of BTC in Q1 2026, primarily to repay convertible notes coming due and fund a $1.5 billion acquisition of AI data center infrastructure. Riot Platforms followed a similar pattern, selling ~$450 million to fund its own AI pivot. The common thread: companies that used leverage to accumulate BTC faced repayment pressure when prices declined ~47% from the all-time high, forcing liquidation of the very asset they bought with that leverage.

Frequently Asked Questions

Which company holds the most Bitcoin?

Strategy (formerly MicroStrategy, ticker MSTR) holds 843,706 BTC as of May 2026, making it by far the largest corporate Bitcoin holder. The next largest public company holder, Twenty One Capital, holds approximately 43,514 BTC. Strategy's holdings represent roughly 4% of Bitcoin's total 21 million supply.

How much Bitcoin does Tesla hold?

Tesla holds 11,509 BTC with a cost basis of $386 million. The company originally purchased $1.5 billion in BTC in February 2021, sold approximately 75% in Q2 2022 for ~$936 million, and has held the remaining balance unchanged through Q1 2026. Tesla classifies its Bitcoin under ASC 350-60 (fair-value accounting for digital assets).

Why do companies put Bitcoin on their balance sheet?

Companies cite several reasons: hedging against inflation and currency debasement, diversifying treasury reserves beyond cash and bonds, strategic alignment with Bitcoin-related business operations, and creating shareholder value through BTC-per-share growth. The adoption of FASB fair-value accounting in 2025 also removed a major practical barrier by allowing companies to recognize gains without selling.

How do companies custody large amounts of Bitcoin?

Institutional Bitcoin holders typically use qualified custodians with cold storage, multisig key management, and insurance coverage. Coinbase Custody is the most widely used institutional custodian in the US. Some companies, like Block, also maintain proof-of-reserves dashboards that allow public cryptographic verification of wallet ownership.

What is the total Bitcoin held by public companies?

As of Q1 2026, public companies hold approximately 1.2 million BTC, representing roughly 5.7% of Bitcoin's total supply. Including all tracked entities (ETFs, governments, private companies), the total rises to approximately 3.9 million BTC, or 18.6% of total supply. Public companies added roughly 494,000 BTC to their balance sheets in 2025 alone.

Is holding Bitcoin on a corporate balance sheet risky?

Yes. Bitcoin's price volatility directly impacts reported earnings under FASB fair-value rules. Strategy reported a $12.5 billion loss in a single quarter from BTC price changes. Companies that use leverage (convertible notes, bonds) to fund BTC purchases face additional risk: if BTC drops significantly, they may need to sell holdings to service debt, as several miners did in Q1 2026. The risk is proportional to the size of the allocation relative to the company's overall balance sheet and how the purchases were financed.

How does Bitcoin treasury accounting work after FASB changes?

Since fiscal years beginning after December 15, 2024, companies report Bitcoin at fair market value under ASU 2023-08. Unrealized gains and losses flow through the income statement each quarter. Previously, companies used an impairment-only model that forced write-downs when prices fell but prevented recognition of gains until sale. The new standard improves transparency but introduces significant quarterly earnings volatility for large holders.

This tool is for informational purposes only and does not constitute financial or investment advice. Holdings data is approximate and based on SEC filings, company disclosures, and public tracker data as of Q1 2026. Bitcoin holdings, cost bases, and company strategies change frequently. Always verify current figures through official company filings before making investment decisions.