A fresh examination conducted by CoinGecko and released on March 7, 2025, has emphasized Bitcoin’s (BTC) expanding power in the corporate sphere and brought to light the identities of the top 10 publicly traded companies that hold the largest amounts of the cryptocurrency.
It was a handy revelation, one that fits in neatly with the ongoing narrative of how major players not just in finance but across all sectors are increasingly embracing digital assets.
MicroStrategy has consolidated its clout as not just the top corporate holder of Bitcoin by a wide margin, but also as one of its most vocal advocates. Under CEO Michael Saylor, the business intelligence firm has acquired 506,137 BTC (worth roughly $13.2 billion as of this writing) and proclaims its bullishness on the ubiquitous digital currency at just about every opportunity.
Founded in 1989, MicroStrategy has used the capital markets to fund its Bitcoin purchase binge. But while lending the firm urgency to raise more cash, its corporate governance has been in sharp focus, owing to what seems like an ever-widening gap between its Bitcoin holdings and the earnings power of its core business.
Since the decision of Saylor to pivot from holding cash reserves to holding Bitcoin, the company has staked out a position as a player in the Bitcoin market. MicroStrategy’s enormous Bitcoin reserves perform a dual function: Not only do they make its balance sheet more interesting, but they also act like a hedge against inflation and market volatility.
MicroStrategy keeps plowing more money into Bitcoin, which makes it an outlier among tech firms.
Placing second is Marathon Digital Holdings, a noted Bitcoin mining company. Marathon holds 26,842 BTC, making it one of the largest public entities involved in both Bitcoin mining and holding Bitcoin on its balance sheet. As a mining operation, Marathon has also benefited from the rising value of Bitcoin, which has allowed it to secure a significant reserve of digital assets. Its continued growth in the mining industry has also been propelled by extensive investments in mining hardware, which allow it to produce Bitcoin at scale.
Galaxy Digital Holdings, a diversified cryptocurrency and blockchain investment firm founded by Michael Novogratz, comes in third with 15,449 BTC. Unlike the other companies on this list, Galaxy is not only holding BTC as an investment; it is also forging ahead with a variety of ventures related to blockchain technology, including trading, asset management, and advisory services. In fact, Galaxy has made so many strategic investments across the cryptocurrency space that it’s become a key player in the broader digital asset industry with a strong foundation for future growth, thanks to its Bitcoin holdings.
The electric vehicle company headed by Elon Musk, Tesla, has invested heavily in Bitcoin, securing 11,500 BTC in its reserves. While much of the attention surrounding Tesla’s Bitcoin strategy has come from speculating on what impact the company’s current and near-future plans may hold for the Bitcoin market, there has also been plenty of conversation around the idea that Tesla may someday turn its Bitcoin holdings into cash in order to fund some currently planned and/or future company projects.
The largest publicly traded cryptocurrency exchange in the U.S., Coinbase Global, ranks fifth for holding 9,200 BTC. It has been essential in granting institutions and retail investors access to Bitcoin and other cryptocurrencies. As the exchange with the most access to the U.S. crypto-trading market, its holdings of Bitcoin and other digital assets are a further signal of its commitment to these technologies.
Prominent among the companies on Bitcoin’s list of top holders is Hut 8 Mining, with 9,100 BTC, and right behind it is Riot Platforms, with 8,500 BTC. Despite being a firm built on the premise of technological solutions to problems associated with Bitcoin’s blockchain, the firm found itself having to explain why it holds so much Bitcoin—in fact, 224% more of it by the time you’d read this than it had back when it was holding just 4,000 BTC.
Block, the digital payments company once known as Square, is now eighth in terms of Bitcoin holdings, with 8,000 BTC to its name. Under the leadership of co-founder and Twitter provoker Jack Dorsey, Block has been a major Bitcoin backer, right from the days when it could only be said to be on a somewhat integrated basis due to the sometimes-stated-to-be-$SV super fan interface. When it comes to the Bitcoin horizon, Block is a forward-looking company.
CleanSpark, a Bitcoin mining company, holds 6,200 BTC, placing it among a cadre of companies that are some of the biggest players in the Bitcoin sector. CleanSpark is not only a significant player in Bitcoin mining but also a potential Bitcoin bull, given all the Bitcoin it holds and that it does not sell. Metaplanet, an investment firm out of Estonia that invests in various emerging technologies, rounds out the top ten list with its holding of 2,900 BTC.
The leading 10 public companies hold a sum of several hundred thousand bitcoins, the total value of which amounts to billions of dollars at today’s prices—quite a nice stash when you think about it. And those companies range from the biggest e-commerce firm in the world (that, too, by a recent merger) to energy companies, and even one with a large financial services wing that used to shape world economics. So: billing Bitcoin as an online payment option is almost certainly a thing of the past for PayPal. But also, getting paid in Bitcoin is no esoteric fad if you’re in any sort of business to do with energy, e-commerce, or finance. And yet!
The increasing presence of Bitcoin on corporate balance sheets is significant for the future of both digital assets and traditional financial markets. More and more companies are coming to recognize the value of Bitcoin. Its role in portfolio diversification and as a hedge against inflation is gaining traction. Moreover, the adoption of Bitcoin by corporations is showing that it is resilient and has increasing integration into the broader financial ecosystem.
The newest study out from CoinGecko goes deeper into the increasingly warm embrace Bitcoin is getting from publicly traded companies. MicroStrategy, under the guidance of its CEO Michael Saylor, has led the way putting Bitcoin on its balance sheet. Other big names in the crypto space, like Marathon Digital and Galaxy Digital, have also taken to diversifying into Bitcoin. These developments have led many in the corporate world to take a seriously second look at not only Bitcoin but also the use cases it provides.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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