For years, the idea of a public company holding Bitcoin as a reserve asset was considered nonsense. The top cryptocurrency was considered an asset that no serious business would accept due to its high volatility and fringe market characteristics.
However, this notion has been completely overturned, and in recent years, many large institutional investors have flocked to the Bitcoin market.
In August and September 2020, cloud software company MicroStrategy bought $425 million worth of Bitcoin, setting a precedent for listed companies to invest in Bitcoin. Subsequently, payment processor Block and electric car maker Tesla and other companies followed suit.
According to BitcoinTreasuries data, publicly traded companies holding Bitcoin currently account for 2.8% of the total supply of 21 million BTC. Here are some of the major publicly traded companies holding Bitcoin as of now:
MicroStrategy: MicroStrategy was once a well-known business analytics platform but has since transformed into a Bitcoin financial company, using BTC as its primary reserve asset. As of January 2025, the company holds a reserve of 461,000 BTC, valued at over $48 billion, accounting for more than 2% of the total Bitcoin supply. Executive Chairman Michael Saylor not only led the company to heavily invest in Bitcoin but also personally holds 17,732 Bitcoins, valued at over $1.85 billion as of September 2024. Saylor claims that the company's 'Bitcoin strategy' has allowed it to outperform its peers in the business intelligence sector and believes that Bitcoin will compete with traditional assets such as gold and art in the future.
Marathon Digital Holdings Inc.: Bitcoin mining company Marathon Digital is a large holder of Bitcoin. As of a December 2024 update, it holds 44,394 BTC in its treasury, valued at over $4.6 billion. Originally a patent holding company, it pivoted to crypto mining, aiming to build one of North America's largest and lowest energy cost Bitcoin mining operations. After the Bitcoin halving in 2024, the company accelerated its growth plans, reporting a 35% increase in third-quarter revenue and raising nearly $2 billion through convertible notes for Bitcoin purchases.
Riot Platforms, Inc.: US cryptocurrency mining company Riot Platforms holds 17,722 BTC, valued at approximately $1.85 billion. This Nasdaq-listed company saw its valuation soar from less than $200 million in 2020 to over $6 billion in 2021. In 2024, the company experienced significant stock price fluctuations due to the Bitcoin halving but recovered somewhat after Trump's election in November. Additionally, the company reached a settlement with Bitcoin Mining.
Galaxy Digital Holdings: A commercial bank focused on cryptocurrency, Galaxy Digital Holdings was founded in January 2018. According to investor data from November 2024, it holds approximately 11,242 BTC, valued at around $1.18 billion. The company's founder, Michael Novogratz, is a staunch supporter of Bitcoin and has predicted Bitcoin price trends. Additionally, the company received approval from the U.S. Securities and Exchange Commission in January 2024 to manage a U.S. spot Bitcoin ETF.
Hut 8 Corp: Canadian Bitcoin mining company Hut 8 held 10,096 BTC, valued at over $1 billion as of December 2024. It went public on Nasdaq in June 2021, generating legal revenue through self-mining and holding Bitcoin reserves. In November 2023, it merged with US Bitcoin and invested $150 million to expand AI computing needs, with its stock price nearly doubling after the presidential election.
Tesla: In December 2020, electric vehicle manufacturer Tesla joined the ranks of companies holding Bitcoin, having invested $1.5 billion in Bitcoin. Tesla's relationship with Bitcoin has been tumultuous; although it has sold portions of its Bitcoin multiple times, as of January 2025, it still holds 9,720 BTC, valued at just over $1 billion, with Musk indicating a potential increase in Bitcoin holdings in the future.
Coinbase Global, Inc.: The cryptocurrency exchange Coinbase went public directly on Nasdaq in April 2021. In February 2021, it disclosed holding Bitcoin worth $230 million and as of September 2024, it had 9,363 BTC, valued at approximately $980 million. After the 2024 presidential election, its stock price rebounded, and it launched a packaged Bitcoin product, cbBTC, and restarted its Bitcoin lending service.
CleanSpark: US Bitcoin mining company CleanSpark holds 9,297 BTC, valued at approximately $975 million. Before the Bitcoin halving in 2024, the company acquired three Bitcoin mining facilities in Mississippi and expanded its facilities in Georgia to grow its business. In June 2024, the company reported mining 417 BTC in May, exceeding industry expectations, and plans for further expansion.
Block, Inc.: The parent company of Square, Block invested $50 million in Bitcoin in October 2020. As of the end of September 2024, it held 8,363 Bitcoins, valued at approximately $876 million. CEO Jack Dorsey is a passionate advocate for Bitcoin, and the company has also introduced Bitcoin wallets, developed mining chips, and allowed businesses to convert a portion of their sales into Bitcoin, planning to reinvest 10% of Bitcoin business profits back into BTC.
Bitcoin Group SE: Based in Germany, venture capital firm Bitcoin Group SE holds approximately 3,678 Bitcoins, valued at $385 million. Its investments include the cryptocurrency exchange Bitcoin.de and Futurum Bank, which merged in October 2020 to form 'Germany's first crypto bank.' After the German parliament allowed banks to trade cryptocurrencies, the company emphasized the opportunity to introduce the benefits of cryptocurrencies to institutional investors.