The idea of public companies holding Bitcoin as a reserve asset would have seemed absurd just a few years ago. Back then, Bitcoin was considered too volatile and too niche for any major corporation to embrace. However, over the past year and a half, driven by an inflationary environment exacerbated by the global pandemic, this taboo has been completely shattered. Numerous institutional investors have now added Bitcoin to their balance sheets.
The trend began when the business software company MicroStrategy made an initial purchase of $425 million worth of Bitcoin between August and September 2020. Other companies quickly followed, including payment processor Square (now renamed Block) and electric vehicle manufacturer Tesla.
For investors hesitant to purchase Bitcoin directly, buying shares in publicly traded companies that hold Bitcoin can provide exposure to the asset without the complexities of self-custody. Some experts even argue that MicroStrategy's aggressive accumulation is effectively turning its stock into a "Bitcoin ETF."
This article, based on data compiled by the authoritative Bitcoin data website Bitcoin Worldwide, lists the top 10 public companies with the largest Bitcoin holdings.
Understanding Corporate Bitcoin Adoption
The shift toward Bitcoin represents a broader change in how corporations view treasury management. Instead of holding only cash and cash equivalents, these companies are diversifying into what they see as a superior store of value for the long term. This strategy is often a direct response to monetary policies that can lead to currency devaluation.
The companies on this list vary widely, from software firms and automakers to dedicated cryptocurrency miners and banks. Their approaches also differ; some are aggressively buying on the open market, while others accumulate Bitcoin as a byproduct of their core operations, such as mining.
The Top 10 Bitcoin-Holding Public Companies
1. MicroStrategy
MicroStrategy has made Bitcoin its primary treasury reserve asset. Founded in 1989, the company initially provided consulting services before pivoting to its core focus on business intelligence, data analytics, and cloud software.
Throughout 2021, MicroStrategy consistently added to its Bitcoin position. On December 31st alone, the company "bought the dip," acquiring 1,914 Bitcoin at an average price of $49,229 per coin. It now holds a staggering 124,391 BTC, making it the largest corporate holder of Bitcoin outside of trusts and exchange-traded funds (ETFs).
CEO Michael Saylor has been the strategy's most vocal proponent. Unlike most CEOs who avoid discussing personal investments, Saylor has publicly stated his substantial personal holdings. His unwavering belief in Bitcoin as "digital gold" has become central to the company's identity and investment thesis. The company even hosts educational events for other corporate executives on how to add Bitcoin to their balance sheets.
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2. Tesla
The electric vehicle manufacturer Tesla joined the ranks of Bitcoin-holding companies, though its journey has been arguably the most controversial on this list.
CEO Elon Musk first expressed interest in Bitcoin in late 2020. Soon after, in February 2021, Tesla announced a landmark $1.5 billion purchase. According to an SEC filing, Tesla currently holds 42,902 BTC. The purchase was framed as part of a new investment policy to diversify and maximize returns on its cash reserves.
Tesla's relationship with Bitcoin has been volatile. The company briefly accepted it as payment for vehicles before reversing the decision due to concerns about the environmental impact of Bitcoin mining. Musk stated the company does not intend to sell its Bitcoin and will consider allowing transactions again once mining transitions to more sustainable energy sources.
3. Galaxy Digital
As a merchant bank dedicated to the digital asset and cryptocurrency sector, Galaxy Digital is the largest Bitcoin holder directly within the crypto industry. The company, founded by former hedge fund manager Mike Novogratz in 2018, holds 16,400 BTC.
Novogratz has been a long-time bull on Bitcoin, often citing global monetary stimulus as a key driver for crypto asset adoption. Galaxy Digital is not just a holder; it's an active participant, having co-sponsored a proposal for a Bitcoin spot ETF and partnering with various other crypto firms to expand the ecosystem.
4. Voyager Digital
Cryptocurrency broker Voyager Digital holds 12,260 BTC. The company aims to provide a one-stop shop for trading crypto assets and reported explosive growth in 2021.
While bullish on crypto, the company has also shown caution. In regulatory filings, it has acknowledged that a significant decline in Bitcoin's price could adversely affect its operational results, demonstrating an understanding of the asset's inherent volatility.
5. Block (Formerly Square)
Block, the payments company founded by Twitter co-founder Jack Dorsey, is a stalwart Bitcoin advocate. Known for its popular Cash App, which allows users to buy and sell Bitcoin, Block itself holds 8,207 BTC on its corporate balance sheet.
The company's commitment extends beyond holding. Block has launched a multi-million dollar fund to promote Bitcoin development and education. It has also published a white paper for a decentralized Bitcoin exchange, tbDEX, aiming to build a bridge between the fiat and crypto worlds. The company's rebranding from Square to Block in late 2021 signals a deeper commitment to blockchain technology.
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6. Marathon Digital
Bitcoin mining company Marathon Digital Holdings holds 7,649 BTC, primarily accumulated through its mining operations. The company has undergone a significant transformation from its origins as a patent holding group to becoming a major player in North American Bitcoin mining.
Marathon's strategy involves massive expansion of its mining capacity, with a goal of significantly increasing its hash rate by 2023. The company views Bitcoin miners as the "gold miners of the digital age" and is betting heavily on the long-term appreciation of the asset it produces.
7. Hut 8 Mining
Canadian-based cryptocurrency miner Hut 8 Mining holds 5,242 BTC. The company is committed to a "HODL" strategy, meaning it retains almost all the Bitcoin it mines to grow shareholder value.
The company also generates fiat revenue by leveraging its Bitcoin holdings through yield accounts with digital asset brokerages. CEO Jaime Leverton has stated that the commitment to holding Bitcoin is central to the company's strategy for creating incremental value for investors.
8. Coinbase
As one of the world's largest and most recognizable cryptocurrency exchanges, Coinbase is a gateway for millions into the crypto economy. The company went public on the Nasdaq in April 2021, a landmark event for the industry.
While its primary business is facilitating trades for others, Coinbase also holds Bitcoin on its own balance sheet. Its holdings have been reported as 4,482 BTC, valued at approximately $213 million as of late 2021.
9. Riot Blockchain
Another major North American Bitcoin mining company, Riot Blockchain, holds 3,995 BTC. The Nasdaq-listed company has seen its valuation soar and has been aggressively expanding its operations.
A key part of its expansion was the acquisition of a massive 1-gigawatt mining facility in Rockdale, Texas, positioning Riot to become one of the largest publicly-traded Bitcoin mining and hosting companies on the continent.
10. Bitcoin Group SE
Rounding out the top 10 is German venture capital company Bitcoin Group SE, which holds 3,947 BTC. The company first bought Bitcoin in 2016 and has increased its holdings every year since.
The group is involved in operating Bitcoin.de, which merged with a German bank to create the country's first "cryptocurrency bank." These moves came after the German parliament allowed banks to trade and store crypto assets, opening the door for institutional adoption.
Frequently Asked Questions
Why are companies buying Bitcoin for their treasuries?
Companies are buying Bitcoin primarily as a hedge against inflation and the devaluation of fiat currencies. They view it as a long-term store of value, often referring to it as "digital gold," that can provide better returns than traditional cash reserves.
Is it safe for a company to hold so much Bitcoin?
Bitcoin's price volatility introduces significant risk. Companies that hold Bitcoin must be prepared for large swings in the value of their treasury. Most companies on this list have stated a long-term holding strategy and believe the potential rewards outweigh the short-term risks.
Do these companies actually own the Bitcoin, or is it held through a fund?
The companies listed here own the Bitcoin directly. They use various methods for custody, including third-party custodians and their own secure storage solutions, unlike investors who might gain exposure through a Bitcoin ETF or trust.
What impact does this have on Bitcoin's price?
Large, sustained buying from public companies creates significant demand pressure on the available supply of Bitcoin. This institutional demand is widely seen as a major factor in Bitcoin's price appreciation and its maturation as an asset class.
Could a company suddenly sell all its Bitcoin and crash the market?
While a rapid, large-scale sale by a major holder could cause price volatility, most of these companies have publicly committed to long-term holding strategies. A sudden mass sell-off is considered unlikely, though smaller sales for operational expenses or rebalancing do occur.
How do I invest in a company that holds Bitcoin?
You can purchase shares of these publicly traded companies through any standard brokerage account. This can be an indirect way to gain exposure to Bitcoin's price movement within a traditional investment portfolio.