For years, the idea of public companies stockpiling Bitcoin sounded absurd to many. A currency born from the internet, tied to no government, and known for its wild price swings wasn’t something traditional corporations wanted to mess with.
Today, a growing number of influential businesses have not only embraced Bitcoin but made it a core part of their identity. At present, top 5 companies jointly hold around 2.8% of all Bitcoin ever created – an astonishing reality considering the reluctance that once defined Wall Street’s stance on crypto.
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1. Strategy – The Relentless Accumulator
Strategy (formerly MicroStrategy) leads the pack with its staggering 506,137 BTC. With the value of this holding now sitting at about $42.8 billion, the company has completely redefined its corporate identity. The name change to “Strategy” in February 2025 underlined this shift, with Saylor describing it as a move toward the “power and positivity” that Bitcoin represents.
Once a business intelligence and software company, Strategy has since become the blueprint for corporate crypto adoption. It now functions more like a Bitcoin treasury with a software business on the side, rather than the other way around.
Read also: Michael Saylor’s Strategy Crosses 500,000 Bitcoin Milestone
2. Marathon Digital Holdings – The Mining Titan
Marathon Digital, a Bitcoin mining company, ranks second on the list with 46,374 BTC. Valued at over $4 billion as of March 2025, its stash reflects the company’s laser focus on mining and accumulation.
The firm wasn’t always in crypto. It started out as a patent-holding entity but pivoted into crypto mining. By mid-2024, it operated more than 250,000 mining machines, with a combined hash rate that gives it one of the largest mining footprints in North America.
3. Riot Platforms – The Power Player
Riot Platforms, another heavyweight in the mining sector, holds 18,692 BTC– over $1.6 billion at current prices. The company saw its valuation explode from under $200 million in 2020 to over $6 billion just a year later.
In 2021, Riot shelled out $650 million for a Texas-based Bitcoin mining facility. That move fueled even greater expansion through 2022, and by 2023, Riot had rebranded to broaden its focus beyond mining alone.
4. Galaxy Digital – The Crypto Bank
Founded in 2018 by Michael Novogratz, Galaxy Digital functions more like a merchant bank, offering asset management and infrastructure services to institutional clients. As of a November 2024 investor update, Galaxy held 11,242 BTC, valued at roughly $1.18 billion. Currently, its holdings are even bigger, with 15,449 BTC.
While it doesn’t mine or manufacture anything, Galaxy plays a central role in the institutional adoption of Bitcoin and Ethereum. With growing assets and influence, it remains a key player in the financialization of crypto.
5. Tesla – The Unlikely Believer
Electric car maker Tesla joined the Bitcoin bandwagon back in December 2020, putting in a whopping $1.5 billion. As of its December 2024 10-K filing, the company holds 11,509 BTC.
Though it sold 10% of its holdings in early 2021, Elon Musk defended the decision, saying it was meant “to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet”.
Why More Public Companies Are Betting on Bitcoin?
In 2025, public companies aren’t just testing the waters – they’re diving in. Digital asset brokerage firm River highlighted this shift, stating:
The mix of companies getting involved spans industries. Technology firms lead the pack, making up half of the public Bitcoin holders. Financial companies follow at 30%, with names like Coinbase Global and Fold Holdings getting in through ETFs. Miners such as Marathon and Riot cover 15%.
Only 5% comes from other areas like retail and energy, but their interest isn’t shallow. These companies use Bitcoin to process transactions and diversify reserves. The spread shows this isn’t a niche play anymore – it’s a mainstream financial decision with lasting implications.
Read also: GameStop Announces Bitcoin Treasury Strategy – GME Shares Soar 16%
