The 10 Public Companies With the Biggest Bitcoin Portfolios

Firms like Strategy, Tesla, and Coinbase have purchased billions of dollars worth of Bitcoin between them. These are the biggest whales.

Feb 16, 2025

11 min read

Investors are becoming increasingly interested in Bitcoin. Image: Shutterstock

For many years, the idea that publicly traded corporations might buy Bitcoin for their reserves was considered laughable. The top cryptocurrency was considered too volatile, too fringe to be embraced by any serious business.

That taboo has been well and truly broken, with a number of major institutional investors buying up Bitcoin in recent years.

The floodgates first opened when cloud software company Strategy (formerly MicroStrategy) bought $425 million worth of Bitcoin in August and September 2020. Others followed suit, including payments processor Block and electric car manufacturer Tesla.

Per BitcoinTreasuries, public companies holding Bitcoin now account for 2.8% of the total supply of 21 million BTC. These are the biggest holders as of this writing.

1. Strategy

Strategy, a prominent business analytics platform turned Bitcoin treasury company, has adopted BTC as its primary reserve asset. The company is perhaps better known as MicroStrategy, but changed its name in February 2025 with co-founder Michael Saylor citing the “power and positivity” of “strategy.”

The firm, which produces mobile software and provides cloud-based services, has aggressively pursued a Bitcoin buying spree, scooping up millions of dollars worth of the cryptocurrency. As of this writing in February 2025, it holds 478,740 BTC in reserve, equivalent to more than $46 billion and more than 2% of the total number of Bitcoin that will ever be issued.

At one point, Strategy Executive Chairman Michael Saylor said, he was buying $1,000 in Bitcoin every second. In the company’s Q1 2024 earnings call, Saylor claimed that the company’s adoption of a “Bitcoin strategy” had enabled it to deliver 10x to 30x the performance of rival enterprise software companies in the business intelligence sector.

Unlike other executives who typically shy away from discussing their personal investments, Saylor has made it public that he personally purchased 17,732 BTC—currently worth over $1.6 billion and still holds them as of September 2024. It’s something of an about-face for the Strategy co-founder, who in 2013 claimed that Bitcoin’s days were numbered.

“We're at the beginning of the stage of rapid institutional adoption of digital property in the form of Bitcoin,” Saylor said during the company’s Q1 2024 earnings call. He added that in the future, Bitcoin won’t compete against other crypto assets, but against, “gold, art, equities, real estate, bonds, and other types of store-of-value money in wealth creation, wealth preservation, and the capital markets.”

Strategy plans to buy even more Bitcoin in the near future, as it’s in the midst of raising a planned $42 billion to do just that, and Saylor is making the pitch to other public companies as well—like Microsoft, though shareholders ultimately voted against the proposal.

2. Marathon Digital Holdings Inc.

Bitcoin mining company Marathon Digital, unsurprisingly, is also a large holder of Bitcoin, with 45,659 BTC in its corporate treasury according to its most recent update in January 2025. That’s worth more than $4.4 billion at today’s prices.

The company, which aims to build "the largest Bitcoin mining operation in North America at one of the lowest energy costs," originated as a patent holding firm (and was often referred to as a patent troll) before its pivot into crypto mining.

As of July 2024, Marathon Digital runs more than 250,000 Bitcoin miners capable of producing 31.5 EH/s, with an average operational hash rate of 26.3 EH/s.

The firm noted that it is accelerating its growth plans following the 2024 Bitcoin halving, in a bid to “mitigate the impact” of receiving half the BTC rewards per each successfully mined block. The firm had said that it aimed to double the scale of its mining operations in 2024.

The company increased its revenue by 35% to $132 million in Q3 2024, up from $98 million in Q2. It recently raised nearly $2 billion via convertible notes, most of which has been used to buy Bitcoin.

3. Riot Platforms, Inc.

Another crypto mining outfit, U.S.-based Riot Platforms, holds 18,221 BTC—worth just under $1.8 billion at today’s prices.

With its valuation surging from below $200 million in 2020 to highs of over $6 billion in 2021, the Nasdaq-listed company went on an aggressive expansion drive. In April 2021, it spent $650 million on a one-gigawatt Bitcoin mining facility in Texas, eventually expanding further in 2022 before rebranding to Riot Platforms to diversify its business model in 2023.

In 2024, it warned shareholders that there was “no guarantee” the Bitcoin halving would improve profitability and while RIOT shares traded briefly around $18 in the early part of the year, the stock fell gradually before ranging below $10 from August until late October. After such, it gained alongside a resurgence for Bitcoin mining stocks and the broader cryptocurrency market after Donald Trump was named President-elect in November.

The company also reached a settlement with Bitcoin mining firm, Bitfarms, as it attempted a hostile takeover of the rival in 2024.

4. Tesla

Electric vehicle manufacturer Tesla joined the ranks of companies holding Bitcoin in December 2020, with an SEC filing revealing that the company invested "an aggregate $1.5 billion" in Bitcoin. Today the company holds 11,509 BTC according to its December 2024 10-K.

After its first purchase, the company sold 10% of its Bitcoin holdings in Q1 2021; according to CEO Elon Musk, this was "to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet."

The company's Bitcoin play followed months of speculation, after CEO Elon Musk took to Twitter (aka X) to discuss the cryptocurrency. In late 2020, Strategy's Saylor offered to share his "playbook" for Bitcoin investing with Musk, after arguing that a move into Bitcoin would be doing Tesla shareholders a "$100 billion favor."

However, Musk and Tesla have had an on-and-off relationship with Bitcoin. After announcing that Tesla would accept payments in Bitcoin for its products and services in March 2021, just two months later the CEO abruptly announced that the company would no longer accept the cryptocurrency for payments.

Arkham Intelligence believes the acceptance of Bitcoin payments fueled a jump in the Tesla Bitcoin holdings, placing its current treasury at 11,509 BTC compared to a once widely reported 9,720 BTC based on its previous purchases and ensuing sales. Tesla’s latest financial reports validate the total of 11,509.

It remains to be seen whether Tesla will add to its balance sheet, but Musk has said that “he’s open to increasing its Bitcoin holdings in the future.”

Musk is perhaps best known as a keen advocate of Dogecoin. Tesla has enabled Dogecoin purchases for some merchandise, plus Musk is now leading the Department of Government Efficiency (DOGE), spawning new meme coins and a swift movement upward for Dogecoin.

5. Galaxy Digital Holdings

Crypto-focused merchant bank Galaxy Digital Holdings holds an estimated 11,242 BTC according to data from a November 2024 investor release, based on having $711 million worth of Bitcoin as of September 30, 2024. At the current price, as of this writing, that amount of Bitcoin is worth about $1.18 billion.

Founded by Michael Novogratz in January 2018, the company provides asset management and digital infrastructure services to institutions looking to gain access to digital assets like Bitcoin and Ethereum.

Novogratz is, unsurprisingly, a keen advocate for Bitcoin, arguing in March 2024 that the cryptocurrency would never dip below $50,000 again, and months later predicting that it would soar to $100,000 by the end of the year.

Galaxy Digital is one of a number of firms managing a U.S. spot Bitcoin ETF, following their landmark approval by the SEC in January 2024. Recently, Novogratz indicated that Trump winning the Presidential election was “the most important day for crypto.”

6. CleanSpark

U.S. Bitcoin mining firm CleanSpark holds 10,556 BTC, worth just more than $1 billion at today’s prices.

Ahead of the 2024 Bitcoin halving, the firm expanded its operations, snapping up three Bitcoin mining facilities in Mississippi for $19.8 million and adding up to 2.4 EH/s to its mining capacity. The company also added a third facility in Dalton, Georgia to its lineup, with a further 0.8 EH/s.

In June 2024, CleanSpark revealed that it had mined 417 BTC in the month of May, claiming to have “outperformed industry expectations” in its first full month of production following the halving. The company added that it plans to further expand to a site in Wyoming “in the coming days.”

The company’s stock, like that of its peers, nearly doubled in the weeks following the election, valuing the company at more than $3 billion at the time of writing.

While other public companies on the list have made it a habit of buying Bitcoin for their treasuries, Cleanspark CFO Gary Vecchiarelli said in February 2025, “We continue to invest in ourselves because why buy bitcoin at current spot prices when we can mine it for $34,000?"

7. Hut 8 Corp

Canadian Bitcoin mining firm Hut 8 holds 10,208 BTC, worth just under $1 billion at current prices according to its most recent update from January 2025.

In June 2021, the company was listed on the Nasdaq Global Select Market under the HUT ticker, with the company's SEC filing noting that it's "committed to growing shareholder value by increasing the number and value of our Bitcoin holdings."

The company also explained that it generates fiat income by leveraging its reserve of self-mined and held Bitcoin, "via yield account arrangements with leading digital asset prime brokerages."

In November 2023, the firm merged with fellow mining company US Bitcoin, with the post-merger firm billing itself as an “energy infrastructure company targeting Bitcoin mining and data centers.” Those mining centers are based at six sites across Alberta, Texas, and New York, with a reported 7.5 EH/s of installed self-mining capacity.

The company announced a $150 million investment last June to expand its AI compute demands, and its stock nearly doubled in the weeks following the Presidential election, bringing its market cap to more than $2 billion as of this writing.

8. Coinbase Global, Inc.

Arguably the best-known crypto firm in this list, crypto exchange Coinbase went public in a landmark direct listing on the Nasdaq in April 2021.

Ahead of its listing, in February 2021, Coinbase revealed that it held $230 million in Bitcoin on its balance sheet. As of its September 2024 10-Q filing, it holds 9,363 BTC in its treasury, worth around $980 million.

The company’s stock has charged back towards its previous all-time high in the wake of the 2024 Presidential election and it continues to innovate with Bitcoin, recently announcing its own wrapped Bitcoin product, cbBTC. Coinbase also recently restarted Bitcoin lending services.

9. Block, Inc.

Alongside Tesla, Square parent company Block lit the fuse for institutional investment in Bitcoin with its October 2020 investment of $50 million in the cryptocurrency.

As of the end of September 2024, the firm holds 8,363 Bitcoin, worth about $876 million.

The investment is perhaps unsurprising, considering that CEO Jack Dorsey is an enthusiastic advocate for Bitcoin—even running his own Bitcoin node and describing the coin’s whitepaper as “poetry.”

At the time of its initial investment, the company described it as "part of Square’s ongoing commitment to Bitcoin," noting that "the company plans to assess its aggregate investment in Bitcoin relative to its other investments on an ongoing basis."

The firm has invested in Bitcoin technology, launching its own Bitcoin wallet and developing a Bitcoin mining ASIC chip. In April 2024, its payment services subsidiary Square announced that it would enable businesses using its Cash App product to automatically convert a portion of daily sales into Bitcoin.

In May 2024, the firm announced that it would reinvest 10% of its profits from Bitcoin-related products and services into BTC, in a dollar cost average or DCA purchase program.

10. Bitcoin Group SE

Germany-based venture capital firm Bitcoin Group SE brings up the rear of the list, with approximate Bitcoin holdings of 3,678 based on a recent financial update, worth $385 million.

Its investments include crypto exchange Bitcoin.de and Futurum bank, which merged in October 2020 to form "Germany's first crypto bank."

The move followed the German parliament's decision to enable banks to sell and store cryptocurrencies, with Bitcoin Group SE managing director Marco Bodewein highlighting the opportunity to introduce the bank's institutional investors to crypto's "high returns and safety features."

Germany sold the majority of its confiscated Bitcoin holdings throughout the summer.

Additional reporting by Daniel Phillips

Editor's note: This article was first published in July 2022 and last updated with new details on February 16, 2025.

Edited by Andrew Hayward

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