Top 10 Publicly Traded Companies with the Largest Bitcoin Investment Portfolios
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Top 10 Publicly Traded Companies with the Largest Bitcoin Investment Portfolios
An increasing number of listed companies are viewing Bitcoin as a significant asset and continuously expanding their holdings, signaling broad acceptance of Bitcoin at the corporate level.
Navigating Web3 tides with focused insightsWritten by: Daniel Phillips, Stephen Gr
Translated by: Baihua Blockchain
For years, the idea of public companies buying Bitcoin as a reserve asset was considered laughable. The top cryptocurrency was seen as too volatile and too niche to be embraced by any serious business.
However, that taboo has been thoroughly broken, with many prominent institutional investors purchasing Bitcoin in recent years.
The door first opened when cloud software company MicroStrategy bought $425 million worth of Bitcoin in August and September 2020. Other companies quickly followed, including payment processor Block and electric vehicle maker Tesla.
According to data from BitcoinTreasuries, publicly traded companies now hold nearly 1.5% of the total 21 million Bitcoin supply.
1. MicroStrategy
MicroStrategy, a well-known business analytics platform, has adopted Bitcoin as its primary treasury asset.
The company, which produces mobile software and cloud-based services, actively pursues Bitcoin purchases, acquiring millions of dollars' worth of the cryptocurrency. As of May 2025, it holds 214,400 Bitcoins—worth approximately $14.8 billion—exceeding 1% of Bitcoin’s total supply.
Michael Saylor, CEO of MicroStrategy, once said he was buying $1,000 of Bitcoin per second. During the company's Q1 2024 earnings call, Saylor claimed the company's "Bitcoin strategy" had outperformed enterprise software rivals in the business intelligence space by 10x to 30x.
Unlike most CEOs who typically avoid discussing personal investments, Saylor openly disclosed holding 17,732 Bitcoins personally—currently worth over $1.2 billion.
According to BitInfoCharts, if all of Saylor’s Bitcoin were held in a single address, he would rank among the top 101 Bitcoin holders. This marks a dramatic shift for the MicroStrategy CEO, who in 2013 claimed Bitcoin had limited longevity.
During the company’s Q1 2024 earnings call, Saylor stated: “We are in the early innings of institutional adoption of Bitcoin as a digital asset.” He added that in the future, Bitcoin will not compete with other crypto assets but rather with gold, art, stocks, real estate, bonds, and other forms of wealth preservation and capital investment.
2. Marathon Digital Holdings Inc.
Unsurprisingly, Bitcoin mining company Marathon Digital is also a major Bitcoin holder, with 17,631 Bitcoins in its corporate reserves (worth about $1.23 billion as of May 2024). The company aims to build “one of North America’s largest Bitcoin mining operators, operating at the lowest energy cost.” Prior to shifting into crypto mining, the company was originally a patent-holding firm, often labeled a “patent troll.”
As of May 2024, Marathon Digital operates approximately 240,000 Bitcoin miners, capable of producing 29.9 EH/s in hash rate, with an average operational rate of 21.1 EH/s.
The company noted that after the 2024 Bitcoin halving, it accelerated its growth plans “to mitigate the impact,” and expressed hopes to double its mining operations by 2024.
However, the company failed to meet its revenue targets for Q1 2024 due to “unexpected equipment failures, transmission line maintenance, and higher-than-expected weather-related restrictions at Garden City and other sites.”
3. Tesla
Electric vehicle manufacturer Tesla joined the ranks of Bitcoin-holding companies in December 2020, disclosing in an SEC filing that it invested “approximately $1.5 billion” in Bitcoin.
Tesla sold 10% of its Bitcoin holdings in Q1 2021; according to CEO Elon Musk, this was to demonstrate Bitcoin’s liquidity as an alternative to cash holdings.
Tesla’s Bitcoin investment came after months of speculation following Musk’s tweets about Bitcoin. At the end of 2020, MicroStrategy’s Saylor said he was willing to share his “strategy” on Bitcoin investing with Musk, predicting Tesla’s move into Bitcoin would bring “$100 billion in benefits” to Tesla shareholders.
However, Musk and Tesla have had a rocky relationship with Bitcoin. After announcing in March 2021 that Tesla would accept Bitcoin for its products and services, Musk abruptly reversed course just two months later, stating the company would no longer accept Bitcoin as payment.
Musk cited the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions” as the reason, stating Tesla would not sell any of its Bitcoin holdings and would reconsider using Bitcoin for transactions once mining “shifts toward more sustainable energy sources.” He later clarified that the company would resume Bitcoin transactions once miners used 50% clean energy.
In July 2022, Tesla revealed in its Q2 2022 quarterly update that it had sold “approximately 75%” of its Bitcoin holdings, with its balance sheet showing $936 million in proceeds from digital asset sales. During a call with analysts, Musk said the move was to strengthen the company’s cash position amid uncertainties from COVID lockdowns. He added at the time that the company “remains open to increasing our Bitcoin holdings in the future, so this should not be considered some kind of judgment on Bitcoin.”
According to bitcointreasuries.org, as of May 2024, Tesla holds 9,720 Bitcoins in its portfolio—worth around $677 million at current prices. The company has maintained this position, with its Q1 2024 balance sheet showing an estimated value of $184 million as of Q3 2023 and Q1 2024.
Musk has also become a vocal supporter of Dogecoin, with Tesla allowing select merchandise to be purchased using Dogecoin.
4. Hut 8 Mining Corp
Bitcoin mining company Hut 8 holds 9,109 Bitcoins, worth approximately $644 million at current prices.
The company listed on the Nasdaq Global Select Market in June 2021 under the ticker HUT. Its SEC filings state that it is committed to increasing shareholder value through growing its Bitcoin holdings and their value.
It also explained that it leverages its self-mined and held Bitcoin reserves via income-generating account arrangements with leading digital asset prime brokers to generate fiat income.
In November 2023, the company merged with another Bitcoin miner, US Bitcoin, with the combined entity branding itself as an “energy infrastructure company targeting Bitcoin mining and data centers.” These mining centers are located across six sites in Alberta, Texas, and New York, reportedly achieving a self-mining capacity of 7.5 EH/s.
In its Q1 2024 earnings report, the company reported $51.7 million in revenue for the quarter, a 231% year-over-year increase.
5. Riot Platforms, Inc.
Another U.S.-based cryptocurrency mining company, Riot Blockchain, holds 9,084 Bitcoins, valued at $643 million at today’s prices.
The company’s valuation surged from less than $200 million in 2020 to over $6 billion in 2021. This Nasdaq-listed firm pursued aggressive expansion: in April 2021, it spent $650 million to acquire a one-gigawatt Bitcoin mining facility in Rockdale, Texas, describing the purchase as a “transformative event” that made it “the largest publicly traded Bitcoin mining and hosting company in North America based on total development capacity.”
In April 2022, Riot announced further plans to build an additional one-gigawatt mining facility in Navarro County, Texas. After the 2022 crypto market crash, CEO Jason Les told Yahoo Finance that Bitcoin mining would “continue to thrive in the United States,” noting that “despite reduced economic returns for Bitcoin mining, there remains significant opportunity here.”
By January 2023, the company rebranded as Riot Platforms, aiming to diversify its business model amid ongoing challenges from the crypto winter and rising energy costs.
In early 2024, the company warned shareholders that there was “no guarantee” the upcoming Bitcoin halving would positively impact profitability. In June, it became the target of short-seller Kerrisdale, which called “Bitcoin mining one of the dumbest business models we’ve encountered in 15 years of short selling”—but the company’s stock price quickly recovered after an initial drop following the report.
6. Coinbase Global, Inc.
Undoubtedly the most prominent crypto company on this list is Coinbase, the cryptocurrency exchange platform that completed a landmark direct listing on Nasdaq in April 2021.
Prior to going public, in February 2021, Coinbase disclosed holding $230 million in Bitcoin on its balance sheet. By June 2024, it held 9,000 Bitcoins in reserves—slightly under $642 million in value.
7. Galaxy Digital Holdings
Cryptocurrency-focused merchant bank Galaxy Digital Holdings holds 8,100 Bitcoins. This is down from 16,400 Bitcoins held in July 2022, though due to Bitcoin’s price appreciation, its holdings in June 2024 were worth nearly $578 million—compared to $357 million two years prior.
Founded in January 2018 by Michael Novogratz, Galaxy Digital has partnered with crypto firms including Block.one and BlockFi. Unsurprisingly, Novogratz is a staunch Bitcoin advocate, stating in March 2024 that Bitcoin would never fall below $50,000 again, and later predicting it would surge to $100,000 by year-end.
Galaxy Digital is one of the firms managing U.S. spot Bitcoin ETFs, which received historic approval from the U.S. Securities and Exchange Commission (SEC) in January 2024.
8. Block, Inc.
In October 2020, Block (then Square) helped ignite institutional interest in Bitcoin with a $50 million investment. By June 2024, the company held 8,027 Bitcoins, worth approximately $573 million. This may not come as a surprise, given that CEO Jack Dorsey is a vocal Bitcoin supporter (and even runs his own Bitcoin node).
At the time of the initial investment, the company described it as “part of Square’s ongoing commitment to Bitcoin,” noting that it “plans to continue evaluating its total investment in Bitcoin relative to other investment opportunities.”
The company has invested in Bitcoin technology, launching its own Bitcoin wallet and developing Bitcoin mining ASIC chips. In April 2024, its payments subsidiary Square announced that businesses using its Cash App could automatically convert a portion of daily sales into Bitcoin.
In May 2024, the company announced it would reinvest 10% of profits from Bitcoin-related products and services back into Bitcoin through a dollar-cost averaging (DCA) purchase program.
The company changed its name from Square to Block in December 2021, clearly referencing the blockchain technology underlying Bitcoin. The rebranding followed Dorsey’s announcement a week earlier that he was stepping down as CEO of Twitter to focus on the payments company.
9. CleanSpark
U.S. Bitcoin mining company CleanSpark holds 6,154 Bitcoins, worth approximately $439 million as of June 2024.
Ahead of the 2024 Bitcoin halving, the company expanded operations by acquiring three Bitcoin mining facilities in Mississippi for $19.8 million, adding 2.4 EH/s to its mining capacity. It also added a third facility in Dalton, Georgia, contributing an additional 0.8 EH/s.
In June 2024, CleanSpark revealed it mined 417 Bitcoins in May, claiming to have “exceeded industry expectations” in the first full production month post-halving. The company also stated plans to expand further into a site in Wyoming “in the coming days.”
10. Bitcoin Group SE
Germany-based venture capital firm Bitcoin Group SE ranks lower on this list, holding a relatively modest 3,830 Bitcoins—worth $275 million at current prices.
Its investments include cryptocurrency exchange Bitcoin.de and Futurum Bank. The two merged in October 2020 to form “Germany’s first cryptocurrency bank,” following a parliamentary decision allowing banks to sell and custody crypto assets. Bitcoin Group SE’s managing director, Marco Bodewein, emphasized the opportunity to introduce institutional investors to the “high returns and security features” of cryptocurrencies.
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