Bitcoin Treasuries

Public companies holding BTC — live totals, values and the top-10 ranked.

PUBLIC COMPANY BITCOIN TREASURIES · live
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Total value
Share of 21M supply
Companies tracked
Largest holder
#CompanyCountryBTC heldValue (USD)% of supply
HOLDINGS DISTRIBUTION · top companies

Share of tracked corporate Bitcoin held by the largest holders (BTC).

Who holds Bitcoin on the balance sheet

Since 2020, a growing set of public companies has adopted Bitcoin as a treasury reserve asset. The table above ranks them live by holdings, with dollar values marked to the current price. The concentration is striking: the largest holder alone typically accounts for well over half of all tracked corporate Bitcoin.

The treasury playbook

Pioneered by Strategy (formerly MicroStrategy), the aggressive version uses debt and equity issuance to accumulate Bitcoin as the company's primary reserve, effectively offering shareholders leveraged BTC exposure through a stock. The conservative version simply diversifies a cash pile. Both create structurally patient demand — corporate treasuries rarely trade.

Why the accounting change mattered

Until 2025, US companies had to carry Bitcoin at cost and write it down on dips without ever marking it up — an ugly asymmetry. FASB's fair-value rules now let holdings reflect market prices in earnings, removing the biggest CFO objection and broadening the adopter pool.

Keeping the number in perspective

Corporate treasuries hold a mid-single-digit percentage of the 21 million cap — meaningful but smaller than ETFs and far smaller than individual holders in aggregate. The trend matters more than the level: each new balance-sheet adopter normalizes the next one.

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