Corporate crypto treasuries
Publicly listed companies that hold Bitcoin or Ethereum as a treasury asset. Holdings are filed with regulators, so unlike most on-chain estimates these are reported figures.
Public companies holding Bitcoin
Built into the page| # | Company | Listing | BTC held | Value now | Cost basis | Unrealised |
|---|---|---|---|---|---|---|
| 1 | Strategy US | MSTR.US | 845,050 | $65.64B | $64.27B | +2.13% |
| 2 | Twenty One Capital US | XXI.US | 43,514 | $3.38B | Not disclosed | — |
| 3 | Metaplanet JP | 3350.T | 43,000 | $3.34B | $3.81B | -12.36% |
| 4 | MARA Holdings US | MARA.US | 35,303 | $2.74B | Not disclosed | — |
| 5 | Bitcoin Standard Treasury Company US | CEPO.US | 30,021 | $2.33B | Not disclosed | — |
| 6 | Galaxy Digital Holdings Ltd US | GLXY.US | 25,723 | $2B | $2.28B | -12.49% |
| 7 | Strive US | ASST.US | 24,530 | $1.91B | $2.24B | -15.08% |
| 8 | Bullish US | BLSH.US | 23,300 | $1.81B | Not disclosed | — |
| 9 | Space Exploration Technologies Corp. US | SPCX | 18,712 | $1.45B | $661M | +119.88% |
| 10 | Coinbase Global US | COIN.US | 16,492 | $1.28B | $1.16B | +10.74% |
| 11 | Riot Platforms US | RIOT.US | 15,680 | $1.22B | Not disclosed | — |
| 12 | Hut 8 Mining Corp US | HUT.US | 13,696 | $1.06B | Not disclosed | — |
| 13 | CleanSpark US | CLSK.US | 13,470 | $1.05B | Not disclosed | — |
| 14 | Tesla US | TSLA.US | 11,509 | $893.93M | $386M | +131.59% |
| 15 | Trump Media & Technology Group Corp. US | DJT.US | 9,542 | $741.16M | $1.13B | -34.47% |
| 16 | Block US | XYZ.US | 9,032 | $701.53M | Not disclosed | — |
| 17 | American Bitcoin US | ABTC.US | 7,500 | $582.54M | Not disclosed | — |
| 18 | GD Culture Group CN | GDC.US | 7,500 | $582.54M | $841.5M | -30.77% |
| 19 | Next Technology Holding CN | NXTT.US | 5,833 | $453.06M | $183.07M | +147.47% |
| 20 | ProCap Financial (formerly ProCap BTC) US | BRR.US | 5,405 | $419.82M | Not disclosed | — |
| 21 | Gemini Space Station US | GEMI.US | 4,827 | $374.92M | $235.19M | +59.42% |
| 22 | Nakamoto Inc (formerly KindlyMD) US | NAKA.US | 4,467 | $346.96M | Not disclosed | — |
| 23 | Boyaa Interactive International Limited HK | 434.HK | 4,091 | $317.76M | $278.65M | +14.03% |
| 24 | OranjeBTC BR | OBTC3.SA | 3,918 | $304.32M | $405.61M | -24.97% |
| 25 | BitGo Holdings US | BTGO.US | 3,854 | $299.35M | $257.42M | +16.29% |
| 26 | Bitcoin Group SE DE | ADE.DE | 3,605 | $280.01M | Not disclosed | — |
| 27 | Capital B FR | ALCPB.PA | 3,145 | $244.28M | $329.73M | -25.92% |
| 28 | Empery Digital US | EMPD.US | 2,914 | $226.34M | Not disclosed | — |
| 29 | DDC Enterprise Limited US | DDC.US | 2,899 | $225.17M | $226.71M | -0.68% |
| 30 | Ionic Digital US | IOND.US | 2,882 | $223.85M | Not disclosed | — |
Why this list is worth watching
Corporate treasury buying is genuinely different from exchange flow. These are reported, long-horizon positions that rarely trade, so coins moving onto balance sheets are effectively removed from circulating supply until the company changes strategy. The concentration is the thing to notice: one company typically holds the large majority of the total, which makes this much less diversified than “institutional adoption” suggests.
The leveraged treasury model
Several of these companies fund purchases by issuing convertible debt or new equity rather than from operating cash flow. That works in one direction and is uncomfortable in the other: the shares trade at a premium to the value of the coins, the premium funds more buying, and a sustained drawdown compresses the premium exactly when the debt still needs servicing. It is a real strategy with a real failure mode, and neither half should be ignored.
Source: CoinGecko public treasury data, compiled from company filings. Private companies, funds and ETFs are not included.