Public Firms Deepen Bitcoin Exposure as Holdings Top 1.12M BTC

Public companies have continued to bet on Bitcoin amid friendly regulations from the United States during the Donald Trump administration.

Public Companies are Accumulating Bitcoin

Data compiled by Bitcoin Treasuries shows that more companies have an exposure to Bitcoin even as its price remains under pressure.

The top 100 publicly traded companies now hold 1.127 million coins. All publicly traded companies have accumulated 1.13 million coins, currently valued at over $101 billion, which is equivalent to 5.5% of their market cap.

Most of these companies are from the United States, followed by Canada, the United Kingdom, and Japan.

Michael Saylor’s Strategy continues to be the most aggressive Bitcoin accumulator, with 709,715 coins worth over $62 billion. Its most recent disclosure showed that it acquired over 2,000 coins in a week, a trend that will continue as the company has shares worth over $10 billion that it can sell to continue accumulating.

The other top Bitcoin holders are companies like MARA Holdings, Twenty One Capital, Metaplanet, Bitcoin Standard Treasury Company, Bullish, Riot Platforms, and Coinbase.

Other Top Bitcoin Holders

In addition to companies, American ETF providers are also big holders of Bitcoin. Data shows that spot Bitcoin ETFs have had cumulative inflows of $56 billion, currently valued at over $115 billion. BlackRock’s IBIT holds Bitcoin worth over $69 billion and is then followed by Fidelity, Grayscale, Bitwise, and Ark Invest.

Additionally, private companies also hold over 288,000 coins. Block, a company that held the biggest Initial Coin Offering (ICO) ever, holds 164,000 coins currently valued at over $14 billion.

Tether, the world’s largest stablecoin issuer, holds 96,370 coins worth over $8.5 billion. It uses these coins to provide collateral for its stablecoins.

The other notable private companies with Bitcoin holdings are SpaceX, Tezos Foundation, Ionic Digital, Zap Solutions, GIGA, and Melanion Digital.

Governments also holds 647,047 coins led by the United States and China, while Decentralized Finance (DeFi) protocols like Wrapped BTC, cBTC, Solv Protocol, and Lombard Protocol hold 372,370 coins.

Bitcoin Treasury Strategy is Being Challenged

Strategy, formerly known as MicroStrategy inspired many Bitcoin treasury companies. The company started its Bitcoin accumulation strategy in 2020 when its market capitalization was nearly $1 billion.

Its valuation then peaked at over $130 billion in 2024 as its premium, commonly known as NAV, jumped. At the time, it became more profitable for investors to buy MSTR stock instead of Bitcoin.

Recently, however, the industry has become challenged as their shares have plunged. MSTR stock price crashed to $160, down by 70% from its all-time high, while its premium has disappeared.

Metaplanet stock price has also crashed to 512 yen, down by 73% from its all-time high, while the NAV multiple has dropped to 1.21.

Therefore, there is a risk that some Bitcoin treasury companies will start selling their coins. Strategy sent shockwaves late last year when the CEO hinted that the company would sell its coins to pay its debt and dividends. It then ruled out that after raising over $1 billion to cover these payments.

Most recently, GameStop moved its coins to Coinbase Pro, potentially to liquidate them.

These companies have come under pressure because of the falling Bitcoin price. The Bitcoin price has crashed from $126,300 last year to $90,000 today. In most cases, these stocks rise when Bitcoin is going up and drop when it is falling.

They have also dropped due to ongoing short selling by investors who doubt the business model. For example, data shows that MSTR’s short interest has jumped from 6% in 2025 to 13% today.

On the positive side, Bitcoin has always emerged from its bear markets and retested its all-time highs. This means that these stocks will eventually rebound.