CoinGecko noted that Strategy, Inc. (NASDAQ:MSTR) is the largest publicly traded company holding Bitcoin (BTC), with 506,137 BTC acquired through a combination of debt offerings and equity sales since 2020.
Marathon Digital Holdings follows as the “second-largest holder, with 26,842 BTC accumulated through its mining operations.”
Meanwhile, Galaxy Digital Holdings ranks third, “holding 15,449 BTC as part of its diversified crypto investment strategy.”
The remaining seven publicly traded companies in the top 10, including Tesla, Block Inc., Coinbase, and Metaplanet, collectively hold approximately 55,364 BTC, just 12.5% of Strategy’s total BTC holdings.
This concentration highlights Strategy’s dominant position and its unwavering commitment “to Bitcoin as a core treasury asset.”
The 2021 crypto bull run marked a turning point for BTC, with public companies “ramping up investments as institutional adoption surged and El Salvador made BTC legal tender.”
That momentum drove Bitcoin to a price of “up to $69,044.77 on November 10, 2021, which was at the time its all-time high.”
Yet, by November 9, 2022, the collapse of crypto giants like Voyager, Celsius, and FTX had “slashed its price 77.4% to $15,602.”
As of March 2025, Bitcoin sits at around $87,000, down from a peak of $108,786 on January 20, 2025. It has declined further and is trading at below $85,000 at the time of writing.
Bitcoin’s 2025 journey has been marked “by pivotal moments, none more significant thus far than the creation of a Strategic Bitcoin Reserve by the United States government.”
On March 2, President Donald Trump unveiled plans for this reserve, igniting a “wave of excitement in the crypto space that propelled BTC prices to a high of roughly $94,261.”
An executive order officially cemented the initiative on March 6, though the initial surge of optimism tapered off, “leading BTC prices to drift back down to around $88,000.”
Michael Saylor’s MicroStrategy, Inc. (recently renamed to Strategy, Inc.). currently owns “506,137 BTC as of March 27, 2025, worth over $44.2 billion at current prices.”
Its holdings have increased significantly in the past few years, “growing by 290.2%, going from 129,699 BTC in 2021 to 506,137 BTC currently.”
Saylor, a vocal advocate for Bitcoin as a “digital gold” and inflation hedge, has positioned Strategy as “a trailblazer in corporate treasury management, leveraging debt offerings and equity sales to fund its aggressive Bitcoin purchases since 2020.”
Strategy, Inc. has managed to acquire “2.4% of the total supply of Bitcoin, or 2.5% of the total circulating supply today.”
As such, it remains the top publicly listed company “with the largest Bitcoin portfolio.”
They executed their only sell-off of the asset to date, “selling 704 Bitcoin, on December 22, 2022 at an average BTC price of $16,776 for tax benefits.”
Interestingly, of the top 10 publicly traded companies holding Bitcoin as of March 2025, Strategy accounts for an overwhelming “83.8% of their combined BTC holdings.”
This concentration highlights not only Strategy’s aggressive acquisition strategy but also its “commitment to Bitcoin as a core treasury asset, setting it apart even among other crypto-forward corporations.”
Strategy, Inc., remains the undisputed leader.
As of January 2025, it held 506,137 BTC.
At current values, this is worth “$44.2 billion, an unrealized profit of 31.2% or $13.8 billion from its average purchase price of $66,608.”
Meanwhile, mining firms like Marathon Digital Holdings, Galaxy Digital Holdings, and Hut 8 Mining Corp claim “over $2.3 billion, $1.3 billion, and $1.0 billion worth of BTC holdings, respectively.”
Given the nature of their cryptocurrency mining businesses, their entry price is effectively “$0 per Bitcoin, though this excludes expenses like labor, facilities, and electricity costs that go into Bitcoin mining.”
As institutional and sovereign accumulation of BTC intensifies, these mining giants stand as “some of the largest direct beneficiaries of Bitcoin’s long-term appreciation.”
Of the seven companies in the top 10 that are not in the crypto mining business, Block Inc. (NYSE:XYZ) currently “holds the most significant percentage of unrealized profit at 236.3%, going from an approximated entry value of $220,000,000 to $739,929,198 today, with a current total of 8,038 Bitcoin.”
Tesla’s Bitcoin saga stands out.
In February 2021, Elon Musk’s innovative automotive company purchased “approximately $1.5 billion worth of Bitcoin at an average price of $36,000 per coin.”
Shortly after introducing Bitcoin onto their balance sheet, Tesla announced cryptocurrency payment options, “accepting both Bitcoin and Dogecoin for select products.”
By mid-2021, Tesla suspended Bitcoin payments, “citing concerns over the environmental impact of Bitcoin mining, which relies heavily on energy-intensive processes.”
However, in its 2022 Q2 financial statement, the company announced that it had sold “75% of its total holdings for a profit of $64 million, citing environmental concerns and a need to rebalance its assets as its primary reasons.”
They have held their remaining “25% (approximately 11,509 BTC) without buying or selling anything since.”
Other notable corporate Bitcoin holders include companies like Coinbase Global, Inc., which holds Bitcoin as part of its treasury and operational reserves, and Metaplanet Inc., a Tokyo-based investment firm that has rapidly risen as “a significant player in the Bitcoin space, accumulating a stash of 2,888 BTC.”
Often dubbed “Japan’s MicroStrategy,” Metaplanet has “pursued an aggressive Bitcoin accumulation strategy since mid-2024, modeled after Saylor’s playbook.”
Adding to this growing list of corporate adopters is Rumble Inc. (Nasdaq: RUM), a video-sharing platform, which announced on March 12, 2025, that it had invested “$17.1 million in Bitcoin, acquiring 188 BTC at an average price of $91,000 per coin.”
This purchase aligns with Rumble’s plan to “allocate up to $20 million of its cash reserves to Bitcoin,” a strategy first hinted at by CEO Chris Pavlovski in November 2024.
Pavlovski has framed the move as both “a hedge against inflation and a deeper integration of cryptocurrency into Rumble’s identity.”
Backed by a $775 million investment from Tether in late 2024, Rumble’s entry into Bitcoin reflects its objective to “position itself as a crypto-friendly alternative to Big Tech platforms.”
Methodology
This study examines the top 10 publicly listed companies with the biggest Bitcoin portfolios by the amount of Bitcoin (BTC) held, extracted from reported financial results, as of March 7, 2025. The current Bitcoin value is taken as of March 7, 2025.