Unlocking Fortune: 10 Public Companies Quietly Building Bitcoin Treasuries

The financial world often highlights the big players like MicroStrategy and Tesla when it comes to Bitcoin. However, a quiet revolution is underway as more and more public companies are discreetly transforming their balance sheets into strategic Bitcoin treasuries. This subtle yet significant shift sees diverse firms, from industrial giants to tech innovators, allocating portions of their reserves to the world’s leading cryptocurrency, often without major fanfare. Are you aware of the quiet moves shaping the future of corporate finance?

Why Are Companies Embracing Corporate Bitcoin Strategies?

Companies are increasingly incorporating Bitcoin into their treasury strategies for several compelling reasons, collectively driving the growing inclusion of digital assets in corporate financial planning. This strategic pivot reflects a proactive approach to modern economic realities.

• Protection Against Inflation and Currency Devaluation: Bitcoin serves as a potential hedge against inflation and the devaluation of fiat currencies. Unlike traditional money, which can lose value due to quantitative easing and monetary expansion, Bitcoin’s fixed supply of 21 million coins makes it an attractive store of value during inflationary periods. Its predictable issuance schedule offers a stark contrast to the unpredictable nature of fiat currency printing.
• Digital Scarcity and Liquidity: Bitcoin offers a unique combination of digital scarcity and 24/7 liquidity. This provides the growth potential often associated with long-term investments while maintaining the accessibility of short-term assets. Its global, permissionless nature means it can be bought or sold at any time, anywhere, providing unparalleled financial agility.
• Influence of Early Adopters: Pioneering corporate Bitcoin investors like MicroStrategy and Tesla have significantly influenced this trend. Since 2020, MicroStrategy, led by Michael Saylor, has accumulated substantial Bitcoin reserves, often leveraging stock and debt to fund its acquisitions. Their bold moves have inspired other companies to adopt similar strategies, validating Bitcoin as a legitimate corporate asset.
• Governance and Portfolio Diversification: Treasurers view Bitcoin as a non-correlated asset that can enhance portfolio resilience against macroeconomic shocks. By adding Bitcoin, companies aim to diversify their asset holdings beyond traditional investments, supporting robust governance and long-term diversification goals. It offers an alternative asset class that often moves independently of traditional equities or bonds.

Did you know? MicroStrategy was the first public company to adopt a Bitcoin-first treasury strategy. Since 2020, it has acquired over 200,000 BTC, using both company funds and debt, setting a precedent for corporate Bitcoin adoption.

The Silent Accumulators: 10 Public Companies You Didn’t Know Hold Bitcoin

While headlines often spotlight the largest institutional holders, many public companies have discreetly added Bitcoin to their balance sheets, opting for minimal publicity. These firms, spanning diverse sectors, are quietly building their Bitcoin treasuries as a strategic financial move. Below is a list of such companies, detailing their profiles, approximate BTC holdings as of early July 2025, and their primary objectives for holding the digital asset.

• BitFuFu
  • Profile: Singapore-based Bitcoin mining firm listed on Nasdaq (FUFU).
  • Holdings: 1,709 BTC ($185.85 million), representing 40% of its market cap.
  • Objective: BitFuFu focuses on scaling its mining operations via owned and cloud-based infrastructure. Their plans include boosting hashrates, expanding globally, and strategically using treasury reserves to fund low-cost energy access and innovation. The company aims for steady BTC accumulation as both a mining yield and a store of value.
• Cipher Mining
  • Profile: US-listed Bitcoin miner (CIFR) with a strong renewable-energy focus.
  • Holdings: 1,063 BTC ($115.49 million), representing 40% of its market cap.
  • Objective: Cipher Mining is building a robust crypto treasury through its mining facilities, which are increasingly powered by renewable sources. They intend to stabilize revenue using BTC, reinvest in green energy projects, and offer ESG-aligned shareholder value through sustainable crypto yield.
• KULR Technology Group
  • Profile: US thermal management and battery safety technology firm (KULR).
  • Holdings: 920 BTC ($100.04 million), representing 40% of its market cap.
  • Objective: KULR is diversifying its reserves through Bitcoin, reflecting its tech-centric treasury strategy. By allocating a portion of its balance sheets to BTC, KULR aims to mitigate fiat risk, align with its innovative image, and showcase confidence in crypto’s long-term security value.
• Aker ASA
  • Profile: Norway’s industrial investment company (AKER.OL).
  • Holdings: 754 BTC ($82 million), representing 1.7% of its market cap.
  • Objective: Aker ASA seeks balanced capital allocation through BTC exposure while pursuing sustainability-investment themes. Bitcoin acts as a hedge against inflation and currency fluctuations, underpinning the firm’s diversification and value-creation strategies across its diverse industrial assets.
• Méliuz
  • Profile: Brazilian fintech cashback and services platform (CASH3.SA).
  • Holdings: 595.7 BTC ($64.8 million), representing 45% of its market cap.
  • Objective: Méliuz allocated 10% of its cash reserves to Bitcoin, aiming to enhance treasury resilience. They used BTC as a hedge during periods of currency volatility in Brazil, simultaneously signaling innovation to their fintech customers and investors through modern financial strategies.
• MercadoLibre
  • Profile: Latin America’s leading e-commerce and fintech company (MELI).
  • Holdings: 570.4 BTC ($62 million); percentage of market cap not available.
  • Objective: MercadoLibre utilizes BTC as an inflation hedge across volatile Latin American currencies. Its BTC exposure complements its expansive fintech ecosystem, enabling potential integration with Mercado Pago and reinforcing its leadership in digital payment innovation and reserve diversification.
• Samara Asset Group
  • Profile: Malta-based investment manager (SRAG.DU).
  • Holdings: 525 BTC ($57.3 million), representing 28% of its market cap.
  • Objective: Samara Asset Group employs Bitcoin as a reserve asset to safeguard capital with a long-term investment horizon. BTC aligns with Samara’s digital-asset-focused strategy, intended to reduce exposure to traditional markets and attract crypto-minded investors seeking modern investment solutions.
• Jasmine International PCL
  • Profile: Thai telecom and data center operator (JAS.BK).
  • Holdings: 506.4 BTC ($55.25 million), representing 15.9% of market cap.
  • Objective: Jasmine International aims to preserve value by coupling BTC reserves with its data center and mining subsidiary (JTS). They seek to derive crypto revenues, diversify the balance sheet, and scale digital infrastructure within Southeast Asia’s emerging market.
• Alliance Resource Partners
  • Profile: US coal producer (ARLP).
  • Holdings: 481.9 BTC ($55.8 million), representing 1.5% of market cap.
  • Objective: Alliance Resource Partners is expanding beyond its traditional energy revenues by diversifying into BTC. They intend to stabilize earnings during commodity downturns and bolster long-term reserve value amid inflationary pressures, showcasing a forward-thinking approach to asset management.
• Rumble
  • Profile: Canadian video-sharing and cloud services platform (RUM).
  • Holdings: 210.8 BTC ($22.93 million), representing 0.8% of market cap.
  • Objective: Rumble envisions BTC embedding crypto culture into its core, strengthening ties with decentralization-minded users. While gaining interest from crypto-savvy investors, this move enhances Rumble’s financial resilience and supports further integration of blockchain themes into its platform.

Who Are the Giants of Corporate Bitcoin Treasuries?

Now that you’ve seen how lesser-known public companies are quietly accumulating Bitcoin as a long-term strategic asset, it’s time to look at the heavyweights. These are the top 10 public companies that hold the largest Bitcoin reserves as of July 8, 2025. Together, they represent the most influential institutional holders in the Bitcoin ecosystem, shaping market narratives, treasury trends, and even regulatory conversations. While some made headlines early on, others have steadily built massive reserves behind the scenes, cementing their positions in the growing landscape of Bitcoin treasuries.

• MicroStrategy (MSTR): 597,325 BTC
  • Formerly MicroStrategy, the company leads all public entities in Bitcoin holdings by a wide margin, continuing its aggressive accumulation strategy driven by its CEO, Michael Saylor.
• MARA Holdings (MARA): 50,000 BTC
  • A dominant player in Bitcoin mining, MARA maintains one of the largest self-mined BTC treasuries globally, consistently adding to its reserves through efficient mining operations.
• XXI (CEP): 37,230 BTC
  • A newer entrant (Twenty One Capital) focused on treasury-centric Bitcoin acquisition, quickly rising to become one of the top corporate holders through strategic purchases.
• Riot Platforms (RIOT): 19,225 BTC
  • A major mining firm with steady on-chain accumulation through operational reserves and reinvested profits, Riot Platforms is a significant long-term holder.
• Metaplanet (3350.T): 15,555 BTC
  • A standout from Japan, Metaplanet is often called the “Asian MicroStrategy” for its focused Bitcoin strategy, aiming to replicate the success of its Western counterpart.
• Galaxy Digital Holdings (GLXY): 12,830 BTC
  • A diversified financial services firm with deep exposure to crypto, including significant BTC on its balance sheet, Galaxy Digital is a key institutional player in the digital asset space.
• CleanSpark (CLSK): 12,502 BTC
  • A sustainable Bitcoin miner with a growing treasury built on efficient energy practices and astute market timing, CleanSpark exemplifies responsible crypto adoption.
• Tesla (TSLA): 11,509 BTC
  • Despite past fluctuations in strategy and brief periods of selling, Tesla continues to hold a substantial Bitcoin reserve, reflecting its ongoing interest in digital assets.
• Hut 8 Mining Corp (HUT): 10,273 BTC
  • A long-standing mining firm known for its strategy of holding mined Bitcoin instead of immediately liquidating, contributing to its substantial treasury.
• Coinbase Global (COIN): 9,267 BTC
  • The largest crypto exchange by volume in the West, Coinbase holds Bitcoin for both strategic and operational purposes, reinforcing its position at the heart of the crypto economy.

Did you know? Fidelity and BlackRock, two of the world’s largest asset managers, offer institutional clients direct Bitcoin exposure through exchange-traded funds (ETFs), custody services, and over-the-counter (OTC) desks, bringing Wall Street structure to the crypto world and further driving crypto adoption.

The Detective Work: How Blockchain Analytics Reveal Corporate Bitcoin Holdings

Blockchain analytics firms, such as Arkham Intelligence, Glassnode, Chainalysis, and CryptoQuant, play a vital role in uncovering public companies’ holdings of Bitcoin that were previously undisclosed. These firms use advanced methods to connect pseudonymous Bitcoin wallets to corporate entities, shedding light on otherwise opaque balance sheets.

• Address Clustering: This technique groups wallet addresses by identifying shared patterns, such as coins moving through the same transaction paths or originating from known custodians. If multiple addresses consistently interact in a coordinated manner, they are often attributed to the same entity.
• Timing Correlation: This method matches on-chain Bitcoin transactions with known purchase dates reported in US Securities and Exchange Commission filings or corporate disclosures. By aligning reported acquisition times with large Bitcoin movements, analysts can infer corporate ownership.
• Behavioral Heuristics and Dusting: These approaches analyze small test transactions, known as “dust,” and wallet usage patterns to identify ownership indicators. For instance, if a tiny amount of Bitcoin is sent from a known corporate wallet to another, it can help link previously unassociated addresses.
• Advanced Data Science: Beyond these core methods, firms employ machine learning and statistical analysis to identify anomalies, predict wallet behaviors, and build sophisticated attribution models.

For example, Arkham Intelligence has traced a significant portion of MicroStrategy’s Bitcoin holdings, approximately 87%-97% (ranging from 70,000-580,000 BTC at different times), by combining wallet clustering and transaction analysis.

However, these methods aren’t foolproof and face several challenges:

• Attribution Uncertainty: Linking wallets to specific companies relies on assumptions, which can lead to errors, as seen in past mislabeling incidents involving Arkham.
• Custody Obfuscation: The use of third-party custodians, such as Fidelity or Coinbase Prime, can obscure direct corporate ownership, as the Bitcoin is held by the custodian, not directly by the company’s own identifiable wallet.
• Evolving Privacy Tactics: Companies may create new wallets frequently, use mixing services, or split holdings across numerous addresses to evade detection, making tracing more complex.

Despite these limitations, blockchain analytics significantly improve transparency, providing investors with valuable insights into corporate Bitcoin accumulation.

Did you know? In 2021, Tesla briefly held $1.5 billion in Bitcoin, making it the second-largest corporate holder at one point, a move that greatly accelerated interest in corporate Bitcoin strategies.

Navigating the Perils: Risks of a Bitcoin-Heavy Corporate Strategy

While the allure of Bitcoin treasuries is strong, a significant allocation to Bitcoin on a company’s balance sheets is not without its risks. Matthew Sigel from VanEck warns that some companies face “capital erosion,” where their market value decreases despite holding Bitcoin.

This phenomenon occurs when firms issue new stock or take on debt to buy Bitcoin. If a company’s stock price is high, issuing shares can benefit shareholders by raising funds above the net asset value (NAV). However, if the stock price falls to or near its NAV, issuance of new shares dilutes value, potentially harming existing shareholders and leading to capital erosion.

The case of Semler Scientific provides a cautionary tale. This US medical technology company initially saw its stock price rise after adopting a Bitcoin-focused approach and purchasing large amounts of Bitcoin. However, by mid-2025, despite Bitcoin’s increasing value, Semler’s stock had dropped by over 45%. What was more concerning was that the company’s market value fell below the worth of its Bitcoin holdings, meaning the market valued the entire business less than its cryptocurrency assets alone. This peculiar situation reveals the risk of a company relying too much on Bitcoin for its treasury. It may undervalue a company, particularly if investors lose confidence in its core operations or perceive the Bitcoin holdings as an excessive risk.

Moreover, while Bitcoin’s price swings may strengthen a company’s balance sheet during market uptrends, its inherent volatility can harm stock performance and shake investor trust during downturns. When a company’s market value falls below its Bitcoin reserves, it may face challenges raising funds through equity or debt, as issuing new shares at low prices further reduces the value for existing shareholders. This can create a difficult financial paradox for public companies heavily invested in Bitcoin.

The Ripple Effect: Implications of Corporate Bitcoin Accumulation and Crypto Adoption

With the growing acceptance of Bitcoin in business circles, even some risk-averse entities have quietly begun building Bitcoin treasuries. While ultra-conservative firms remain mainly on the sidelines, the number of companies open to accumulating Bitcoin as a backup is consistently growing, marking a new era of crypto adoption.

• Impact on Supply and Volatility: Corporate accumulation of Bitcoin effectively removes it from liquid circulation, tightening the available supply and potentially driving short- to medium-term price spikes. On the other hand, when prices drop significantly, forced sell-offs by distressed companies could amplify volatility, creating larger market swings. Notably, with a fixed supply, only 0.26% of the world’s population can ever own 1 BTC in the future, highlighting the scarcity.
• Evolution of Treasury Strategy: This trend is fundamentally reshaping corporate treasury models globally. Firms increasingly view BTC as a hedge against inflation and a non-correlated asset, adding a new dimension to their balance sheets. This global adoption now spans mid-market to multinational companies, suggesting a strategic normalization of Bitcoin in treasury operations, moving it from a fringe asset to a mainstream consideration.
• Regulatory Issues: Companies accumulating Bitcoin as corporate treasury assets face complex regulatory challenges. These include ensuring compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) laws, especially when dealing with large transactions. Tax implications, such as capital gains reporting, and securities regulations, particularly concerning whether Bitcoin could be deemed a security in certain contexts, can significantly complicate adoption. Jurisdictional differences and unclear crypto guidelines may also expose firms to legal risks and penalties, requiring careful navigation.
• Institutionalization Effect: Corporate adoption of Bitcoin as a treasury asset signals mainstream acceptance and validates its legitimacy. This trend stabilizes market perception, attracts broader institutional investors, and fosters deeper financial integration of Bitcoin with traditional market dynamics. It moves Bitcoin beyond a speculative asset to a recognized component of corporate financial health, driving further crypto adoption across various industries.

Volatile yet strategically significant, corporate Bitcoin accumulation is shaping macro supply dynamics, redefining treasury models, and adding new layers to market resilience. This ongoing trend signifies a profound shift in how businesses perceive and manage their financial assets in an increasingly digital world.

Conclusion

The quiet but powerful trend of public companies integrating Bitcoin into their balance sheets is undeniable. From small tech firms to industrial conglomerates, the strategic move to build Bitcoin treasuries reflects a growing awareness of Bitcoin’s potential as an inflation hedge, a diversifier, and a long-term store of value. While challenges like volatility and regulatory uncertainty persist, the increasing crypto adoption by corporate entities signals a maturation of the digital asset space. As more firms follow the path of pioneers, Bitcoin’s role in global corporate finance is set to expand, making it an increasingly vital component of modern treasury management. This evolution is not just about holding a digital asset; it’s about fundamentally rethinking corporate financial resilience in a rapidly changing economic landscape.