Here Are the Top 10 Public Companies Holding the Most Bitcoin.
Public companies hold nearly 620K BTC in aggregate. Guess who's leading the way?
For the twelfth week running, Michael J. Saylor has just announced an acquisition of BTC by MicroStrategy:
MicroStrategy now owns over 471K BTC.
Michael J. Saylor isn't satisfied. Will he ever be?
He took the opportunity to announce the launch of $STRK, a new convertible preferred stock offering available to institutional investors & select retail investors. The goal is always to obtain more liquidity to buy more BTC.
Michael J. Saylor believes he has found a foolproof martingale in Bitcoin that will enable him to make MicroStrategy a $1T company. If he succeeds, there's no doubt he'll be judged a genius in a few decades. However, there is no shortage of risks, and the virtuous circle of the “Bitcoin Treasury Company” he's selling to investors could turn into a vicious circle sooner or later.
I spoke to you recently about this in detail:
While MicroStrategy is the public company with the most BTC, other companies have decided to follow Michael J. Saylor's example by adding BTC to their balance sheets, to boost their market value. Michael J. Saylor frequently calls on other companies to follow his example.
Let's look at the public companies with the most Bitcoin on their balance sheet as of January 27, 2025.
MicroStrategy tops the list with over 471K BTC. The chart below shows the evolution of MicroStrategy's Bitcoin Balance Sheet since August 2020:
At the current rate of BTC acquisitions by MicroStrategy, it won't be long before the 500K BTC barrier is broken.
Behind MicroStrategy, you have Bitcoin Miners who have decided to stop selling the BTC obtained as a reward for their activity in securing the Bitcoin network. Marathon Digital has 40,435 BTC in reserve and aims to build the largest Bitcoin mining operation in North America. Marathon Digital has also begun in recent months to follow Michael J. Saylor's strategy of using debt to accumulate more BTC.
Riot Platforms comes 3rd with 16,728 BTC held. Like Marathon Digital, Riot Platforms is ultra-ambitious and continues to expand its operations despite increased competition in the Bitcoin Mining industry due to the Bitcoin Halving which took place in 2024.
In 4th place, we find another Bitcoin Mining company CleanSpark, an American company. CleanSpark holds 10,097 BTC. Like its competitors in the Bitcoin Mining industry, CleanSpark is working to expand its operations, as this is the only way to survive in a sector where natural selection takes place every 210,000 blocks issued, i.e. every time Bitcoin Halves.
Hut 8, a Canadian Bitcoin mining company, holds 10,096 BTC and continues to grow through strategic mergers. Hut 8 is in 5th position. Although Elon Musk decided in the past to sell some of Tesla's Bitcoin, the company still holds 9,720 BTC. Tesla ranks 6th. Coinbase appears in 7th position with 9,000 BTC in reserve. This figure seems rather paltry considering that Coinbase has been in the Bitcoin world for much longer than the companies higher up the ranking. Nevertheless, Brian Armstrong has always had an ambiguous strategy regarding the adoption of a Bitcoin reserve, which explains why his company only comes in at 7th position.
In 8th place, Jack Dorsey's Block follows with 8.211 BTC in reserve. Block continues to invest in Bitcoin technology, as Jack Dorsey declares that fostering the global adoption of Bitcoin is the great challenge of his life from now on.
Founded by Michael Novogratz, Galaxy Digital, which provides asset management and digital infrastructure services to institutions seeking access to digital assets, has 8,100 BTC to date. This brings Galaxy Digital into the Top 10 in 9th position.
Finally, to round off the Top 10, we find a European company. This is Bitcoin Group SE, which has 3,830 in reserve. Bitcoin Group SE is a German company. Bitcoin Group SE is a venture capital company. The company focuses on the acquisition, sale, and management of investments in companies, as well as the acquisition of the strategic direction, management,t and coordination of these companies.
The total Bitcoin held by public companies is just under 620K BTC. MicroStrategy alone accounts for 76% of this total! It will be interesting to follow the evolution of this Top 10 in the months and years to come and especially to see if the share represented by MicroStrategy here begins to diminish as other public companies follow the model adopted by Michael J. Saylor.
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