Introduction
Public companies are accelerating their Bitcoin accumulation, with the top 100 corporate treasuries now holding over 1 million BTC, representing approximately 5% of the cryptocurrency’s total supply. Led by MicroStrategy and Metaplanet, these firms are raising fresh capital to purchase during market dips, signaling sustained institutional confidence even as some face pressure from recent price volatility.
Key Points
- MicroStrategy remains the largest corporate Bitcoin holder with 650,000 BTC, recently adding 130 more BTC despite market volatility.
- Overall Bitcoin treasuries (including governments, ETFs, and private entities) hold 4 million BTC, representing 19% of Bitcoin's total circulating supply.
- Institutional adoption accelerates as Vanguard begins offering Bitcoin ETFs and JPMorgan holds $300 million in BlackRock's BTC ETF, though some treasury companies face selling risks if market conditions deteriorate.
The Corporate Bitcoin Vault: Who Holds What
Data from Bitcoin Treasuries reveals that the top 100 public companies now collectively hold 1,058,929 BTC, with all public companies combined holding 1,061,697 BTC. This corporate accumulation now controls roughly 5% of Bitcoin’s total supply. The undisputed leader is Michael Saylor’s MicroStrategy, which holds a colossal 650,000 BTC. The company recently demonstrated its ongoing commitment by purchasing an additional 130 BTC for $11.7 million. Following MicroStrategy is Bitcoin miner Marathon Digital (MARA), with holdings of 53,250 BTC.
The top five is rounded out by Tether-backed Twenty One Capital (43,514 BTC), Japan’s Metaplanet (30,823 BTC), and Bitcoin Standard Treasury Company (30,021 BTC). Other notable names in the top ten include crypto exchange Coinbase, trading platform Bullish, and Trump Media. This landscape illustrates a diverse range of public companies, from dedicated treasury firms to miners and financial services platforms, building significant Bitcoin reserves.
The Broader Treasury Landscape: 19% of All Bitcoin
The holdings of public companies represent only a fraction of the broader ‘Bitcoin treasury’ ecosystem. When accounting for governments, private companies, exchanges, DeFi platforms, and ETFs, the total BTC held in treasuries reaches 4 million. This staggering figure accounts for 19% of Bitcoin’s total supply, highlighting the asset’s shift from retail to institutional and sovereign balance sheets.
Within this global ranking, asset management giant BlackRock emerges as the second-largest Bitcoin holder overall, trailing only the anonymous creator Satoshi Nakamoto. MicroStrategy ranks third globally. Crypto exchange Binance and the U.S. government complete the top five, with holdings of 628,868 and 323,588 BTC, respectively. This data underscores how Bitcoin ownership is consolidating within large, established financial and corporate entities.
Capital Raises, ETF Adoption, and Underlying Pressures
Despite recent market volatility, corporate treasuries are actively raising capital to expand their Bitcoin positions. MicroStrategy recently secured $836 million through a stock offering, using the proceeds to purchase 8,178 BTC. Similarly, Metaplanet raised $130 million specifically to grow its BTC treasury. This ‘buy-the-dip’ strategy indicates a long-term conviction that transcends short-term price fluctuations.
Institutional adoption is also broadening through new channels. The recent approval and launch of spot Bitcoin ETFs have provided a regulated pathway for traditional finance. In a significant development, $10 trillion asset manager Vanguard will begin offering BTC ETFs. Furthermore, on-chain analytics firm Arkham Intelligence revealed that banking titan JPMorgan holds approximately $300 million worth of shares in BlackRock’s iShares Bitcoin Trust (IBIT).
However, this bullish accumulation is not without risk. MicroStrategy CEO Phong Le has acknowledged that under extreme duress—specifically if the company’s market-adjusted net asset value (mNAV) falls below 1x and it cannot raise capital—selling Bitcoin could be a last resort to fund obligations like dividend payments. This admission highlights the potential pressure points for leveraged treasury strategies during prolonged market downturns, even as the Bitcoin price shows resilience, trading around $87,000 at the time of writing.
📎 Related coverage from: newsbtc.com