What Companies Hold the Most Bitcoin in 2026?

Introduction: Companies With Bitcoin in 2026

Which companies hold the most Bitcoin? As of early 2026, the answer involves a fascinating mix of publicly traded corporations, private entities, exchange-traded funds, Bitcoin companies leveraging Bitcoin for treasury strategies, and even governments, collectively controlling well over 3 million BTC. That represents more than 14% of the total Bitcoin supply that will ever exist.

Corporate Bitcoin treasuries have moved from fringe experiment to mainstream strategy. When a single company like Strategy holds over 3% of all Bitcoin ever mined, it fundamentally changes how we think about circulating supply, market liquidity, and institutional legitimacy. These holdings aren’t just numbers on a balance sheet, they’re reshaping the entire Bitcoin ecosystem.

This article breaks down exactly who holds the most BTC in 2026. You’ll find specific companies, concrete Bitcoin holdings, dates of major Bitcoin purchases, and the percentage of total supply each entity controls. We’ll cover:

• Public companies with disclosed Bitcoin positions

• Private companies with significant but less-publicized holdings

• ETFs and funds providing indirect corporate Bitcoin exposure

• Strategic rationales behind these treasury decisions

• How to research these holdings yourself

How Much Bitcoin Do Companies Hold in Total?

Before diving into individual companies, let’s establish the big picture. With Bitcoin’s hard cap at 21 million BTC, and several million coins estimated permanently lost, the effective circulating supply is smaller than headlines suggest. Corporate and institutional holdings now represent a significant portion of this limited supply.

Here’s the approximate breakdown as of early 2026:

• Public companies and miners: ~1.1 million BTC (approximately 5-6% of total supply)

• ETFs and investment funds: ~1.5 million BTC (approximately 7% of total supply)

• Private companies: ~300,000+ BTC (approximately 1.5% of total supply)

• Governments: ~305,000 BTC (approximately 1.5% of total supply)

Combined, these entities control roughly 15% of all Bitcoin. When you factor in lost coins, the percentage of actively tradeable BTC held by institutions climbs even higher.

It’s also important to note the role of different countries in the distribution of Bitcoin holdings. Some countries have become significant holders through government reserves or national companies, and the geographic distribution of these holdings can influence market dynamics and regulatory approaches.

How do we know these numbers? The data comes from multiple sources:

• SEC filings: Public companies must disclose digital assets in 10-K and 10-Q reports

• Corporate press releases: Many firms announce major purchases

• On-chain analytics: Blockchain data reveals wallet movements

• ETF fact sheets: Fund managers publish assets under management

• Specialized trackers: Sites like BitcoinTreasuries.NET aggregate public data

These figures shift constantly as companies buy Bitcoin, sell portions, or adjust treasury reserves. The numbers above represent best-available estimates from multiple verified sources.

Top Public Companies With Bitcoin

Public companies offer the clearest view into corporate Bitcoin ownership because regulatory requirements force transparency. These firms must disclose BTC holdings to shareholders and regulators, making their positions verifiable.

As of 2026, public companies collectively hold over 1 million BTC, representing roughly 5-6% of total supply. Most major holders fall into two categories: companies that run Bitcoin-focused businesses (mining, exchanges, custody) or firms that have made BTC a core treasury asset regardless of their primary business model. Notably, some companies with 'AG' in their name, such as Deutsche Börse AG, have also reported Bitcoin holdings or have played a role in facilitating institutional Bitcoin investment.

The following subsections profile the biggest holders by approximate BTC position, including acquisition timelines and strategic motives.

Strategy (formerly MicroStrategy): The Largest Corporate Bitcoin Holder

Strategy stands in a league of its own. The enterprise software company rebranded from MicroStrategy in 2025 to reflect its dual identity: business intelligence software and Bitcoin treasury management.

The journey started in August 2020 when CEO Michael Saylor announced the company would convert excess cash into Bitcoin. That initial purchase totaled approximately $425 million in BTC across Q3 2020. What followed became the most aggressive corporate Bitcoin accumulation in history.

By late 2025 and into early 2026, Strategy’s Bitcoin holdings reached approximately 687,410 BTC. This position represents:

• Over 3.27% of total Bitcoin supply

• More than 60% of all BTC held by public companies

• A current value fluctuating in the tens of billions of USD

The acquisition strategy involves a mix of funding sources:

• Corporate cash reserves from software operations

• Convertible notes issued at low interest rates

• Senior secured debt backed by existing BTC holdings

• At-the-market equity offerings to raise capital directly

Michael Saylor’s personal holdings add another dimension, he’s publicly disclosed owning approximately 17,732 BTC personally. His thesis centers on Bitcoin outperforming cash, bonds, and even technology equities over multi-year horizons due to fiat currency debasement and Bitcoin’s fixed supply.

Strategy’s approach fundamentally changed how capital markets view Bitcoin as a corporate treasury asset.

Marathon Digital Holdings (MARA)

Marathon Digital Holdings operates as one of the largest Bitcoin mining companies listed on NASDAQ. Unlike Strategy’s open-market purchases, Marathon’s BTC stack grows primarily through mining rewards.

As of 2025-2026, Marathon holds approximately 53,250 BTC on its balance sheet. This positions it as the second-largest public Bitcoin holder after Strategy.

Key aspects of Marathon’s business model:

• Revenue generation: Earns BTC directly through mining operations

• Retention strategy: Holds substantial portions of mined coins rather than selling immediately

• Scale: Operates large-scale mining facilities across North America

• Energy focus: Prioritizes low-cost power sources to maximize profitability

The company’s approach involves calculated decisions about how much Bitcoin to retain versus convert to cash for operational expenses. During bull markets, Marathon typically holds more aggressively. During periods of compressed margins, it may sell to cover costs.

Marathon’s holdings represent approximately 5% of tracked public company BTC, a distant second to Strategy but still a meaningful position in absolute terms.

Twenty One Capital and Other Bitcoin Treasury Firms

A new category of public companies has emerged: firms structured specifically around holding and managing Bitcoin treasury reserves.

Twenty One Capital exemplifies this model. Operating as a digital finance corporate with a Bitcoin reserve asset strategy, the company held approximately 43,514 BTC as of early 2026. This represents around 4% of tracked corporate BTC holdings.

How do these treasury-focused firms work?

1. Raise capital through equity issuance or debt offerings (denominated in fiat)

2. Convert proceeds into Bitcoin

3. Treat BTC as the primary treasury asset

4. Provide investors with indirect Bitcoin exposure through equity ownership

Other notable treasury companies include:

• Metaplanet Inc.: Often called the “MicroStrategy of Asia,” this Japanese firm holds approximately 35,102 BTC

• Bitcoin Standard Treasury Company: Holds roughly 30,021 BTC with explicit focus on long-term Bitcoin retention

These companies represent a significant portion of corporate Bitcoin adoption outside traditional tech or mining sectors.

Riot Platforms, Coinbase, and Other Public Crypto Companies

Beyond pure treasury plays, many public companies hold BTC incidentally as part of their core crypto business operations.

Riot Platforms operates as another major U.S.-based mining company. The firm retains a portion of mined BTC on its balance sheet, approximately 18,005 BTC as of recent data. While smaller than Marathon’s position, this still represents a notable share of public company holdings.

Coinbase Global, Inc. presents an interesting case. As a NASDAQ-listed cryptocurrency exchange, Coinbase holds Bitcoin in two distinct categories:

• Corporate treasury: BTC owned by Coinbase itself (~14,548 BTC)

• Custodial balances: BTC held on behalf of customers (significantly larger)

This distinction matters for investors. Treasury holdings appear on the balance sheet and affect shareholder value directly. Custodial holdings represent customer assets that could leave at any time.

Other notable public crypto companies with meaningful BTC positions include:

• Hut 8 Mining Corp: ~13,696 BTC

• CleanSpark, Inc.: ~13,099 BTC

• Bullish Holdings: ~24,300 BTC

Tesla, Block, and Corporate BTC Experiments

Not every corporate Bitcoin experiment followed a straight line. Tesla and Block offer instructive case studies in how non-crypto-native companies approached Bitcoin holdings.

Tesla made headlines in early 2021 with a $1.5 billion BTC purchase, approximately 43,200 coins at the time. Tesla temporarily accepted Bitcoin for purchases prior to halting that payment method, referencing environmental considerations regarding mining energy consumption.

Tesla later sold approximately 75% of its position, retaining around 11,542 BTC on its balance sheet. The company’s founder, Elon Musk, generated significant market volatility through his public comments about Bitcoin, demonstrating how corporate treasury decisions can intersect with personal influence.

Block, Inc. (formerly Square) took a more consistent approach. The fintech company led by Jack Dorsey integrated Bitcoin deeply into its product ecosystem:

• Cash App: Enables retail Bitcoin purchases

• Self-custody products: Bitcoin wallet development

• Corporate holdings: Approximately 11,509 BTC on the balance sheet

Block’s strategy reflects alignment between treasury assets and core product offerings. Holding BTC signals commitment to the Bitcoin ecosystem while sharing upside with shareholders.

Both companies helped legitimize Bitcoin as a potential treasury asset for non-crypto-native corporations, even as their specific strategies evolved over time.

Private Companies With Significant Bitcoin Holdings

Private companies aren’t required to disclose as much detail as public firms, making precise figures harder to verify. Holdings estimates often rely on public comments, leaked reports, and blockchain analysis rather than regulatory filings.

Collectively, private firms are thought to hold approximately 300,000+ BTC, roughly 1.5% of total Bitcoin supply. Some of the largest positions trace back to early crypto ecosystem profits or substantial capital raises during the ICO era.

Block.one

Block.one stands as the largest known private corporate Bitcoin holder. The company raised approximately $4 billion during the EOS initial coin offering between 2017-2018, one of the largest ICOs in crypto history.

Key points about Block.one’s position:

• Estimated holdings: ~164,000 BTC

• Acquisition method: Purchased using ICO proceeds

• Percentage of private company BTC: Well over 50% of tracked private holdings

• Transparency: Limited public disclosure compared to listed companies

Block.one’s massive position represents a different path to accumulation, converting crypto ecosystem profits into Bitcoin rather than raising fiat capital specifically for BTC purchases.

Tether Holdings Ltd.

Tether, the issuer of the USDT stablecoin, holds Bitcoin as part of its reserve assets backing the stablecoin’s value.

Estimated holdings reach approximately 87,475 BTC, valued near $8 billion at certain 2025 price levels. This information comes from periodic attestation reports Tether publishes regarding its reserve composition.

The presence of BTC in Tether’s reserves adds an interesting layer to institutional Bitcoin demand. As one of the most widely used stablecoins in the crypto market, Tether’s treasury decisions affect billions in daily transaction volume.

Note that these holdings may fluctuate as Tether manages risk, liquidity requirements, and overall reserve composition. The company has faced scrutiny over its reserve disclosures, making independent verification challenging.

Other Notable Private Bitcoin Treasuries

Beyond Block.one and Tether, various entities hold sizable but less-publicized BTC positions:

• Family offices: Wealthy individuals and families with crypto allocation

• Fintech startups: Early-stage companies holding BTC on balance sheets

• OTC trading firms: Market makers and trading desks with significant inventory

• Crypto funds: Non-ETF investment vehicles with Bitcoin exposure

Total private company holdings aggregate to approximately 288,000-310,000 BTC according to tracker estimates. Precise figures remain approximate because private entities face no disclosure requirements.

When researching private holdings, treat figures as best-available estimates rather than audited numbers.

ETFs, Funds, and Indirect Corporate Bitcoin Exposure

Many investors and corporations access Bitcoin through exchange-traded funds and trusts rather than holding BTC directly. These vehicles collectively hold roughly 1.5 million BTC, around 7% of total supply.

ETFs and funds allow investors to access Bitcoin as a recognized form of digital property or investment, comparable to traditional assets.

While the BTC is custodied by fund providers, ownership represents indirect exposure for millions of corporate and retail investors. ETF flows now significantly influence Bitcoin price discovery and market liquidity.

BlackRock iShares Bitcoin Trust (IBIT)

BlackRock’s iShares Bitcoin Trust has emerged as one of the largest spot Bitcoin ETFs globally. The fund holds approximately 771,000 BTC under management, a staggering amount that alone represents over 3% of total Bitcoin supply.

Implications of this concentration:

• Institutional access: Large financial institutions, corporate treasuries, and retirement accounts gain BTC exposure through IBIT shares

• Simplified custody: Investors avoid the complexity of self-custody and private key management

• Regulatory clarity: ETF structure provides familiar investment vehicle with established oversight

• Liquidity: IBIT shares trade on major exchanges with tight spreads

The rise of spot Bitcoin ETFs has concentrated significant BTC holdings among a small number of large, regulated custodians. This represents both a milestone for corporate Bitcoin adoption and a potential centralization concern.

Grayscale Bitcoin Trust and Other Funds

Grayscale Bitcoin Trust (GBTC) predates most spot ETFs as one of the earliest large-scale institutional Bitcoin vehicles. At its peak, GBTC held hundreds of thousands of BTC, making it crucial to institutional adoption history.

Following the approval of spot ETFs in 2024, some assets shifted from GBTC to newer products with lower fees. However, Grayscale remains a significant player in the Bitcoin fund landscape.

Other major ETF and fund issuers holding substantial BTC reserves include:

• Fidelity: Multiple Bitcoin products with institutional-grade custody

• ARK Invest: Spot and futures-based Bitcoin exposure

• Various European issuers: ETPs trading on international exchanges

Collectively, these funds lock up a large amount of BTC, reducing the free float available on exchanges. When ETF inflows surge, they create buying pressure that can move markets. Outflows create the opposite effect.

Bitcoin Treasury Management: How Companies Store and Use Their BTC

Effective Bitcoin treasury management is at the heart of successful corporate Bitcoin adoption. For public companies like MicroStrategy (now Strategy) and Tesla, managing Bitcoin holdings goes far beyond simply buying and holding coins, it’s about integrating Bitcoin into the company’s broader treasury reserves and financial strategy.

The first priority for any company is secure storage. Leading firms typically partner with established Bitcoin custody services that offer institutional-grade security, including multi-signature wallets and insurance against theft or loss. These services are designed to safeguard significant portions of a company’s digital assets, ensuring that their Bitcoin treasury is protected from both external threats and internal errors.

Risk management is another critical component. Companies must decide how much of their treasury reserves to allocate to Bitcoin, balancing potential upside with the inherent volatility of the asset. This often involves setting clear policies for buying, holding, or selling Bitcoin, as well as establishing guidelines for liquidity, ensuring that enough cash or liquid assets are available to meet operational needs, even if Bitcoin’s price fluctuates.

Strategic use of Bitcoin holdings can also play a role in a company’s development. Some companies, like Tesla, have experimented with accepting Bitcoin as payment or using it to signal innovation and alignment with the digital asset ecosystem. Others, such as Strategy, have made Bitcoin a core part of their treasury strategy, using it as a long-term store of value and a hedge against inflation.

Ultimately, successful Bitcoin treasury management requires a thoughtful approach that combines robust security, prudent risk management, and a clear strategic vision. By doing so, companies can not only protect their Bitcoin holdings but also leverage them to support growth, innovation, and resilience in an increasingly digital financial landscape.

Why Do Companies Hold Bitcoin?

Understanding the strategic rationale behind corporate Bitcoin treasuries reveals why this trend has accelerated. Motivations range from macro hedging to brand positioning and capital market strategy.

Primary reasons companies cite for holding BTC:

• Inflation hedge: Protection against fiat currency debasement

• Store of value: Long-term wealth preservation thesis

• Portfolio diversification: Uncorrelated asset reducing overall treasury risk

• Strategic positioning: Alignment with technology and crypto markets

• Shareholder attraction: Appealing to investors with bullish BTC outlook

Additionally, many companies are evaluating Bitcoin's potential future role as a store of value, considering whether it could serve as an alternative to traditional assets like gold or equities for long-term capital preservation.

High-profile adopters like Strategy, Marathon, Tesla, and Block have publicly cited concerns over low-yield bonds and cash erosion as motivations for their Bitcoin purchases.

Treasury Diversification and Inflation Hedge

In an environment of low or negative real yields, holding large cash balances can actively destroy purchasing power. Traditional treasury management focused on short-term bonds and money market instruments, but these often failed to keep pace with inflation.

Some CFOs now view BTC as “digital gold”, capable of preserving value over long time horizons due to its fixed supply of 21 million coins. Unlike fiat currencies, Bitcoin cannot be printed or debased through monetary policy decisions.

Strategy offers the clearest case study. Starting in August 2020, the company systematically converted excess cash and short-term bonds into Bitcoin. Michael Saylor’s thesis centered on the idea that the Federal Reserve’s quantitative easing policies would continue eroding dollar purchasing power.

This approach introduces significant volatility, BTC price swings can exceed 50% in a single year. However, over multi-year periods, Bitcoin has historically outperformed traditional cash holdings despite interim drawdowns.

Strategic Alignment With Crypto and Technology Markets

For tech and crypto companies specifically, holding BTC aligns balance sheets with core product ecosystems. This creates coherence between what a company builds and what it holds.

Examples of strategic alignment:

• Block: Bitcoin-focused products like Cash App and self-custody wallets match treasury holdings

• Marathon Digital Holdings: Mining operations produce BTC that the company retains

• Coinbase: Exchange services for BTC naturally complement corporate Bitcoin exposure

Holding BTC also signals commitment to the Bitcoin ecosystem, potentially appealing to crypto-native customers and partners. It’s partly a branding and narrative decision, not purely financial calculation.

Capital Market Strategy and Leverage

Some companies use low-cost debt to amplify Bitcoin exposure. The strategy works like this:

1. Issue convertible notes or bonds at favorable interest rates

2. Use proceeds to buy Bitcoin

3. If BTC appreciates significantly, repay fiat-denominated debt using fewer coins

4. Shareholders benefit from leveraged upside

Strategy has executed this playbook repeatedly since 2020, raising billions through debt offerings specifically to fund Bitcoin purchases. The company’s stock has become a leveraged proxy for Bitcoin price movements.

This approach magnifies both upside and downside. If Bitcoin appreciates faster than interest costs, shareholders win. If Bitcoin declines substantially, the company faces debt obligations with diminished assets. Analysts and investors debate whether this strategy creates value or introduces excessive risk.

Bitcoin Security and Risk Management for Corporations

For corporations, holding Bitcoin as part of their treasury reserves introduces a unique set of security and risk management challenges. Unlike traditional assets, Bitcoin’s digital nature means that companies must be vigilant against threats such as hacking, theft, and even accidental loss of access.

To safeguard their Bitcoin holdings, companies implement advanced security measures. Multi-signature wallets require multiple approvals for any transaction, reducing the risk of unauthorized transfers. Cold storage solutions, where private keys are kept offline, offer an additional layer of protection against cyberattacks. Encryption and regular security audits further strengthen the defenses around corporate Bitcoin treasuries.

But security is only one side of the equation. Effective risk management is essential for navigating the volatility and regulatory uncertainty that come with Bitcoin ownership. Corporations often diversify their portfolios, limiting the proportion of total Bitcoin supply held in relation to other assets. They set clear investment goals, monitor market trends, and establish protocols for responding to rapid price movements or changes in the regulatory environment.

By prioritizing both security and risk management, companies can protect the value of their Bitcoin holdings and ensure the long-term stability of their treasury reserves. This disciplined approach not only supports the company’s financial health but also builds investor confidence and contributes to the broader adoption of Bitcoin as a legitimate corporate asset.

As the total Bitcoin supply remains capped at 21 million, companies that excel in managing their Bitcoin treasuries are well-positioned to benefit from potential long-term appreciation. In a world where digital assets are becoming an increasingly important part of corporate strategy, robust security and risk management practices are essential for any company looking to make Bitcoin a meaningful part of its reserves.

Impact of Corporate Bitcoin Holdings on the Market

Corporate, fund, and government holdings now influence Bitcoin’s price dynamics, liquidity, and regulatory environment in meaningful ways. As of 2026, institutions collectively control a double-digit percentage of circulating BTC.

Large Bitcoin transactions by corporate holders can significantly impact market liquidity and price movements, making transaction history a key factor in understanding overall market dynamics.

This concentration has both bullish and bearish implications. Reduced supply on exchanges can support higher prices during demand surges. But concentrated holdings also introduce systemic risks if major players decide to sell or face regulatory pressure.

Supply, Scarcity, and Market Liquidity

Long-term corporate and ETF holdings effectively remove BTC from active trading. Combined with coins presumed permanently lost, the actual available supply is significantly smaller than the 19+ million coins mined to date.

Current institutional holdings by category:

Large buy or sell decisions from single entities can move markets due to size and signaling effects. When Strategy announced major purchases in 2024-2025, Bitcoin price often jumped on the news. Conversely, when Tesla sold 75% of its position in 2022, markets reacted negatively.

Regulation, Governance, and Risk

Growing corporate and ETF exposure has attracted increased scrutiny from regulators globally. Listed companies must now disclose BTC-related risks in their filings:

• Price volatility: Material swings affecting balance sheet value

• Custody risks: Security of private keys and storage solutions

• Regulatory uncertainty: Potential for unfavorable policy changes

• Accounting treatment: How to report digital assets under GAAP

Events like spot ETF approvals in the U.S. (January 2024), accounting rule changes, and tax policy shifts directly affect corporate decisions on holding BTC. Companies increasingly rely on third-party custodians and insurance products, adding another layer of operational complexity.

The concentration of BTC among regulated institutions also raises questions about Bitcoin’s original decentralization ethos. When a handful of custodians hold 10%+ of supply, systemic risks look different than when coins are distributed among millions of individual holders.

How to Research Companies With Bitcoin Holdings Yourself

Rather than relying solely on summaries like this article, you can verify Bitcoin holdings using public sources and on-chain analytics. Corporate holdings change over time, companies buy, sell, and adjust positions based on market conditions and strategic priorities.

Key information sources:

• SEC filings: 10-K (annual) and 10-Q (quarterly) reports for U.S. public companies

• Corporate press releases: Announcements of major purchases or sales

• ETF fact sheets: Published by fund managers with assets under management

• BitcoinTreasuries.NET: Aggregates public company and ETF holdings data

• CoinMarketCap treasury pages: Another aggregator tracking corporate BTC

On-chain analytics can also help determine whether certain Bitcoin holdings have been spent or remain untouched, which is important for understanding true ownership and the actual circulating supply.

When reading financial statements, look for notes on “digital assets” or “intangible assets.” These sections typically disclose BTC amounts, cost basis, and impairment policies.

Key Data Points to Look For

When analyzing companies with Bitcoin, track these specific metrics:

• Total BTC held: Number of coins on balance sheet

• Acquisition dates: When major purchases occurred

• Average cost basis: What the company paid per coin

• Funding sources: Cash, debt, or equity financing

• Impairment policies: How the company handles mark-to-market accounting

Important distinctions to watch:

• Treasury BTC vs. custodial BTC: Especially for exchanges and custodians

• BTC as percentage of total assets: Gauges how “Bitcoin-heavy” a company truly is

• BTC relative to market cap: Shows leverage to Bitcoin price movements

After major BTC price swings, watch for updated disclosures. A 50% Bitcoin rally can materially affect a company’s balance sheet and may trigger additional filings or announcements.

Key Takeaways

• Strategy (MicroStrategy) leads all companies with Bitcoin, holding approximately 687,410 BTC, over 3% of total supply

• Public companies collectively control about 1.1 million BTC, with mining companies and treasury-focused firms comprising major holdings

• ETFs like BlackRock’s IBIT hold approximately 771,000 BTC, providing indirect Bitcoin ownership to institutional investors

• Private companies including Block.one and Tether hold an estimated 300,000+ BTC collectively

• Corporate motivations include inflation hedging, portfolio diversification, and strategic alignment with crypto markets

• Market impact includes reduced exchange liquidity and increased regulatory attention

Conclusion

Corporate Bitcoin adoption has matured from Michael Saylor’s 2020 experiment into a defined asset class with billions in institutional capital. Whether you’re an investor evaluating these companies or a finance professional considering BTC for your organization’s treasury, the data tells a clear story: Bitcoin has earned a permanent place on corporate balance sheets.

The concentration of holdings among a handful of major players, Strategy, Marathon, BlackRock, and others, creates both opportunity and risk. Reduced circulating supply can support higher prices, but institutional decisions now move markets in ways they couldn’t when Bitcoin was purely a retail phenomenon.

The tools to research these holdings are publicly available. SEC filings, ETF fact sheets, and specialized trackers let anyone verify the numbers. As Bitcoin’s role in corporate finance continues evolving, staying informed about who holds what becomes increasingly valuable.

Start tracking the companies that matter most to your investment thesis. The data is there, you just need to know where to look.