Public companies collectively hold about 1.16 million Bitcoin as of mid-2026, worth roughly $74 billion at current prices. That's about 5.5% of Bitcoin's total circulating supply locked up in corporate treasuries, and the concentration at the top is staggering.
Strategy (formerly MicroStrategy) owns 847,363 BTC - more than 73% of all corporate Bitcoin holdings by itself. The next four companies combined don't come close. Twenty One Capital holds 43,514 BTC. Metaplanet owns 40,177 BTC. MARA Holdings has 35,303 BTC. After those top four, holdings drop off sharply into the low thousands.
The corporate Bitcoin treasury trend isn't slowing down. Strategy keeps buying, having added 520 BTC just in the week ending June 21. Metaplanet aims to reach 210,000 BTC by end of 2027. Twenty One Capital, now majority-owned by Tether after SoftBank sold its 26% stake in May, is structured specifically to maximize Bitcoin per share. And a growing list of smaller companies - from mining firms to tech startups - are adding Bitcoin to their balance sheets.
The full rankings
The gap between first and second place tells you everything about this market. Strategy holds nearly 20 times more Bitcoin than Twenty One Capital, the second-largest holder. After the top six, holdings drop to the single-digit thousands - companies like Tesla (still holding its roughly 9,720 BTC from 2021), Block, and Coinbase's corporate treasury.
Strategy's dominance
Michael Saylor's company has been buying Bitcoin since August 2020 and hasn't stopped. As of June 15, 2026, Strategy holds 847,363 BTC acquired across more than 100 separate purchases at an average cost of $66,385 per coin, for a total outlay of $33.1 billion.
To put that in perspective, Strategy's Bitcoin reserves account for more than 60% of all Bitcoin held by publicly traded companies worldwide. Its holdings represent roughly 4% of Bitcoin's total circulating supply.
The most recent purchase, disclosed in a June 21 Form 8-K, added 520 BTC at an average price of $67,068 per coin for $34.9 million. That's a small buy by Strategy's standards - the company has done single purchases exceeding $1 billion - but it shows the accumulation hasn't paused even as Bitcoin trades in the low-to-mid $60,000s.
Saylor has stated publicly that his target is to hold between 5% and 7% of the total Bitcoin supply. At current levels, Strategy would need to acquire roughly 200,000-600,000 more BTC to reach the upper end of that range.
Strategy funds its purchases primarily through convertible note offerings and at-the-market equity sales. The company essentially uses its stock as a currency to acquire Bitcoin, which creates a reflexive loop: the stock rises when Bitcoin rises, making future share sales more accretive, which funds more Bitcoin purchases, which supports the stock price. That loop works beautifully in bull markets and becomes a serious risk in prolonged downturns.
The challengers: XXI, Metaplanet, MARA
The three companies behind Strategy each have distinctly different approaches to Bitcoin accumulation.
Twenty One Capital (XXI) was built specifically to be a Bitcoin treasury company. It came public in December 2025 through a reverse merger with Cantor Equity Partners, backed by Tether and SoftBank. In May 2026, Tether bought out SoftBank's entire 26% stake for $679 million, making Twenty One essentially a Tether-controlled vehicle. Jack Mallers, previously the CEO of Strike, runs the company. Their stated goal is maximizing Bitcoin per share, and every operational decision flows from that metric. Twenty One also announced merger plans with Strike and Bitcoin miner Elektron Energy in April.
Metaplanet (3350.T) is the "Strategy of Asia." The Tokyo-listed company has been aggressively accumulating since mid-2024, using a combination of bond issues, stock warrants, share issuances, and Bitcoin-backed loans to fund purchases. As of March 31, 2026, Metaplanet held 40,177 BTC and has publicly stated a target of 210,000 BTC by end of 2027 - roughly 1% of Bitcoin's total supply. The stock trades at around 302 yen and has become the most volatile name on the Tokyo Stock Exchange, moving almost entirely in lockstep with Bitcoin's price.
MARA Holdings (MARA) is a Bitcoin miner that retains most of the BTC it mines rather than selling to cover operating costs. With 35,303 BTC, MARA sits fourth on the list. The mining approach means MARA's cost basis on its Bitcoin is effectively its production cost - electricity, hardware depreciation, and facility overhead - rather than the market price. That gives MARA a structural advantage on acquisition cost but exposes it to the operational risks of running large-scale mining facilities.
How they're funding it
Every major Bitcoin treasury company uses some version of the same playbook: issue equity or debt, buy Bitcoin with the proceeds, and hope the Bitcoin appreciation exceeds the dilution or interest cost.
The specific instruments vary. Strategy favors convertible notes and at-the-market equity offerings. Metaplanet uses zero-coupon bonds and share warrants popular in Japanese capital markets. Twenty One, backed by Tether's deep pockets, has access to direct Bitcoin contributions from its parent company. MARA funds accumulation primarily through retained mining revenue, supplemented by occasional equity raises.
The common risk across all of these approaches is that they're leveraged bets on Bitcoin's price. If Bitcoin drops significantly and stays down, companies that issued debt to buy BTC face a balance sheet crunch. Strategy's average cost basis of $66,385 means it's currently underwater on its holdings at Bitcoin's recent trading range around $64,000. That's not a crisis yet - the convertible notes don't come due for years - but it illustrates how quickly the math changes.
The risks of treasury concentration
The bull case for corporate Bitcoin treasuries is simple: Bitcoin is a scarce asset with long-term appreciation potential, and holding it on a corporate balance sheet gives shareholders exposure without requiring them to buy, custody, or manage Bitcoin themselves.
The bear case is equally simple: these are companies with no diversified revenue stream to fall back on if Bitcoin enters a sustained bear market. Strategy generates about $500 million annually from its legacy software business, but that's a rounding error compared to its $33 billion Bitcoin position. Twenty One and BRTS don't even have a legacy business - they exist solely to hold Bitcoin.
If Bitcoin drops 50% from here, the market caps of these companies drop by more than 50% because most of them carry leverage. The recent ETF outflow streak showed how quickly capital can exit Bitcoin products when sentiment shifts, and corporate treasury stocks are less liquid than ETFs.
For investors considering exposure to Bitcoin treasury companies, the key question is simple: do you want leveraged Bitcoin exposure with management fees and corporate governance risk, or do you want to hold Bitcoin directly through an ETF or self-custody? The treasury stocks offer leverage on the way up, but they amplify losses on the way down.
Frequently asked questions
Which company holds the most Bitcoin?
Strategy (formerly MicroStrategy) holds 847,363 BTC as of June 15, 2026, making it by far the largest corporate Bitcoin holder. That's more than 73% of all Bitcoin held by publicly traded companies and roughly 4% of Bitcoin's total circulating supply, with a total cost basis of $33.1 billion at an average price of $66,385 per coin.
How many Bitcoin does Twenty One Capital hold?
Twenty One Capital holds 43,514 BTC as of June 2026, making it the second-largest public company Bitcoin holder. The company, now majority-owned by Tether after buying out SoftBank's 26% stake in May 2026, is run by Jack Mallers and is structured specifically to maximize Bitcoin per share.
What is Metaplanet and how much Bitcoin does it own?
Metaplanet is a Tokyo-listed company (ticker 3350.T) that holds 40,177 BTC, making it the third-largest corporate Bitcoin holder and the biggest in Asia. Often called the "MicroStrategy of Japan," Metaplanet aims to grow its holdings to 210,000 BTC by end of 2027, which would represent roughly 1% of Bitcoin's total supply.
How do Bitcoin treasury companies make money?
Most Bitcoin treasury companies generate returns primarily through Bitcoin price appreciation rather than traditional revenue. Strategy has a legacy software business generating about $500 million annually, and MARA mines Bitcoin. But companies like Twenty One Capital and BRTS exist solely to hold Bitcoin, using equity and debt issuances to fund purchases and measuring success by Bitcoin per share growth.
Is it better to buy MSTR stock or Bitcoin directly?
That depends on your risk tolerance. MSTR stock provides leveraged exposure to Bitcoin - it tends to rise faster than Bitcoin in bull markets but falls faster in bear markets because the company uses debt to fund purchases. Buying Bitcoin directly through an ETF like IBIT gives you cleaner, unleveraged exposure at lower fees (0.25%). Treasury stocks add management risk, dilution risk, and corporate governance risk on top of Bitcoin's own volatility.
What is Strategy's average cost per Bitcoin?
Strategy's average purchase price is $66,385 per Bitcoin as of June 15, 2026, based on a total outlay of approximately $33.1 billion across more than 100 separate purchases since August 2020. At Bitcoin's recent trading price around $64,000, Strategy is slightly underwater on its aggregate position.
Why did SoftBank sell its stake in Twenty One Capital?
Tether acquired SoftBank Group's entire 26% stake in Twenty One Capital in May 2026 for approximately $679 million. The sale aligned the company's shareholder base more closely with its Bitcoin-native strategy, as Tether (which already held the majority) took full control of the company's direction.
How much Bitcoin do public companies hold in total?
Public companies collectively hold approximately 1.16 million BTC as of mid-2026, worth roughly $74 billion at current prices. That represents about 5.5% of Bitcoin's total circulating supply. Strategy alone accounts for 73% of that total.
What are the risks of investing in Bitcoin treasury stocks?
The main risks are leverage (most companies use debt to buy Bitcoin, amplifying losses), dilution (equity issuances to fund purchases reduce your ownership percentage), concentration (no diversified revenue to offset Bitcoin drawdowns), and liquidity (these stocks are less liquid than Bitcoin ETFs). In a sustained bear market, treasury stocks can lose more than Bitcoin itself.
Which Bitcoin treasury company has the lowest cost basis?
MARA Holdings likely has one of the lowest effective cost bases because it acquires most of its Bitcoin through mining rather than market purchases. Its production cost is determined by electricity prices, hardware efficiency, and facility overhead rather than Bitcoin's market price, though MARA also makes open-market purchases.
Sean Ristau | @SeanRistau | 21Rates / The Daily Stack
