🇺🇸 United States
- BTC Held
- 848,000 BTC
- % of supply
- 4.038%
- Market cap
- $61.54B
- mNAV
- 1.13x
Bitcoin Treasury Companies
Every public company holding Bitcoin on its balance sheet, ranked by total BTC held.
183companies1276K BTCtotal heldMSTRlargest holder
🇺🇸 US · 🇨🇦 CA · 🇯🇵 JAtop nations
#2
XXIXXI
XXIXXI🇺🇸 United States
- BTC Held
- 43,514 BTC
- % of supply
- 0.207%
- Market cap
- $4.11B
- mNAV
- 1.67x
🇯🇵 Japan
- BTC Held
- 40,177 BTC
- % of supply
- 0.191%
- Market cap
- $361.52B
- mNAV
- 152.37x
#4
MARAMARA
MARAMARA🇺🇸 United States
- BTC Held
- 35,577 BTC
- % of supply
- 0.169%
- Market cap
- $3.73B
- mNAV
- 2.38x
🇺🇸 United States
- BTC Held
- 30,021 BTC
- % of supply
- 0.143%
- Market cap
- $274.6M
- mNAV
- 0.11x
🇺🇸 United States
- BTC Held
- 29,462 BTC
- % of supply
- 0.140%
- Market cap
- $833.1M
- mNAV
- 0.41x
🇺🇸 United States
- BTC Held
- 22,000 BTC
- % of supply
- 0.105%
- Market cap
- $4.94B
- mNAV
- 3.30x
#8
SpaceX
SpaceX🇺🇸 United States
- BTC Held
- 18,712 BTC
- % of supply
- 0.089%
- Market cap
- —
- mNAV
- —
🇺🇸 United States
- BTC Held
- 17,311 BTC
- % of supply
- 0.082%
- Market cap
- $47.33B
- mNAV
- 0.00x
🇺🇸 United States
- BTC Held
- 13,703 BTC
- % of supply
- 0.065%
- Market cap
- $2.70B
- mNAV
- 4.41x
🇺🇸 United States
- BTC Held
- 12,062 BTC
- % of supply
- 0.057%
- Market cap
- $2.25B
- mNAV
- 3.01x
#12
TeslaTSLA
TeslaTSLA🇺🇸 United States
- BTC Held
- 11,509 BTC
- % of supply
- 0.055%
- Market cap
- $1.41T
- mNAV
- —
🇺🇸 United States
- BTC Held
- 11,380 BTC
- % of supply
- 0.054%
- Market cap
- $6.34B
- mNAV
- 8.50x
#14
Hut 8HUT
Hut 8HUT🇺🇸 United States
- BTC Held
- 10,278 BTC
- % of supply
- 0.049%
- Market cap
- $10.39B
- mNAV
- 10.59x
🇺🇸 United States
- BTC Held
- 9,117 BTC
- % of supply
- 0.043%
- Market cap
- $46.41B
- mNAV
- 54.41x
🇺🇸 United States
- BTC Held
- 8,300 BTC
- % of supply
- 0.040%
- Market cap
- $750.3M
- mNAV
- 1.46x
🇺🇸 United States
- BTC Held
- 7,500 BTC
- % of supply
- 0.036%
- Market cap
- $832,408
- mNAV
- 0.29x
🇺🇸 United States
- BTC Held
- 6,894 BTC
- % of supply
- 0.033%
- Market cap
- $11.98B
- mNAV
- 24.57x
🇺🇸 United States
- BTC Held
- 5,833 BTC
- % of supply
- 0.028%
- Market cap
- $7.8M
- mNAV
- 0.00x
🇺🇸 United States
- BTC Held
- 5,528 BTC
- % of supply
- 0.026%
- Market cap
- $569.8M
- mNAV
- —
20 of 100 companies
Direct answers
Which public company holds the most Bitcoin?
Strategy (MSTR) holds the largest corporate Bitcoin treasury of any public company, with 848,000 BTC. It pioneered the corporate Bitcoin treasury strategy starting in August 2020.
How much Bitcoin do public companies hold in total?
Public companies collectively hold approximately 1276K BTC, representing roughly 6.1% of the total 21 million supply. The figure rises as new companies adopt Bitcoin treasury strategies and existing holders accumulate more.
How many public companies hold Bitcoin?
Over 183 publicly traded companies worldwide hold Bitcoin on their balance sheets as of 2026. The list spans North America, Europe, Asia, and includes companies in mining, fintech, software, and traditional industries.
Treasury Company Articles, Guides, & Videos
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Frequently Asked Questions
Common questions about corporate Bitcoin treasuries.
What is a Bitcoin treasury company?
A Bitcoin treasury company is a publicly traded firm that holds Bitcoin as a primary or significant reserve asset on its balance sheet, rather than just operational exposure. Strategy (MSTR) popularized this approach in 2020.
What does mNAV mean for Bitcoin treasury companies?
mNAV (multiple of Net Asset Value) compares a company's enterprise value to the value of its Bitcoin holdings. An mNAV above 1.0x means the market values the stock at a premium to its Bitcoin; below 1.0x means a discount.
How do you evaluate a Bitcoin treasury company using mNAV?
The mNAV multiple compares a company's market cap to its Bitcoin NAV. An mNAV above 1.0x means investors pay a premium for the management team and capital-raising ability. Below 1.0x suggests the stock trades at a discount to its Bitcoin holdings, which can signal an undervalued entry point relative to just holding BTC directly.
What is cost basis and why does it matter for Bitcoin treasury companies?
Cost basis is the average price a company paid per Bitcoin across all purchases. A low cost basis compared to today's spot price means the company is sitting on large unrealized gains, improving its balance sheet strength. A high cost basis near spot means thinner cushion during drawdowns.
How do Bitcoin treasury companies fund their Bitcoin purchases?
Bitcoin treasury companies use three main funding strategies: convertible debt (borrowing at low interest, creating leverage if BTC rises), at-the-market (ATM) equity offerings (selling new shares, which dilutes existing holders), and organic cash flow (slowest but cleanest method with no dilution or debt).
What is BTC per share?
BTC per share measures how many satoshis or fractions of Bitcoin each company share represents. It lets investors compare Bitcoin exposure across different treasury sizes and share counts.
Why do companies hold Bitcoin on their balance sheets?
Companies hold Bitcoin as a treasury reserve to hedge against currency debasement, diversify away from cash, and align with a Bitcoin-native investor base. Some also use it to raise capital via convertible notes tied to BTC appreciation.
What is the difference between Bitcoin miners and Bitcoin treasury companies?
Bitcoin miners earn BTC by validating transactions. Treasury companies buy Bitcoin on the open market as a strategic reserve. Some miners also hold their mined Bitcoin, making them hybrids, while pure treasury companies like Strategy have no mining operations.