The 10 Public Companies With the Largest Bitcoin Treasuries in 2026

Corporate Bitcoin treasury management has shifted from an experiment to a strategic lever. What began with a $425 million buy by MicroStrategy in 2020—and was soon echoed by Block and Tesla—has matured into an arms race for scalable, on-chain reserves and liquidity. Public companies now control 5.39% of Bitcoin’s fixed 21 million supply, per BitcoinTreasuries. The common thread across the leaders isn’t just accumulation; it’s how they use BTC to shape funding, product, and market positioning.

The 10 biggest public Bitcoin treasuries today 1) Strategy (formerly MicroStrategy) - Holdings: 780,897 BTC (~$59 billion), over 3.7% of BTC’s eventual supply. - Posture: BTC is the primary reserve asset; purchases are typically disclosed weekly, with a pause at quarter-end. - Notes: Co-founder Michael Saylor has argued the “Bitcoin strategy” drove 10x–30x performance versus enterprise software peers. He personally holds 17,732 BTC (>$1.3 billion as of Sept 2024). He has said the company could ultimately target up to 7% of BTC supply and has framed downside scenarios—down to $8,000—as manageable via refinancing, while dismissing a path to zero.

2) Twenty One Capital (XXI) - Holdings: 43,513.12 BTC (~$3.3 billion). - Origin: Debuted via SPAC with Cantor Equity Partner in December; treasury built with Tether, Bitfinex, and SoftBank. - Posture: A pure-play Bitcoin treasury and services platform aiming to make inflation a non-factor rather than merely outpace it.

3) Metaplanet - Holdings: 40,177 BTC (>$3 billion). - Profile: Tokyo-listed “Asian Strategy,” with a hotel rebrand to “Bitcoin Hotel”; claims to be Japan’s only public Bitcoin treasury company. - Expansion: Hit its 2025 goal of 30,000 BTC last September, overtaking Bitcoin Standard Treasury Company; targets >210,000 BTC by 2027 (~$16 billion today). Added Eric Trump to its Strategic Advisory Board in early 2025; launched a Miami subsidiary later that year. In March 2026, created a $25 million investment arm for Bitcoin companies.

4) MARA (formerly Marathon Digital) - Holdings: ~38,689 BTC (>$2.9 billion). - Pivot: Evolved from patent holding to mining, and now into AI infrastructure. In March 2026, outlined plans to sell portions of BTC to fund initiatives; quickly sold 15,133 BTC (~$1.1 billion) to repurchase debt. The latest 10-K highlights expansion into energy generation and R&D for AI-adjacent markets.

5) Bitcoin Standard Treasury Company (BSTR) - Holdings: 30,031 BTC at launch, pending finalization in late Q1/Q2 2026. - Structure: Merger with Cantor Equity Partners I (a SPAC). Founders, including Adam Back, contribute 25,000 BTC; an additional 5,021 BTC via in-kind PIPE. - Firepower: May raise up to $1.5 billion to add more BTC. Back has denied being Satoshi Nakamoto amid public speculation.

6) Riot Platforms - Holdings: 15,680 BTC (~$1.2 billion). - Buildout: Acquired a $650 million, 1 GW Texas facility in April 2021; expanded in 2022; rebranded in 2023. Settled with Bitfarms after a 2024 hostile bid. - Liquidity: Sold roughly $450 million of BTC across Q4 2025 and Q1 2026 to support operations as it, like others, leans into AI demand.

7) Coinbase - Holdings: 15,389 BTC (~$1.17 billion) as of Dec 31, 2025; up from 6,885 at end-2024. - Signals: “Coinbase is long bitcoin,” CEO Brian Armstrong wrote in October 2025, noting a 2,772 BTC Q3 increase and continued purchases. - Product: Launched cbBTC (wrapped Bitcoin) in late 2024; restarted Bitcoin lending in January 2025.

8) Strive Asset Management - Holdings: 13,678 BTC (>$1 billion). - Capital: Raised $750 million in May 2025 to buy BTC; entered the top 10 in January 2026. - Moves: Pushed GameStop toward BTC (the retailer bought >$500 million in 2025 and ran a covered-call strategy with Coinbase in 2026). Acquired Semler Scientific in an all-stock deal, adding ~5,048 BTC.

9) Hut 8 - Holdings: 13,696 BTC (>$1 billion), per its last BTC-denominated update. - Milestones: Listed on Nasdaq GSM (HUT) in June 2021; merged with US Bitcoin in November 2023 to form an energy infrastructure and data center-focused operator. - AI optionality: Announced a $150 million AI compute expansion last June; stock rallied around the presidential election. Subsidiary American Bitcoin—co-founded by Eric Trump—went public. HUT8 surged again in December 2025 after a $7 billion Google-backed AI data center deal; American Bitcoin shares touched post-IPO lows in late March.

10) CleanSpark - Holdings: 13,363 BTC (~$1 billion) as of March 26. - Capacity: Ahead of the 2024 halving, bought three Mississippi sites for $19.8 million, adding up to 2.4 EH/s, plus a third Dalton, Georgia facility (+0.8 EH/s). - Discipline: The CFO has emphasized mining over spot purchases given a ~$34,000 per-BTC mining cost in early 2025.

The throughline: BTC as operating advantage, not just reserve These treasuries are becoming product strategy. Miners are converting hashpower into AI-ready energy and compute footprints, using BTC as collateral, liquidity, or dry powder. Exchanges are wrapping BTC, lending it, and aligning balance sheets with user demand. Pure-play treasuries are using SPACs, PIPEs, and weekly on-chain disclosures to manufacture reflexivity—conviction signaling that can lower capital costs and broaden distribution.

Concentration is also real: with 5.39% of supply in public hands, governance discipline matters. The leaders that pair transparent on-chain reporting with prudent financing—debt that can be rolled, intelligent options usage, selective sales—tend to earn investor patience during drawdowns. The next edge won’t come from buying more coins alone, but from converting cold storage into cash flow, market access, and platform effects without dulling Bitcoin’s scarcity.

Methodology note This ranking reflects company filings, direct disclosures, on-chain balances, and external trackers like BitcoinTreasuries.net. Where data has been incomplete, multiple outreach attempts were made; remaining gaps were addressed with judgment. First compiled in July 2022; updated with new details on April 19, 2026. Figures reflect values at the time of writing and may change with market moves and subsequent disclosures.