What company owns the most Bitcoin? A look at corporate holdings
Jun 24, 2025・5 min read
Bitcoin (BTC) has come a long way since its 2009 debut. What started as a niche experiment among tech enthusiasts and privacy advocates is now a major asset class held by some of the world’s largest corporations. From financial institutions to automakers, Bitcoin is no longer fringe – it’s firmly in the mainstream.But who are the companies investing in cryptocurrency? And who owns the most Bitcoin? In this guide, we’ll explain why Bitcoin has become a go-to asset for established corporations and which ones are leading the charge.
Why do companies hold Bitcoin?
Why are so many investors turning to Bitcoin and crypto in general? For one, established companies increasingly recognize its potential value. Early institutional adoption has helped normalize holding Bitcoin on corporate balance sheets, making it easier for other firms to follow. No company wants to keep large amounts of capital in assets that it can’t easily liquidate, and the growing liquidity of cryptocurrencies gives businesses more confidence in their ability to buy and sell when needed.
Here are some of the main reasons publicly traded companies and institutions hold Bitcoin and other digital assets:
Hedging against inflation
Bitcoin has a hard cap of 21 million coins, which gives it a fixed supply. Because of this scarcity, some investors refer to it as “digital gold.” Unlike fiat currencies – such as the U.S. dollar, euro, or yen – Bitcoin isn’t subject to central bank monetary policy like quantitative easing, which can devalue traditional currencies through inflation.
Treasury diversification
Diversification is an important tactic for reducing overall risk in a managed asset portfolio. Bitcoin provides businesses with an alternative store of value beyond traditional investments. In some cases, companies allocate a portion of their treasury to Bitcoin or other cryptocurrencies to reduce exposure to fiat currency and equities. For example, if the S&P 500 experiences a downturn, some capital may rotate into crypto and potentially boost its value.
Long-term appreciation
Since its inception, Bitcoin has outperformed most traditional assets over the long term. Some companies view holding Bitcoin as a speculative but promising investment that may continue to appreciate as adoption grows.
Facilitating transactions
As cryptocurrency adoption expands, more businesses are accepting Bitcoin and Ethereum (ETH) as payment or using them in transactions. Certain digital-first companies, particularly those in blockchain or crypto-native industries, may hold coins on their balance sheets to support day-to-day operations or to settle payments with vendors and partners.
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5 companies holding Bitcoin
While many companies have made substantial investments in Bitcoin, these five corporations are the largest public holders of BTC (as of this writing). They collectively own approximately 650,000 BTC – roughly 3.3% of Bitcoin's total supply:
1. MicroStrategy Inc.
MicroStrategy is a publicly traded software company known for aggressively accumulating Bitcoin as part of its corporate treasury strategy. It’s the largest corporate holder of Bitcoin by far – eclipsing all others on this list.
- Industry: Business intelligence and analytics
- How much Bitcoin MicroStrategy owns: 506,137 BTC
2. Marathon Digital Holdings
As one of the most prominent mining operations in North America, Marathon focuses on scale. Its BTC reserves stem directly from its robust mining output, and the company consistently ranks among the top institutional holders due to its high-volume production strategy.
- Industry: Bitcoin mining
- How much Bitcoin Marathon Digital owns: 46,374 BTC
3. Riot Platforms, Inc.
Riot takes a broader approach to mining. While growing its BTC reserve from self-mined rewards, it’s investing heavily in infrastructure – including data centers and energy partnerships – to strengthen its long-term position in the digital asset ecosystem.
- Industry: Bitcoin mining
- How much Bitcoin Marathon Digital owns: 18,692 BTC
4. Galaxy Digital Holdings
Galaxy offers a suite of crypto-related financial services, including digital asset management, trading, and advisory services. Due to the nature of its business, it’s taken a large stake in Bitcoin and other cryptocurrencies.
- Industry: Cryptocurrency investment and financial services
- How much Bitcoin Galaxy Digital owns: 15,449 BTC
5. Tesla, Inc.
Tesla made headlines in 2021 when it purchased $1.5 billion in Bitcoin, citing its potential as a long-term store of value. Although the company has since sold some of its BTC holdings, it still retains enough cryptocurrency to hold fourth place on this list.
- Industry: Electric vehicles and clean energy
- How much Bitcoin Tesla owns: 11,509 BTC
Consideration for businesses holding Bitcoin
Any business holding Bitcoin or other digital currencies must consider certain factors, including:
- Accounting and financial reporting requirements: Under Generally Accepted Accounting Principles (GAAP), Bitcoin is classified as an intangible asset. This means companies must report impairment losses when the asset’s value drops – even if it later rebounds. This can create a disconnect between market value and the amount on the balance sheet.
- Regulatory compliance: While crypto regulations are evolving rapidly, businesses must stay current with SEC guidelines, anti-money laundering laws, and financial disclosure rules. Falling behind can lead to costly compliance issues.
- Risk management and volatility: Bitcoin’s unpredictable price swings can significantly impact a company’s financials. Institutional holders need well-defined strategies to manage this volatility, especially if crypto makes up a large share of their reserves.
- Security and custody solutions: Safely storing digital assets requires more than just strong passwords. Most businesses rely on cold storage, multi-signature wallets, and insured custodians to protect their Bitcoin and reduce the risk of loss or theft.
- Tax implications: Crypto holdings come with a wide range of tax considerations – from capital gains to corporate tax treatment – all of which vary by jurisdiction. Proactive planning helps businesses stay compliant and avoid surprises at tax time.
Accountability and compliance for holding Bitcoin
Beyond security and tax planning, companies also face operational and compliance challenges when adding crypto to the balance sheet:
Corporate tax implications
Tax rules around crypto are still evolving, which makes accurate tracking a must. Companies need to maintain detailed records of every transaction – including dates, amounts, wallet addresses, and fees – to remain compliant and audit-ready. Tools like CoinTracker Enterprise can help streamline this process and minimize reporting errors.
Internal governance and controls
Remember, safeguarding digital assets isn’t just about wallets and passwords – it requires strong internal processes. This includes regular audits, clear role separation for those managing crypto, and secure, encrypted systems for tracking asset flows.
International considerations
Multinational companies must stay informed about crypto laws across borders. Because regulations shift rapidly, legal and compliance teams need to monitor global guidance to ensure ongoing adherence in every jurisdiction where they operate.
Managing corporate crypto? CoinTracker makes it easy
Institutional investment in Bitcoin shows no signs of slowing down. As digital assets become more common in corporate portfolios, more companies are allocating part of their holdings to BTC, ETH, Bitcoin Cash (BCH), and other cryptocurrencies. If you're considering joining the ranks of companies holding Bitcoin, CoinTracker Enterprise can help.
CoinTracker lets you monitor your entire portfolio – across multiple wallets and exchanges – in one streamlined platform. Join the 2 million users who rely on CoinTracker for a seamless, accurate crypto experience. Start free today.
Disclaimer: This post is informational only and is not intended as tax advice. For tax advice, please consult a tax professional.