Bitcoin as a digital asset has grown from a niche technology to a recognized financial instrument over the past decade. Unlike traditional currencies, no government or central bank controls it, and its supply is limited to 21 million coins. These characteristics have made it attractive to both individual investors and companies looking for new ways to manage their wealth.
In recent years, more businesses have started holding bitcoin as part of their financial reserves. From technology firms to payment companies and even mining operations, bitcoin is increasingly appearing on corporate balance sheets.
This raises an interesting question: Do companies exist just to hold bitcoin, or is holding bitcoin simply part of a broader financial strategy?
This article explores that question by looking at what a Bitcoin treasury is, why companies adopt it, and whether some companies are now built entirely around this idea.
Table of Contents
What Is a Bitcoin Treasury?
A Bitcoin treasury refers to a company holding bitcoin as part of its reserve assets. Instead of keeping all of its funds in traditional assets like cash, bonds, or real estate, it allocates a portion to bitcoin. This is usually a deliberate financial strategy designed to strengthen the company’s balance sheet.
Holding bitcoin in a treasury works much like other strategic asset holdings, such as gold or foreign currency reserves. It allows companies to diversify their assets, protect themselves from economic shifts, and potentially benefit from price growth over time.
There is an important distinction to make here:
- Some companies hold bitcoin as one of many assets. For them, bitcoin is just a small part of a much larger strategy.
- Other companies or funds exist primarily to hold bitcoin. These firms often raise capital with the specific intention of buying and managing bitcoin as their primary business activity.
This means that, unlike regular businesses (like Tesla or Coinbase) that have other core operations, these companies exist mainly to accumulate and manage bitcoin as an asset.
- They usually raise money from investors (through stock sales, funding rounds, or other capital raises).
- They use most of that money to buy bitcoin and then hold it as their primary asset.
- Their business model is tied directly to the value of bitcoin; if bitcoin goes up, the company’s value rises, and vice versa.
Examples of such companies include:
- MicroStrategy (Strategy) started as a software company, but it’s now primarily seen as a bitcoin holding company.
- Twenty One Capital was explicitly created to build a large bitcoin treasury as its core activity.
- Bitcoin ETFs (like BlackRock’s iShares Bitcoin Trust) exist solely to hold bitcoin on behalf of investors.
So, these companies don’t use bitcoin as a side asset; they’re built around the idea of holding and growing bitcoin reserves.
Why Companies Hold Bitcoin in Their Treasury
Companies add bitcoin to their reserves for several reasons. Each reason reflects both financial strategy and how they see the future of money.
1. Hedge Against Inflation and Currency Risks
Traditional currencies lose value over time due to inflation and economic fluctuations. Bitcoin, on the other hand, has a fixed supply, which makes it attractive to companies that want to protect part of their capital from currency devaluation.
This is particularly relevant in times when interest rates are low, and the value of holding large amounts of cash is eroded by inflation. Several companies view bitcoin as a way to preserve their purchasing power over the long term.
2. Potential for Long-Term Capital Growth
Bitcoin has shown significant price growth over the years, despite its volatility. Companies like Strategy (formerly MicroStrategy) have experienced substantial increases in their balance sheet value thanks to their bitcoin holdings.
For companies willing to take on the risk, holding bitcoin offers a chance to benefit from future price appreciation and increase shareholder value.
3. Diversification of Assets Beyond Fiat, Bonds, and Equities
Relying too heavily on traditional assets can expose companies to market risks tied to those instruments.
By adding bitcoin to their reserves, firms introduce a non-correlated asset, one that doesn’t always move in the same direction as stocks or bonds. This diversification can make their overall financial position more resilient.
4. Brand Positioning and Innovation Appeal
Holding bitcoin isn’t just a financial move; it also shapes how the public and investors view a company. Businesses that adopt bitcoin early are often seen as innovative and forward-thinking.
This can attract a new type of investor, strengthen the company’s brand, and generate media attention. For example, Tesla’s announcement of Bitcoin purchases created global headlines and boosted its image as a tech pioneer.
Major Companies Holding Bitcoin in 2025 (With Real Examples)
A wide range of companies, from publicly traded firms to private businesses and even institutional entities, now hold bitcoin on their balance sheets as part of a strategic reserve. This isn’t a fringe move: it’s becoming mainstream across industries.
Let’s look at the latest figures on bitcoin holdings (mid‑2025) to understand how significant this trend has become.
Company | Industry | BTC Held | Estimated Value (2025) | Notes |
| 1. Strategy (MicroStrategy) | Software / Treasury firm | 628,791BTC | $73 billion | Largest corporate holder (3% of supply) |
| 2. Marathon Digital (MARA) | Bitcoin mining | 50,000 BTC | $5.7 billion | Mining-based treasury holdings |
| 3. Twenty One Capital (XXI) | Bitcoin-native treasury | 43,514BTC | $5.15 billion | Backed by Tether/SoftBank, Jack Mallers’ firm |
| 4. Trump Media & Technology (DJT) | Trump Media & Technology (DJT) | 18,430 BTC | $2 billion | Raised capital to build BTC reserves |
| 5. Metaplanet Inc. | Hospitality & crypto | 17,595 BTC | $2 billion | “Bitcoin hotel” venture |
| 6. Riot Platforms | Bitcoin mining | 19,225 BTC | $2.2 billion | Miner-turned-BTC treasury firm |
| 7. CleanSpark | Solar + mining | 12,608 BTC | $1.45 billion | Energy-mining operations hold bitcoin |
| 8. Coinbase | Crypto exchange | 11,776 BTC | $1.35 billion | Natural reserve for exchange operations |
| 9. Tesla | Electric vehicles | 11,509 BTC | $1.32 billion | Strategic diversification into bitcoin |
| 10. Hut 8 Mining Corp. | Canadian mining company | 10,273 BTC | $1.18 billion | Large miner holding bitcoin reserves |
Quick Analysis
MicroStrategy (now Strategy) leads by a wide margin, holding nearly 3 % of the total bitcoin supply, valued at over $70 billion, clearly setting the tone in the corporate bitcoin narrative.
- Mining companies like Marathon, Riot, CleanSpark, and Hut 8 naturally accumulate bitcoin through their operations, turning it into a treasury asset.
- Bitcoin-native firms like Twenty One Capital (founded by Jack Mallers and backed by Tether/SoftBank) are explicitly built to hold bitcoin as their core business model.
- Non-crypto businesses, such as Tesla and Metaplanet, use bitcoin as strategic diversification rather than core operations.
- Trump Media represents a newer entrant that raised $2 billion specifically to build a bitcoin reserve, highlighting how media or thematic firms are entering this space.
Publicly Traded Companies Actively Holding Bitcoin in 2025
Publicly traded companies are businesses listed on stock exchanges that issue shares to the public. When these companies hold bitcoin in their treasuries, it’s a strategic decision that impacts not only their balance sheets but also their stock prices, since investors closely watch their exposure to bitcoin. Examples include;
1. MicroStrategy (Strategy)
Leading the pack, this software company has transformed itself into a bitcoin treasury powerhouse. With over 628,000 BTC and billions in unrealized gains, it’s redefining what it means to be a public company in today’s bitcoin-infused economy.
2. Tesla
Originally an electric vehicle maker, Tesla’s foray into bitcoin signaled a shift in how non-financial companies can diversify their reserves, and it sparked global media attention.
3. Block (Square)
Jack Dorsey’s payment company, Block (formerly Square), has integrated bitcoin into its platform, using it both as a service feature and as part of its financial reserves, aligning innovation with treasury strategy.
4. Coinbase
As a crypto-native exchange, Coinbase naturally holds bitcoin. While not a treasury firm per se, its reserve reflects operational needs and strategic positioning.
Other Notables
- Riot Platforms and CleanSpark combine mining operations with reserve strategies.
- Metaplanet offers a unique hospitality angle, positioning itself as the “bitcoin hotel” with BTC reserves.
- Trump Media & Technology raised capital with the sole purpose of building a bitcoin treasury, making it a high-profile media-centric entrant into the space.
Private Companies Actively Holding Bitcoin in 2025
Private companies are not listed on stock exchanges and usually have fewer disclosure requirements. While their bitcoin holdings may not always be public, several private firms have gained attention for holding large amounts of bitcoin as part of their core strategy. Examples include:
1. Twenty One Capital
It was founded by Jack Mallers and backed by industry heavyweights. With over 43,514 BTC, it’s designed from the ground up to hold bitcoin and operate as a bitcoin-focused treasury entity, even before going public via a SPAC merger.
2. Bitmain
Primarily known for mining hardware, it is understood to hold bitcoin reserves, although specific figures are not publicly disclosed.
3. Stone Ridge Holdings Group
This is an asset manager that includes bitcoin-focused funds and holds a meaningful amount of BTC as part of its portfolio.
Institutional & Government Holdings of Bitcoin in 2025
Institutions such as funds, trusts, and even governments also hold bitcoin. Their role is different; they often manage bitcoin on behalf of investors or citizens, rather than for corporate profits. This makes their holdings significant indicators of how bitcoin is being adopted on a larger scale. Examples include:
1. El Salvador (Government)
The country famously adopted bitcoin as legal tender and holds BTC as part of its national reserves, making it the first nation to integrate bitcoin into its official financial system.
2. Institutional Funds and ETFs
Funds such as Grayscale and BlackRock’s iShares Bitcoin Trust manage significant bitcoin reserves on behalf of thousands of investors, operating in a way that resembles corporate treasuries.
Do Any Companies Exist Solely to Hold Bitcoin?
Many companies hold Bitcoin alongside other assets, but some have built their identity around Bitcoin as the primary focus.
MicroStrategy’s Transformation
MicroStrategy (now rebranded as Strategy) began as a software firm but shifted its entire financial focus toward bitcoin. Since 2020, it has raised capital through stock offerings and debt to accumulate hundreds of thousands of BTC.
As of August 2025, Strategy holds approximately 628,791 BTC, nearly 3% of the entire Bitcoin supply acquired at a total cost of about $46 billion and now valued at over $72 billion. This aggressive shift and branding have established them as a company that essentially “lives” off bitcoin holdings.
Bitcoin‑Focused Funds and ETFs
There are also firms, such as BlackRock’s iShares Bitcoin Trust and Grayscale’s Bitcoin Trust, whose main business is holding bitcoin for investors. They lack operational lines beyond managing BTC reserves, making them, in effect, bitcoin-focused treasury entities.
Other Investment Funds
Lastly, a growing class of firms, including SPAC structures or private holding companies, raise capital explicitly to accumulate bitcoin and monetize it (via lending, staking, or derivatives). These firms often exist primarily to manage bitcoin reserves on behalf of investors, blurring the line between treasury and business itself.
The Risks and Criticisms of Bitcoin Treasuries
Bitcoin treasuries come with potential rewards, but significant risks too. Here’s what companies need to keep in mind:
1. Price Volatility and Balance Sheet Impact
Bitcoin’s value can swing dramatically, affecting corporate balance sheets. Unrealized gains or losses must be reflected in financial reports, leading to sudden and sometimes large income statement swings. For instance, Strategy’s $14 billion unrealized gain was a windfall, but a downturn would immediately reverse those gains.
2. Accounting Challenges
Under current rules, gains may only count once realized, while losses must be recognized immediately. This creates asymmetry and increases volatility in earnings reports causing confusion among investors and analysts. Strategy’s recent profit also reflects new accounting rules that allow companies to include fair-value bitcoin gains in operating income, a double‑edged sword.
3. Regulatory Uncertainty
Bitcoin’s regulatory treatment varies between countries and continues to evolve. Sudden changes in taxation, classification, or custody requirements can affect how companies report and manage their holdings. In some cases, governments are even exploring national bitcoin reserves, adding complexity to oversight frameworks.
4. Overexposure to a Single Volatile Asset
Companies that allocate large portions of their capital to bitcoin risk being overly exposed. If bitcoin sharply declines, their equity, creditworthiness, and operational flexibility may suffer. Strategy has received criticism for depending heavily on bitcoin, sometimes at the expense of its software business.
Conclusion
- Most businesses do not exist solely to hold bitcoin. For the majority, bitcoin is one strategic asset among many, deployed to manage risk, diversify assets, and possibly enhance long‑term value.
- A few companies, Strategy (formerly MicroStrategy), certain bitcoin-focused funds, and newly launched SPAC-based holding firms are built around bitcoin as their core purpose.
- While bitcoin treasuries are growing, significant risks remain: volatility, accounting complexity, regulatory shifts, and concentration risk all demand careful governance.
Looking ahead, expect bitcoin’s role in corporate finance to grow, but only if firms set clear policies, maintain balanced exposure, and manage these risks thoughtfully.
