10 Public Companies You Didn’t Know Are Stacking Bitcoin

Key takeaways

• Whereas firms like Technique and Tesla made headlines, many others have discreetly added Bitcoin to their treasuries. 

• Corporations use Bitcoin to hedge in opposition to inflation, fiat devaluation and macroeconomic shocks. Its mounted provide, digital shortage and 24/7 liquidity make it interesting. 

• Corporations like Arkham and Glassnode hint Bitcoin possession via handle clustering and timing correlation. 

Bitcoin is making a major shift. From a speculative funding, it has turn into part of company treasuries. Whereas firms like Technique and Metaplanet gained consideration for giant Bitcoin (BTC) purchases, others have quietly adopted. Spanning numerous industries like expertise and healthcare, these corporations have strategically allotted parts of their steadiness sheets to Bitcoin reserves, typically with out public bulletins. 

This low-profile method exhibits a rising pattern amongst companies aiming to guard in opposition to inflation, diversify property or align with the digital economic system. An rising variety of firms are incorporating Bitcoin into their balance sheets, impressed by the success of Technique, led by Michael Saylor. In response to BitcoinTreasuries.Web, 26 firms started holding Bitcoin in June 2025, bringing the whole variety of firms holding Bitcoin to 250 as of July 4, 2025.

This text explores why firms are adopting Bitcoin as a part of their company treasury and discusses 10 public firms which have quietly adopted Bitcoin as a monetary technique. It additionally sheds gentle on the function of blockchain analytics in revealing holdings, dangers related to a Bitcoin-heavy company technique and varied outcomes of Bitcoin accumulation by firms.

Why firms are turning to Bitcoin

Companies are more and more incorporating Bitcoin into their treasury methods for a number of compelling causes. These components collectively drive the rising inclusion of digital property in company treasury methods:

• Safety in opposition to inflation and foreign money devaluation: Bitcoin serves as a possible hedge in opposition to inflation and the devaluation of fiat currencies. Not like conventional cash, which might lose worth attributable to financial enlargement, Bitcoin’s fixed supply of 21 million coins makes it a horny retailer of worth throughout inflationary durations.

• Digital shortage and liquidity: Bitcoin presents a singular mixture of digital shortage and 24/7 liquidity, offering the expansion potential of long-term investments whereas sustaining the accessibility of short-term property.

• Affect of early adopters: Pioneering company Bitcoin traders like Technique and Tesla have considerably influenced this pattern. Since 2020, Technique has accrued substantial Bitcoin reserves utilizing inventory and debt, inspiring different firms to undertake comparable methods.

• Governance and portfolio diversification: Treasurers view Bitcoin as a non-correlated asset that enhances portfolio resilience in opposition to macroeconomic shocks, supporting governance and diversification objectives.

Do you know? Technique was the primary public firm to undertake a Bitcoin-first treasury technique. Since 2020, it has acquired over 200,000 BTC, utilizing each firm funds and debt. 

10 public firms you didn’t know are holding Bitcoin on their steadiness sheets

A number of public firms have discreetly added Bitcoin to their steadiness sheets, choosing minimal publicity. Under is an inventory of such firms, their approaches and BTC holdings as of early July 2025:

BitFuFu

• Profile: Singapore-based Bitcoin mining agency listed on Nasdaq (FUFU).

• Holdings: 1,709 BTC ($185.85 million), 40% of its market cap.

• Goal: Deal with scaling mining operations through owned and cloud-based infrastructure. Plans embody boosting hashrates, increasing globally and utilizing treasury reserves to fund low-cost power entry and innovation. Goals for regular BTC accumulation as each mining yield and retailer of worth.

Cipher Mining

• Profile: US-listed Bitcoin miner (CIFR) with a robust renewable-energy focus.

• Holdings: 1,063 BTC ($115.49 million), 40% of its market cap.

• Goal: Construct a crypto treasury via mining amenities powered by renewable sources. Intend to stabilize income utilizing BTC, reinvest in inexperienced power tasks and provide ESG-aligned shareholder worth via sustainable crypto yield.

KULR Know-how Group

• Profile: US thermal and battery security tech agency (KULR).

• Holdings: 920 BTC ($100.04 million), 40% of its market cap.

• Goal: Diversifying reserves via Bitcoin, reflecting its tech-centric treasury technique. By allocating a part of its steadiness sheet to BTC, KULR mitigates fiat danger, aligns with its revolutionary picture and showcases confidence in crypto’s long-term safety worth.

Aker ASA

• Profile: Norway’s industrial funding firm (AKER.OL).

• Holdings: 754 BTC ($82 million), 1.7% of its market cap.

• Goal: Search balanced capital allocation via BTC publicity whereas pursuing sustainability-investment themes. BTC acts as a hedge in opposition to inflation/foreign money fluctuations and underpins the agency’s diversification and value-creation methods throughout industrial property.

Méliuz

• Profile: Brazilian fintech cashback and providers platform (CASH3.SA).

• Holdings: 595.7 BTC ($64.8 million), 45% of market cap.

• Goal: Allocate 10% of money reserves to Bitcoin, aiming to reinforce treasury resilience. Used BTC as a hedge throughout foreign money volatility in Brazil whereas signaling innovation to fintech prospects and traders via trendy monetary methods.

MercadoLibre

• Profile: Latin America’s main e-commerce and fintech firm (MELI).

• Holdings: 570.4 BTC ($62 million); share of market cap not obtainable.

• Goal: Use BTC as an inflation hedge throughout unstable LATAM currencies. BTC publicity enhances its fintech ecosystem, enabling integration with Mercado Pago and reinforcing management in digital cost innovation and reserve diversification.

Samara Asset Group

• Profile: Malta-based funding supervisor (SRAG.DU).

• Holdings: 525 BTC ($57.3 million), 28% of its market cap.

• Goal: Make use of Bitcoin as a reserve asset to safeguard capital with a long-term funding horizon. BTC aligns with Samara’s digital-asset-focused technique, supposed to cut back publicity to conventional markets and entice crypto-minded traders.

Jasmine Worldwide PCL

• Profile: Thai telecom and knowledge middle operator (JAS.BK).

• Holdings: 506.4 BTC ($55.25 million), 15.9% of market cap.

• Goal: Protect worth by coupling BTC reserves with its knowledge middle and mining subsidiary (JTS). Intention to derive crypto revenues, diversify the steadiness sheet and scale digital infrastructure in Southeast Asia’s rising market.

Alliance Useful resource Companions

• Profile: US coal producer (ARLP).

• Holdings: 481.9 BTC ($55.8 million), 1.5% of market cap.

• Goal: Increase past power revenues by diversifying into BTC. Intend to stabilize earnings throughout commodity downturns and bolster long-term reserve worth amid inflationary pressures.

Rumble

• Profile: Canadian video-sharing and cloud providers platform (RUM).

• Holdings: 210.8 BTC ($22.93 million), 0.8% of market cap.

• Goal: Envisions BTC embedding crypto tradition into Rumble’s core, strengthening ties with decentralization-minded customers. Whereas gaining curiosity from crypto-savvy traders, this transfer enhances Rumble’s monetary resilience and helps additional integration of blockchain themes into its platform.

Do you know? Constancy and BlackRock, two of the world’s largest asset managers, provide institutional shoppers direct Bitcoin publicity via exchange-traded funds (ETFs), custody providers and over-the-counter (OTC) desks, bringing Wall Avenue construction to the crypto world.

Prime 10 public Bitcoin treasury firms

Now that you simply’ve seen how lesser-known public firms are quietly accumulating Bitcoin as a long-term strategic asset, it’s time to have a look at the heavyweights. These are the highest 10 public firms that maintain the biggest Bitcoin reserves as of July 8, 2025.

Collectively, they signify probably the most influential institutional holders within the Bitcoin ecosystem, shaping market narratives, treasury developments and even regulatory conversations. Whereas some made headlines early on, others have steadily constructed large reserves behind the scenes.

Right here’s a have a look at the company titans of Bitcoin treasuries:

1. Technique (MSTR): 597,325 BTCFormerly MicroStrategy, the corporate leads all public entities in Bitcoin holdings by a large margin, persevering with its aggressive accumulation strategy.

2. MARA Holdings (MARA): 50,000 BTCA dominant participant in Bitcoin mining, MARA maintains one of many largest self-mined BTC treasuries globally.

3. XXI (CEP): 37,230 BTCA newer entrant (Twenty One Capital) targeted on treasury-centric Bitcoin acquisition now among the many prime company holders.

4. Riot Platforms (RIOT): 19,225 BTCA main mining agency with regular onchain accumulation via operational reserves and reinvested earnings.

5. Metaplanet (3350.T): 15,555 BTCA standout from Japan, Metaplanet is usually referred to as the “Asian MicroStrategy” for its targeted Bitcoin technique.

6. Galaxy Digital Holdings (GLXY): 12,830 BTCA diversified monetary providers agency with deep publicity to crypto, together with vital BTC on its steadiness sheet.

7. CleanSpark (CLSK): 12,502 BTCA sustainable Bitcoin miner with a rising treasury constructed on environment friendly power practices and market timing.

8. Tesla (TSLA): 11,509 BTCDespite previous fluctuations in technique, Tesla continues to carry a considerable Bitcoin reserve.

9. Hut 8 Mining Corp (HUT): 10,273 BTCA long-standing mining agency recognized for holding mined Bitcoin as a substitute of liquidating.

10. Coinbase International (COIN): 9,267 BTCThe largest crypto trade by quantity within the West, Coinbase holds Bitcoin for each strategic and operational functions.

Function of blockchain analytics in revealing company Bitcoin holdings

Blockchain analytics corporations, corresponding to Arkham Intelligence, Glassnode, Chainalysis and CryptoQuant, play an important function in uncovering public firms’ holdings of Bitcoin that have been beforehand undisclosed. 

These corporations use superior strategies like handle clustering, timing correlation, behavioral heuristics and “dusting” evaluation to attach pseudonymous Bitcoin wallets to company entities:

• Handle clustering: This method teams pockets addresses by figuring out shared patterns, corresponding to cash shifting via the identical transaction paths or originating from recognized custodians.

• Timing correlation: This technique matches blockchain transactions with recognized buy dates reported in US Securities and Change Fee filings or company disclosures.

• Behavioral heuristics and dusting: These approaches analyze small take a look at transactions, often called “mud,” and pockets utilization patterns to establish possession indicators.

As an illustration, Arkham Intelligence has traced 87%-97% of Strategy’s Bitcoin holdings, roughly 70,000-580,000 BTC, by combining pockets clustering and transaction evaluation.

Nevertheless, these strategies aren’t foolproof and face a number of challenges:

• Attribution uncertainty: Linking wallets to particular firms depends on assumptions, which might result in errors, as seen in previous mislabeling incidents involving Arkham.

• Custody obfuscation: The usage of third-party custodians, corresponding to Constancy or Coinbase Prime, can conceal company possession.

• Evolving privateness techniques: Companies could create new wallets, use mixing services or cut up holdings to evade detection.

Regardless of these limitations, blockchain analytics considerably enhance transparency, offering traders with helpful insights into company Bitcoin accumulation.

Do you know? In 2021, Tesla briefly held $1.5 billion in Bitcoin, making it the second-largest company holder.

Dangers related to a Bitcoin-heavy company treasury technique

Matthew Sigel from VanEck warns that some firms face “capital erosion,” the place their worth decreases regardless of holding Bitcoin. This happens when corporations problem new inventory or tackle debt to purchase Bitcoin. 

If an organization’s inventory value is excessive, issuing shares can profit shareholders by elevating funds above the online asset worth (NAV). Nevertheless, if the inventory value falls to or close to its NAV, issuance of recent shares dilutes worth, probably harming shareholders and resulting in capital erosion.

If Semler’s market capitalization is decrease than the worth of its Bitcoin holdings, it turns into a priority, as within the case of Semler Scientific. This US medical expertise firm initially noticed its inventory value rise after adopting a Bitcoin-focused method and buying massive quantities of Bitcoin. 

Nevertheless, by mid-2025, regardless of Bitcoin’s rising worth, Semler’s stock had dropped by over 45%. What was extra regarding was that the corporate’s market worth fell beneath the price of its Bitcoin holdings, that means the market valued the complete enterprise lower than its cryptocurrency property alone.

It is a peculiar state of affairs that reveals the danger of an organization relying an excessive amount of on Bitcoin for its treasury. It could undervalue an organization, significantly if traders lose confidence in its core operations. Furthermore, whereas Bitcoin’s value swings could strengthen an organization’s steadiness sheet throughout market uptrends, its volatility can hurt inventory efficiency and shake investor belief. 

When an organization’s market worth falls beneath its Bitcoin reserves, it could face challenges elevating funds via fairness or debt, as issuing new shares at low costs reduces the worth for current shareholders.

Implications of Bitcoin accumulation by firms

With the rising acceptance of Bitcoin in enterprise circles, even some risk-averse entities have quietly begun constructing Bitcoin treasuries. Whereas ultra-conservative corporations stay primarily on the sidelines, the variety of firms open to accumulating Bitcoin as a backup is constantly rising.

• Affect of provide and volatility: Company accumulation of Bitcoin removes it from circulation, tightening provide and probably driving short- to medium-term value spikes. Alternatively, when costs drop, pressured sell-offs could amplify volatility. Notably, solely 0.26% of the world can own 1 BTC sooner or later.

• Evolution of treasury technique: This pattern is reshaping company treasury fashions globally. Corporations more and more view BTC as a hedge against inflation, including a non-correlated asset to their steadiness sheets. International adoption now spans mid-market to multinational firms, suggesting a strategic normalization of Bitcoin in treasury operations.

• Regulatory points: Companies accumulating Bitcoin as company treasury property could face regulatory challenges, together with compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) legal guidelines. Tax implications, corresponding to capital features reporting and securities laws, can complicate adoption. Jurisdictional variations and unclear crypto tips may expose corporations to authorized dangers and penalties.

• Institutionalization impact: Company adoption of Bitcoin as a treasury asset indicators mainstream acceptance. It stabilizes market notion and attracts institutional traders. This pattern validates Bitcoin’s legitimacy, fostering broader monetary integration with market dynamics.

Unstable but strategic, company Bitcoin accumulation is shaping macro provide dynamics, redefining treasury fashions and including new layers to market resilience.

This text is for normal data functions and isn’t supposed to be and shouldn’t be taken as authorized or funding recommendation. The views, ideas, and opinions expressed listed below are the writer’s alone and don’t essentially replicate or signify the views and opinions of Cointelegraph.