Public companies are increasingly embracing Bitcoin (BTC) as part of their treasury strategies, with collective holdings now exceeding 1,045,887 BTC, valued at approximately $110 billion. This trend, pioneered by Strategy Inc. (formerly MicroStrategy), involves accumulating BTC as a hedge against inflation and fiat currency debasement. While many companies have adopted this strategy, the extent to which they are profiting from it varies considerably.

Who Holds the Most?

Strategy Inc. leads the pack with 640,250 BTC. Other significant holders include MARA Holdings (53,250 BTC), Twenty One Capital (43,514 BTC), Bitcoin Standard Treasury (30,021 BTC), and Riot Platforms Inc. (19,239 BTC). Metaplanet Inc., Bullish, CleanSpark Inc. and Coinbase Global also hold significant amounts. Tesla owns 11,509 Bitcoins.

The Strategy Inc. Model

Strategy Inc.'s approach involves using its balance sheet to accumulate BTC. Since beginning this strategy on August 11, 2020, when its stock traded at $13.49 per share, the company has seen its stock price surge by approximately 2,000% to $284. This far exceeds Bitcoin's 900% gain over the same period. Through debt-financed purchases and convertible notes, Strategy Inc. has effectively become a "Bitcoin proxy," boasting a market cap of $83 billion, even after a 45% pullback from 2024 highs.

Mining Companies See Gains

Riot Platforms (RIOT) has also benefited, accumulating Bitcoin since early 2020 at $3.20 per share. With shares now trading at $19.50, this represents a 510% increase, driven by efficient mining operations and treasury expansion. CleanSpark (CLSK) began accumulating BTC in June 2023 at $5.20 and now trades near $20, a 285% gain, supported by low-cost mining and reinvestment of mined BTC. Marathon Digital (MARA) holds 53,250 BTC, with its stock rising from $8.50 in December 2020 to $20 today, marking 135% gains. Hut 8 Mining (HUT) began BTC accumulation in March 2018 at $17.60 and traded at $48 recently, a 173% rise, benefiting from consistent production growth.

Factors Influencing Profitability

Several factors determine whether a public company profits from holding Bitcoin. These include:

• Bitcoin Price: The most direct factor is the price of Bitcoin. Companies that bought BTC at lower prices are more likely to see significant gains as the price appreciates.
• Accumulation Strategy: Companies like Strategy Inc. have actively pursued Bitcoin accumulation, which has significantly impacted their stock performance.
• Mining Efficiency: For mining companies like Riot Platforms and CleanSpark, efficient mining operations contribute to profitability alongside treasury appreciation.
• Core Business Model: Companies with profitable business models outside of Bitcoin are better positioned to weather potential downturns in the cryptocurrency market.
• Percentage of Balance Sheet in BTC: Companies with a large percentage of their balance sheet allocated to Bitcoin are more exposed to price volatility.
• Market Sentiment: Bullish market conditions tend to favor Bitcoin proxy companies, often outperforming traditional assets.

Beyond the Top Holders

While Strategy Inc. and major mining companies dominate the list, other public companies also hold significant amounts of Bitcoin. These include Tesla, Block, Inc., Coinbase Global, and Nexon Co., Ltd. Metaplanet Inc., dubbed "Japan's MicroStrategy," has also adopted an aggressive Bitcoin accumulation strategy.

Institutional Adoption on the Rise

The trend of public companies holding Bitcoin reflects growing institutional acceptance of digital assets. In Q3 2025, corporate holdings reached 1.02 million BTC, a 20.87% increase from the previous quarter, with 48 new firms entering the market. This surge underscores Bitcoin's rapid ascent as a core treasury asset.

A Word of Caution

Investing in Bitcoin proxy companies can offer indirect exposure to cryptocurrency, but it also carries risks. Returns can be high in bullish markets, but losses can be steep during downturns. Investors should carefully consider a company's core business model and the percentage of its balance sheet allocated to Bitcoin before investing.