In 2025, a growing number of public companies are strategically incorporating Bitcoin into their balance sheets, moving beyond the early adopters that grabbed headlines. This trend reflects a broader shift in how businesses view digital assets, not merely as speculative investments but as legitimate components of their corporate treasuries. Firms are increasingly using Bitcoin to hedge against inflation, fiat devaluation, and macroeconomic shocks, attracted by its fixed supply, digital scarcity, and 24/7 liquidity.

Here are 10 public companies that have been quietly building their Bitcoin treasuries:

1. Strategy (formerly MicroStrategy): This company leads the pack by a wide margin. Under the guidance of Michael Saylor, Strategy has become synonymous with Bitcoin, holding a significant percentage of the total available BTC supply. As of April 2025, Strategy held over 2% of the supply of available Bitcoin. The company has even renamed itself to reflect its focus on Bitcoin. As of July 2025, Strategy holds 592,345 BTC.
2. MARA Holdings: As one of the largest Bitcoin mining firms in North America, Marathon has aggressively expanded its treasury over recent quarters. The company retains a significant portion of the Bitcoin it mines, viewing it as both a treasury asset and a foundation for its business. As of July 2025, MARA Holdings holds 49,859 BTC.
3. XXI: XXI holds 37,230 BTC as of July 2025.
4. Riot Platforms, Inc.: Riot Platforms is a major Bitcoin mining company based in the U.S., with substantial operations in Texas. The company began adding Bitcoin to its treasury in 2021 and continues to expand its holdings. As of July 2025, Riot Platforms holds 19,225 BTC.
5. Metaplanet Inc. (Japan): Metaplanet, a publicly listed company in Tokyo, made a significant entry into Bitcoin in late 2024, quickly increasing its holdings. Dubbed the "Asian Strategy," the company aims to reach 10,000 BTC and is exploring Bitcoin-themed ventures. As of July 2025, Metaplanet holds 13,350 BTC.
6. Galaxy Digital Holdings: This company is a financial services firm deeply involved in the cryptocurrency space. Galaxy Digital holds 12,830 BTC.
7. CleanSpark: CleanSpark is another Bitcoin mining company that accumulates Bitcoin through its mining operations. As of July 2025, CleanSpark holds 12,502 BTC.
8. Tesla, Inc.: The electric car manufacturer led by Elon Musk, initially invested in Bitcoin in February 2021. While Tesla briefly accepted Bitcoin as payment, it has retained a significant amount of BTC on its balance sheet. As of December 2024, Tesla holds 11,509 BTC.
9. Hut 8 Mining: Hut 8 Mining holds 10,273 BTC as of July 2025.
10. Coinbase Global, Inc.: As a leading U.S. crypto exchange, Coinbase is at the forefront of institutional involvement in Bitcoin. Apart from facilitating trades, the company holds a notable amount of BTC on its books. Coinbase holds 9,267 BTC.

These companies, among others, are demonstrating a growing confidence in Bitcoin as a long-term store of value and a strategic asset. While early adopters like Strategy and Tesla made headlines, the increasing number of firms quietly adding Bitcoin to their balance sheets signals a maturing market and a wider acceptance of cryptocurrency as a legitimate component of corporate finance. This trend is expected to continue as more companies seek to diversify their holdings and hedge against economic uncertainties.