Corporate Bitcoin Strategies: Who’s Holding BTC and Why?
In recent years, an increasing number of U.S.-listed public companies have added Bitcoin to their balance sheets, viewing it as both a hedge against inflation and a strategic diversification tool. Pioneers like MicroStrategy and Tesla have led the way, inspiring other firms to explore Bitcoin as a corporate asset. While some companies see it as a long-term store of value, others use it to align with their industry or enhance shareholder exposure to Bitcoin’s potential upside. As Bitcoin’s price continues to fluctuate, we take a closer look at the public companies holding BTC and the strategies behind their investments.
Key Public Companies Holding Bitcoin
MicroStrategy Inc. ($MSTR)
MicroStrategy, now rebranded as Strategy, has led corporate Bitcoin adoption since 2020. Under Michael Saylor’s leadership, the company shifted from enterprise software to a Bitcoin-focused strategy, making it the largest corporate holder of Bitcoin.
Saylor, a vocal advocate of Bitcoin as “digital gold,” sees it as a long-term hedge against inflation and currency devaluation. As of February 24, 2025, the company holds 499,096 bitcoins, acquired for approximately $33.1 billion at an average price of $66,357 per bitcoin.
MicroStrategy funds its Bitcoin purchases through convertible debt and equity sales, allowing for rapid accumulation but introducing significant financial risk. Its stock price remains closely tied to Bitcoin, effectively making the company a leveraged bet on the cryptocurrency.
MARA Holdings Inc. ($MARA)
MARA Holdings, one of the largest Bitcoin mining firms, currently holds 45,659 BTC, underscoring its commitment to integrating Bitcoin into its core operations. As a miner, the company naturally retains a portion of the Bitcoin it generates, historically branding itself as a “digital asset bank” by aiming to HODL as much as possible.
However, MARA has also had to sell a significant share of its mined Bitcoin to cover operational costs, particularly during the 2022 bear market. Despite this, it has consistently maintained a growing reserve. The company held 8,090 BTC in January 2023, which grew to 15,741 BTC in 2024, and has nearly tripled to 45,659 BTC as of its latest press release.
MARA continues to balance Bitcoin sales for expansion, primarily to increase its hash rate, while building its reserves as a long-term investment.
Riot Platforms Inc. ($RIOT)
Riot Platforms is the third-largest public company Bitcoin holder, with 18,221 BTC as of its February 4, 2025, update. Like MARA, RIOT integrates Bitcoin into its business strategy, but it has historically taken a more conservative approach, primarily selling Bitcoin to fund operations and expand its Texas mining site.
However, by late 2024, Riot shifted to a more aggressive accumulation strategy—likely in response to improving market conditions. The company’s holdings grew from 7,648 BTC in January 2024 to 18,221 BTC in 2025, more than doubling its Bitcoin exposure.
Tesla Inc. ($TSLA)
Tesla announced its Bitcoin investment in February 2021, purchasing 42,902 BTC for approximately $1.5 billion and stating it would accept Bitcoin as payment for its vehicles. The move was widely seen as a major endorsement of cryptocurrency by a leading tech company, driving Bitcoin’s price higher.
However, in May 2021, Tesla reversed its stance, citing environmental concerns over Bitcoin mining’s high energy consumption, particularly its reliance on fossil fuels like coal. By July 2022, the company sold 75% of its holdings, reducing its Bitcoin reserves to 10,725 BTC.
CleanSpark Inc. ($CLSK)
CleanSpark, a Bitcoin mining and energy company, holds 10,556 BTC as of its latest update. Its strategy focuses on operational efficiency, sustainable energy practices, and strategic expansion across the United States.
CleanSpark began accumulating Bitcoin in 2023 and, like other mining companies, ramped up its holdings aggressively over the past year. Its reserves grew from 3,573 BTC in January 2024 to 10,556 BTC in January 2025, nearly tripling in just a year.
Hut 8 Corp ($HUT)
Hut 8, a major Bitcoin mining firm, holds 10,096 BTC as of January 2025. Similar to other mining companies, $HUT’s largest BTC reserve comes from mining operations. However, the company recently announced the purchase of Bitcoin using its cash reserves. Of the total holdings, 9,106 BTC was accumulated through mining operations, while 990 BTC was recently purchased with cash at an aggregate price of approximately $100 million, averaging around $101,710 per Bitcoin.
Coinbase Global Inc. ($COIN)
Coinbase, one of the largest cryptocurrency exchanges, has been holding Bitcoin and other cryptocurrencies since its founding in 2012. The company views its crypto investments as long-term holdings to support the crypto economy and ecosystem. In 2021, Coinbase updated its investment strategy, committing $500 million of its cash and cash equivalents to a diverse portfolio of crypto assets. It also pledged to allocate 10% of its quarterly net income to this portfolio, making it the first publicly traded company to hold a variety of crypto assets, including Ethereum, Proof of Stake assets, and DeFi tokens, alongside Bitcoin. The company currently holds approximately 9,000 BTC.
Block Inc. ($XYZ)
Block, formerly known as Square, holds 8,038 BTC. Its investment in Bitcoin aligns with its broader expansion into digital payments and financial technology. The company’s Bitcoin strategy has been strongly driven by CEO Jack Dorsey, who in recent years has become what the crypto industry might call a Bitcoin maximalist.
Block initially purchased 4,709 BTC in 2020 for an aggregate price of $50 million, later expanding its holdings in 2021. Since then, its Bitcoin holdings have remained unchanged, resulting in a relatively low average purchase price of approximately $28,800 per Bitcoin.
Semler Scientific Inc. ($SMLR)
Semler Scientific, a healthcare company, recently joined the list of public companies holding Bitcoin. The company announced in May last year that it had adopted Bitcoin as its primary treasury reserve asset and acquired 581 BTC for an aggregate price of $40 million.
According to the company, its board evaluated various uses for its cash, including acquisitions, but ultimately decided that holding Bitcoin was the best option. Semler Scientific continued expanding its Bitcoin holdings in the following quarters, reaching 3,192 BTC as of its most recent announcement this month. The company acquired these holdings for a total of $280.4 million, at an average purchase price of $87,854 per Bitcoin.
HIVE Digital Technologies Ltd. ($HIVE)
HIVE Digital Technologies, a Bitcoin mining company, holds 2,805 BTC. Compared to other mining companies, HIVE has taken a more conservative approach to its Bitcoin holdings strategy. At the end of 2020, the company owned 1,813 BTC, and over the following four years, its holdings fluctuated as it periodically sold Bitcoin to finance mining operations and expansions.
Until 2024, HIVE’s Bitcoin holdings saw only modest growth. However, in recent year, the company has more actively expanded its reserves, increasing its holdings from around 2,000 BTC to 2,805 BTC. While this represents significant growth, it is smaller compared to other mining companies, many of which have doubled or tripled their Bitcoin holdings over the past year.
Here is a summary of the top 10 U.S.-listed companies by their Bitcoin holdings:
Strategic Rationale Behind Bitcoin Adoption
Public companies holding Bitcoin have adopted different strategies based on their business models and financial objectives. Some have fully transformed their corporate identity around Bitcoin, while others use it as a strategic reserve asset or an extension of their core business operations.
Bitcoin as a Core Business Strategy
MicroStrategy, now rebranded as Strategy, stands out as the most aggressive corporate Bitcoin holder. Under Michael Saylor’s leadership, the company has shifted from an enterprise software firm to a de facto Bitcoin holding company. With nearly 500,000 BTC, it funds its purchases through convertible debt and equity sales, making its stock price highly correlated with Bitcoin’s performance. The name change to Strategy further solidifies its complete transition into a Bitcoin-centric entity.
Corporate Alignment with Crypto
Both Coinbase and Block invested in Bitcoin in part to signal their belief in cryptocurrency’s future and to integrate it into their corporate ethos. Coinbase, as a crypto-native firm, decided to hold a portion of its own assets in crypto (including Bitcoin and Ethereum) to “align with the interests of the crypto economy” and demonstrate confidence in the assets it trades. This is akin to a tech company using its own product—Coinbase, in this case, uses its profits to acquire the very cryptocurrencies that drive its business. The strategy is long-term: Coinbase stated it views its crypto holdings as long-term investments and even used derivatives at one point to hedge price swings. By not actively trading its treasury Bitcoin, Coinbase signals that it is not speculating for short-term gains but rather holding it as a strategic reserve to support the ecosystem. They also use some BTC operationally for liquidity on their platform.
Block, on the other hand, invested in Bitcoin as an extension of CEO Jack Dorsey’s vision that Bitcoin will be the native currency of the internet. The company (then Square) said the investment “aligns with [our] purpose” and that “cryptocurrency is an instrument of economic empowerment.” In practice, Block’s Bitcoin serves as a treasury asset (now roughly 1–2% of total assets) and a symbol of the company’s commitment to crypto innovation. Block also supports Bitcoin development through initiatives like Spiral and Lightning Development. The strategy has been to buy and hold—regardless of market fluctuations—under the belief that Bitcoin’s value will appreciate as adoption grows. This approach is more philosophical and strategic rather than driven by liquidity or earnings concerns.
Natural Extension for Miners
For Bitcoin mining companies, holding Bitcoin is a natural extension of their business, as they generate BTC through mining. Deciding whether to hold or sell their mined Bitcoin is a key strategic choice that directly impacts their financial positioning. While all mining firms view Bitcoin holdings as a way to increase shareholder exposure to BTC’s potential upside, their treasury strategies vary. Some, like MARA and Riot, have aggressively expanded their reserves, aiming to maximize Bitcoin accumulation. Others, like HIVE, have taken a more conservative approach, periodically selling Bitcoin to finance expansion and operational costs.
Treasury Diversification Strategy
For companies outside the crypto and mining industries, Bitcoin serves as a diversification tool for treasury reserves. Tesla made an early investment in Bitcoin but later sold a large portion of its holdings due to concerns over environmental impact. Semler Scientific recently adopted Bitcoin as its primary treasury reserve asset, expanding its holdings to over 3,000 BTC in a short period. These companies view Bitcoin as an alternative to traditional cash reserves, albeit with varying levels of commitment.
Conclusion:
Treasury-focused companies emphasize Bitcoin as a store of value or alternative asset to bolster their balance sheets long-term, often citing macroeconomic factors (inflation, fiat currency risks) and alignment with their corporate mission. Crypto industry tends to hold Bitcoin to demonstrate commitment to the crypto economy and maximize shareholder exposure, while still managing operational liquidity. Each company’s strategy is influenced by its risk tolerance, cash flow needs, and leadership’s outlook on Bitcoin.
This article is for informational purposes only and is not investment advice or a solicitation to buy or sell securities. The content is based on publicly available information and reflects the author’s opinions as of the publication date, which may change without notice. All investments carry inherent risks, including the potential loss of principal, and past performance is not indicative of future results.
Investments in Bitcoin and other cryptocurrencies are highly volatile and speculative, with the potential for significant loss of principal. Market prices for digital assets can fluctuate widely due to changes in investor sentiment, regulatory developments, technological innovations, and other macroeconomic factors. Bitcoin investments are also subject to liquidity risks and regulatory uncertainties that may impact their value and availability.
Readers should conduct their own research or consult a qualified financial advisor before making any investment decisions, particularly those involving digital assets.
BBAE has no financial interests, business relationships, or affiliations with the companies mentioned in this article, nor have they received any compensation from these companies. BBAE holds no position in the securities mentioned, nor are they compensated by the companies mentioned.
