Publicly traded companies buying Bitcoin for reserves was ludicrous for years. The top cryptocurrency was too volatile and fringe for major businesses. Biggest Bitcoin Portfolios: Significant institutional investors have bought Bitcoin in recent years, breaking that taboo.
In August and September 2020, cloud software business MicroStrategy bought $425 million in Bitcoin, igniting the flood! Tesla and payments processor Block followed. According to Bitcoin Treasury, 2.8% of the 21 million BTC supply is held by public companies. Right now, these are the biggest holders.
MicroStrategy
MicroStrategy stores BTC. The mobile app and cloud service aggressively bought millions of bitcoins. It holds 461,000 BTC worth $48 billion and 2% of Bitcoins in January 2025. Executive Chairman Michael Saylor bought $1,000 in Bitcoin every second. Biggest Bitcoin Portfolios, In the Q1 2024 earnings call, Saylor stated that its “Bitcoin strategy” beat corporate software enterprises in business analytics by 10x to 30x.
Saylor owned 17,732 BTC worth $1.85 billion in September 2024, unlike other leaders who rarely declare their assets. In 2013, MicroStrategy co-founder predicted Bitcoin’s demise. In the company’s Q1 2024 earnings call, Saylor remarked, “We’re at the beginning of the rapid institutional adoption of digital property in the form of Bitcoin. Bitcoin will compete with “gold, art, equities, real estate, bonds, and other types of store-of-value money in wealth creation, wealth preservation, and the capital markets,” not other cryptos.
Marathon Digital Holdings Inc
Marathon Digital has 44,394 BTC in its treasury as of December 2024. The value is over $4.6 billion today. It plans to build “the largest Bitcoin mining operation in North America at one of the lowest energy costs” after being a patent owner and troll. Marathon Digital had around 250,000 Bitcoin miners in July 2024 with 26.3 and 31.5 EH/s operational hash rates.
Following the 2024 Bitcoin halving, the company is accelerating its growth plans to “mitigate the impact” of earning half the BTC rewards for every successfully mined block. The business said it would triple mining in 2024. Q3 2024 revenue grew 35% to $132 million from $98 million in Q2. Most of their $2 billion convertible note issue went to Bitcoin.
Riot Platforms, Inc
U.S. crypto miner Riot Platforms has 17,722 BTC worth $1.85 billion. As its valuation climbed from $200 million in 2020 to $6 billion in 2021, the Nasdaq-listed company aggressively expanded. In April 2021, it spent $650 million on a one-gigawatt Bitcoin mining operation in Texas, expanded in 2022, and renamed as Riot Platforms in 2023 to diversify its earnings.
It warned shareholders that there was “no guarantee” the Bitcoin halving would boost profitability in 2024, and while RIOT shares opened at $18, they fell to below $10 from August to late October. After Trump’s November election, Bitcoin mining stocks and the cryptocurrency market soared. The company resolved with Bitfarms in 2024 after a hostile takeover.
Galaxy Digital Holdings
In a November 2024 investor statement, crypto-focused merchant bank Galaxy Digital Holdings reported 11,242 BTC, based on $711 million in Bitcoin as of September 30, 2024. As of now, that much Bitcoin is worth $1.18 billion. The company, founded by Michael Novogratz in January 2018, provides asset management and digital infrastructure services to institutions seeking Bitcoin and Ethereum.
As expected, Novogratz is a Bitcoin supporter and predicted in March 2024 that the cryptocurrency would never drop below $50,000 again and $100,000 by the end of the year. Galaxy Digital is one of several firms administering a U.S. spot Bitcoin ETF after significant SEC clearance in January 2024. Novogratz called Trump’s election “the most important day for crypto” recently.
Hut 8 Corp
Hut 8, a Canadian Bitcoin mining company, reported 10,096 BTC worth over $1 billion in December 2024. The company’s SEC filing stated it is “committed to growing shareholder value by increasing the number and value of our Bitcoin holdings.” It joined the Nasdaq Global Select Market as HUT in June 2021. The company generates fiat revenue from its self-mined Bitcoin reserve “via yield account arrangements with leading digital asset prime brokerages.”
The company merged with US Bitcoin in November 2023 to establish an “energy infrastructure company targeting Bitcoin mining and data centers.” Six Alberta, Texas, and New York mining hubs self-mine 7.5 EH/s. The company committed $150 million last June to improve its AI computing needs, and its shares nearly doubled in the weeks after the presidential election, valuing it at over $2 billion.
Tesla
The Tesla and Musk connection with Bitcoin is strained. The CEO abruptly announced that Tesla would no longer take Bitcoin two months after accepting Bitcoin payments for its products and services in March 2021. The company reported selling “approximately 75%” of their Bitcoin for $936 million in July 2022 Q2. Musk told analysts the corporation did so to protect funds during COVID-19 lockup uncertainty.
In January 2025, bitcointreasuries.org reported 9,720 BTC, worth over $1 billion at current values. Tesla may increase its balance sheet, but Musk adds, “he’s open to increasing its Bitcoin holdings in the future.” Musk famously supports Dogecoin. Musk runs the Department of Government Efficiency (DOGE), which promotes meme currency and Dogecoin growth.
Coinbase Global, Inc.
Coinbase, a cryptocurrency exchange, became publicly traded in April 2021 through a historic direct listing on the Nasdaq. It is arguably the most well-known crypto business on this list. Coinbase disclosed in February 2021 that it has $230 million worth of Bitcoin before its offering. Its treasury held 9,363 BTC, valued at over $980 million.
According to its 10-Q report from September 2024. The company’s stock price has soared back up to its all-time high following the 2024 presidential election, and it keeps innovating with Bitcoin by introducing new products like cbBTC, a wrapped Bitcoin product. Biggest Bitcoin Portfolios, Lending services for Bitcoin were also recently revived by Coinbase.
CleanSpark
CleanSpark proudly owns 9,297 BTC, worth $975 million today. Before the 2024 Bitcoin halving, the corporation bought three Mississippi Bitcoin mining facilities for $19.8 million and increased its mining power by 2.4 EH/s. In Dalton, Georgia, the company added a third facility with 0.8 EH/s.
After mining 417 BTC in May, CleanSpark said it “outperformed industry expectations” in its first full month of production after the June 2024 halving. The company also announced a Wyoming expansion “in the coming days.” Like its counterparts, the company’s shares nearly doubled in the weeks after the election, boosting its value to over $3 billion.
Block, Inc.
Square’s parent company Block launched an institutional Bitcoin investment with Tesla in October 2020 with $50 million. In September 2024, the company held 8,363 bitcoins worth $876 million. CEO Jack Dorsey operates a Bitcoin node and deems its whitepaper “poetry,” so the investment may not surprise. Square called its initial investment “part of Square’s ongoing commitment to Bitcoin,” adding that “the company plans to assess its aggregate investment.
Bitcoin relative to its other investments on an ongoing basis.” The startup created a Bitcoin wallet and mined an ASIC chip. Square announced in April 2024 that Cash App firms might automatically convert daily profits into Bitcoin. Biggest Bitcoin Portfolios, The corporation launched a dollar cost average (DCA) buying strategy to reinvest 10% of Bitcoin profits in BTC in May 2024.
Bitcoin Group SE
Last but not least is Bitcoin Group SE, a venture capital firm situated in Germany. According to their most recent financial report, they own over 3,678 bitcoins worth about $385 million. Among its holdings are futurum bank and bitcoin.de, the latter of which merged with the former in October 2020 to become “Germany’s first crypto bank.” This comes after the German government legalized it.
The sale and storage of cryptocurrencies by banks. Marco Bodewein, managing director of Bitcoin Group SE, commented on the potential to expose the bank’s institutional investors to crypto. Biggest Bitcoin Portfolios, saying that it offers “high returns and safety features.”