Which Public Companies Hold Bitcoin — and How Are Their Stocks Performing?

While some may see corporate BTC purchases as trend-following, most firms have clear strategic motives, which typically fall into five categories:

According to coingecko, as of July 1, 2025, 34 publicly listed companies collectively hold nearly 730,000 BTC, representing 3.66% of total supply.

Among the many listed companies in the world, Strategy (formerly known as MicroStrategy) (MSTR) is the largest corporate holder, holding a total of 576,000 BTC, and is therefore also known as a "Bitcoin shadow company"; followed by mining company Marathon Digital (MARA), holding 46,000 BTC; mining company Riot Platforms (RIOT) ranks third, holding more than 18,000 BTC.

The top ten listed companies in terms of BTC holdings, source: coingecko.

The stock performance of BTC-holding companies is often highly correlated with Bitcoin’s price. When BTC rises, these firms benefit from asset appreciation, improved investor sentiment, and stronger fundraising capacity. But when BTC falls, their stocks can suffer even sharper declines — especially if leverage is involved.

Strategy (MSTR)

- Approach: Began accumulating BTC in 2020 via debt and equity issuance.

- Positioning: Seen as a “Bitcoin ETF proxy” by institutional investors.

- Performance: Up 3,000% over 5 years, compared to BTC’s 1,000% gain.

BTC (blue) and Strategy (yellow) rise and fall in the past five years, source: Google.

Marathon Digital

- Model: Mines and holds BTC; expanding hash rate aggressively.

- Performance: Up 1,600% over 5 years, with an 8,000% spike in 2021 during the bull run.

BTC (blue) and Marathon Digital (yellow) rise and fall in the past five years, source: Google.

Metaplanet

- Strategy: Adopted a BTC treasury model in May 2024, mirroring Strategy.

- Performance: Lagged BTC until May 2025, then outperformed; now a standout in Asian markets.

BTC (blue) and Metaplanet (yellow) rise and fall in the past five years, source: Google.

Not all BTC-holding firms have benefited. For example, GameStop (GME) saw its stock decline despite adding Bitcoin to its balance sheet.

Investors should approach BTC-holding companies with a balanced view. These firms offer amplified upside in bull markets, but also heightened volatility in downturns. Key considerations include:

- Risk tolerance: Can you stomach large swings tied to BTC price action?

- Leverage exposure: Are BTC purchases funded by debt or equity dilution?

- Regulatory risk: How exposed is the company to shifting crypto policy?

Diversification is essential — avoid overconcentration in a single crypto-aligned stock.

Bitcoin is no longer just a speculative asset — it’s becoming a mainstream treasury tool. From Strategy to Metaplanet, and from miners to fintechs, BTC-holding companies are reshaping the financial landscape. But with high leverage and lofty valuations, investors must tread carefully.