The Companies Sitting on the World's Largest Bitcoin Treasuries in 2026

Bitcoin is no longer just an asset for individual investors or crypto-native funds. A growing number of publicly listed companies have made it a core part of their balance sheets — and in some cases, the entire point of their existence. Here's a look at the top 10 corporate Bitcoin treasuries shaping the market right now.

1. Strategy (formerly MicroStrategy) – 712,647+ BTC

Strategy isn't just a software company anymore. It's effectively a Bitcoin operating company, using equity raises, debt issuance, and excess cash to accumulate BTC at a scale no other public firm comes close to matching. Its stock trades as a leveraged proxy on Bitcoin's price, and it recently introduced STRC "Digital Credit" instruments to further grow its balance sheet. A purchase of roughly 1,287 BTC for $116 million in late December 2025/early January 2026 was just one of several moves that pushed its total above 700,000 BTC.

2. MARA Holdings – 53,250 BTC

Marathon Digital's successor, MARA Holdings, runs large-scale Bitcoin mining facilities and high-performance data centers, blending BTC exposure with an infrastructure play on AI and blockchain workloads. The company has repeatedly added to its treasury through direct purchases — including 3,959 BTC in December 2024 and further buys into early 2025 — while running multi-billion-dollar at-the-market stock programs with proceeds earmarked for more Bitcoin. It's the second-largest public corporate holder.

3. Twenty One Capital (XXI) – 43,514 BTC

Backed by Tether, Bitfinex, and SoftBank, Twenty One Capital launched on the NYSE via a SPAC merger with Cantor Equity Partners and immediately entered the top tier of corporate BTC holders. The Austin-based firm offers capital-markets advisory, lending, and Bitcoin-native financial products for institutional clients. It seeded its treasury with over 43,500 BTC at launch, then added approximately 4,800 BTC worth $459 million, signaling an aggressive accumulation strategy to rival Strategy's own approach.

4. Cantor Equity Partners (CEP) – ~43,500 BTC

Tied to the same SPAC ecosystem as Twenty One Capital, Cantor-linked vehicles hold roughly 43,500 BTC and function as a Bitcoin holding company leveraging Cantor Fitzgerald's investment-banking platform. The position was largely seeded during the late 2025 business combination, with plans to scale further through structured-product deals and convertible offerings.

5. Metaplanet Inc. – 35,102 BTC

Often called "Japan's Strategy," Metaplanet is a Tokyo-listed company that pivoted fully to a Bitcoin treasury model in 2024. After a pause in buying during autumn 2025, it returned with a 4,279 BTC purchase worth roughly $450 million, lifting its total to 35,102 BTC. Earlier in the year it had crossed 30,000 BTC with a 5,268 BTC acquisition valued at over $600 million. The company tracks a proprietary "BTC yield" metric — measuring Bitcoin per share — to show investors how efficiently its financing strategy translates into more BTC.

6. Bitcoin Standard Treasury Company (CEPO) – 30,021 BTC

CEPO is a U.S.-listed vehicle created specifically to hold Bitcoin and issue equity and convertible securities against that position — essentially a publicly traded BTC vault. It launched with approximately 30,021 BTC funded through PIPE financing, preferred equity, convertible notes, and in-kind BTC contributions, with stated plans to grow the stack through further capital-markets activity.

7. Bullish – 24,300 BTC

Bullish is a regulated global cryptocurrency exchange that also owns CoinDesk, the crypto media brand. Following its U.S. IPO — which raised roughly $1.1 billion at a valuation above $5 billion — the exchange built a reserve of around 24,300 BTC, held as a long-term strategic reserve and a signal of balance-sheet strength.

8. Riot Platforms – 18,005 BTC

Riot is a U.S.-based Bitcoin miner and data-center operator that actively manages its treasury rather than simply holding everything it mines. In December 2025 it sold 1,818 BTC for roughly $161 million, trimming its stack to 18,005 BTC and locking in gains after BTC's price run-up — a strategy that blends accumulation with opportunistic profit-taking.

9. Coinbase Global – 14,548 BTC

The largest U.S.-listed crypto exchange holds around 14,500 BTC on its corporate balance sheet, a relatively modest figure given its scale. Coinbase manages its BTC exposure as part of a broader basket of digital assets used for investment and operational liquidity rather than following an explicit accumulation mandate.

10. Hut 8 Mining Corp – 13,696 BTC

Hut 8 is one of North America's largest public Bitcoin miners, holding 13,696 BTC valued at approximately $900 million at recent prices. Management treats its treasury as a strategic asset, making deliberate decisions about when to hold, sell for capital expenditure, or leverage the BTC position — a model it frames as a key driver of long-term shareholder value.

What This Means for the Market

The concentration here is striking. These ten companies collectively control well over 900,000 BTC — a meaningful share of the total circulating supply held by just a handful of listed firms. Most of the top players — Strategy, MARA, Metaplanet, Twenty One, and CEPO — use the same "finance-to-stack" playbook: issue equity or debt, buy more Bitcoin, repeat.

The risks are equally real. On February 6, 2026, when Bitcoin briefly dropped below $65,000, the top corporate treasuries collectively absorbed more than $10 billion in unrealized losses in a single day. Their balance sheets aren't just exposed to Bitcoin — in many cases, they are Bitcoin, with leverage on top.