Publicly traded companies around the world have now reached a historic milestone: together they hold over 1 million bitcoin on their balance sheets. According to data from BitcoinTreasuries.net and Bitwise, that’s almost 5% of total bitcoin supply, now worth around $110 billion at recent prices.
This is how fast corporate adoption has grown over the last 5 years. What was an experiment has now become mainstream.
At the heart of this is Michael Saylor’s software company Strategy (MSTR) which first converted cash reserves into bitcoin in August 2020. Strategy is the undisputed leader, holding 636,505 BTC or 63% of all bitcoin held by public firms.
Saylor even said he would hold onto bitcoin even if its value went to zero. Despite being widely criticized at the time, Strategy held firm and its success story seems to have inspired many other companies to follow.
Related: Strategy Q2 2025 Earnings Reports | $10 Billion in Profit
The top 10 public companies now hold almost 863,000 BTC or 86% of all public holdings. Marathon Digital (MARA) is second with over 50,000 BTC, XXI (43,514 BTC), Bitcoin Standard Treasury Company (30,021 BTC) and digital asset exchange Bullish (24,000 BTC).
Other notable holders include Japan’s Metaplanet Inc. (20,000 BTC), Riot Platforms (19,239 BTC), Trump Media & Technology Group (15,000 BTC), CleanSpark (12,703 BTC) and Coinbase (11,776 BTC).
The list goes on. Other large names have also appeared, including Tesla (11,509 BTC), Block (8,692 BTC), Galaxy Digital (6,894 BTC) and even GameStop (4,710 BTC).
This breadth shows how exposure to bitcoin has gone beyond miners and bitcoin-native firms to companies in tech, finance, healthcare, retail and gaming.
1 million bitcoin is the result of years of steady corporate entry into the market.
In early 2024, adoption accelerated with new entrants like Metaplanet and Semler Scientific announcing big plans. Metaplanet is targeting 210,000 BTC by 2027 and Semler 105,000 BTC in the same period.
The number of public companies holding bitcoin has also grown. Six months ago only about 80 firms disclosed holding bitcoin on their balance sheets. Today, that number has more than doubled to over 150 according to River data, including 4 S&P 500 companies.
Many think this wave of institutional adoption is the reason behind bitcoin’s strong price in 2025. The scarce digital asset hit an all-time high of $124,450 earlier this year, and has since pulled back to just above $110,000.
“That’s about $111 billion locked up by institutions,” noted Bitwise’s Bradley Duke. “The structural imbalance between BTC supply and demand is real and getting more pronounced.”
Since only 21 million bitcoin will ever exist and about 19 million are already mined, the impact of public companies holding more than 5% of the total supply is big.
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