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Publicly traded companies have reached a historic milestone by accumulating over 1 million Bitcoin in their reserves, a total value of more than $111 billion. According to data from BitcoinTreasuries.NET, these companies currently hold a combined 1,000,698 BTC. This surge in institutional interest is a key factor behind Bitcoin’s new record high of $124,450.
While mining company MARA Holdings initially started large-scale Bitcoin accumulation, Michael Saylor’s MicroStrategy was the most notable player to pave the way for corporate adoption. In 2020, MicroStrategy became the first publicly traded company to adopt Bitcoin as its primary treasury reserve asset and is now the largest corporate holder with 636,505 BTC.
New Players and Rapid Growth

Following MicroStrategy, other companies have joined the trend. MARA Holdings holds the second-largest reserve with 52,477 BTC. Newer entrants like XXI, founded by Jack Mallers, and The Bitcoin Standard Treasury Company also hold significant amounts, with 43,514 BTC and 30,021 BTC, respectively. Other notable companies on the list include crypto exchange Bullish (24,000 BTC) and Japanese firm Metaplanet (20,000 BTC). Companies like Riot Platforms, Trump Media & Technology Group, CleanSpark, and Coinbase also hold substantial Bitcoin reserves.
The growing demand, particularly through exchanges and Bitcoin ETF products, has created a “supply shock” due to Bitcoin’s limited circulating supply. With only 5.2% of the total supply yet to be mined, many companies are now adopting Bitcoin as a treasury strategy. Firms like Metaplanet and Semler Scientific reportedly have plans to significantly increase their reserves by 2027.
Global Expansion and Challenges

This wave of corporate adoption is expanding globally, beyond just major technology companies. In addition to 64 U.S.-based companies, firms in Canada, the UK, Hong Kong, Mexico, South Africa, and Bahrain are also holding Bitcoin. Companies are using various financial mechanisms like equity issuance and debt to acquire more Bitcoin and increase their Bitcoin-per-share value.
However, these corporate strategies have faced criticism, especially during the 2022 bear market, when many miners were forced to liquidate their Bitcoin holdings. In contrast, companies like MicroStrategy held on to their reserves, pioneering the way for new investors as the market recovered. Firms such as Metaplanet and Semler Scientific are turning to Bitcoin to overcome long-term stagnation.
Who Are the Largest Bitcoin Holders?
While publicly traded companies hold over 1 million BTC, they are not the largest holders. Crypto exchanges and ETF issuers are the top institutional holders with a combined 1.62 million BTC. In addition, governments officially hold 517,296 BTC, while private companies possess 295,015 BTC. The amount of Bitcoin held in crypto protocols is 242,866 BTC. Still, the vast majority of the total supply, around 16.2 million BTC, remains under the direct control of individual users, a key element that preserves Bitcoin’s decentralized nature.
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