The Rise of Corporate Bitcoin Treasuries: Major Holders and Strategies in 2025

Hello and welcome to Bitcoin Balance Sheet, the new twice weekly email from Bitcoin Treasuries, where we track the latest in corporate Bitcoin buying.

Each Monday, you'll receive a quick blast on the top buyers over the last week. We'll follow that up every Friday with digest and analysis. Enjoy!

The Bitcoin Treasuries NYC Unconference: Last Call for Tickets

Want to go beyond headlines and learn how mNAV, preferred equity, and corporate treasuries really work?

On Sept 17 in New York, we’re gathering the sharpest minds in Bitcoin treasuries for the one-day Bitcoin Treasuries NYC Unconference, a full-day program of workshops breakout groups, and direct access to the leaders rewriting the capital markets playbook.

If you’re an allocator, executive, or investor who want to understand the next phase of corporate adoption, then this is the unconference for you.

When? Wednesday, September 17, from 9am to 5 pm. Where? Lavan, Midtown, NYC

Speakers include:

• Michael Saylor (Strategy)

• Tyler Evans (Nakamoto)

• Eric Semler (Semler Scientific)

• Matt Cole (Strive Funds)

• Andrew Webley (The Smarter Web Company)

Get 15% off with our exclusive discount for BitcoinTreasuries.net readers: DOTNET15.

Tickets are going, fast. Reserve your seat now: The BTC Treasuries Unconference

Corporate Treasury Strategies in 2025

Public companies and institutional funds are no longer at the sidelines of Bitcoin — they are now among its most visible stewards.

Since 2020, a handful of pioneers turned Bitcoin into a treasury reserve strategy; by August 2025, that strategy has scaled globally.

Balance sheets at software firms, miners, exchanges, and even automakers now include BTC, while spot exchange‑traded funds (ETFs) have opened the floodgates for traditional capital.

This report reviews the top corporate holders, the most significant institutional funds, and the rationale, governance, and market effects behind these positions — with inline links to sources like BitcoinTreasuries.net, SEC filings, BusinessWire, CoinDesk, Block, Coinbase, BlackRock, and FASB.

MicroStrategy (Strategy)

MicroStrategy — which rebranded its corporate identity around a “Bitcoin strategy” in 2025 — remains the archetype for corporate BTC treasuries.

The company first declared Bitcoin its primary reserve asset in August 2020 (press release) and subsequently financed ongoing purchases through equity and convertible notes.

By 2025, it had accumulated a stack large enough to function as a quasi‑ETF in equity form; investors routinely treat MSTR as a high‑beta Bitcoin proxy.

Crucially, 2025’s switch to fair‑value accounting for crypto assets allows unrealized gains and losses to flow through earnings, aligning reported performance with market value and reducing the prior impairment asymmetry.

MicroStrategy’s treasury playbook is straightforward but aggressive: denominate long‑term excess liquidity in BTC, opportunistically raise capital during strong equity windows, and focus communications on Bitcoin per share.

The result is a balance sheet that lives and dies with Bitcoin — a risk that shareholders appear willing to accept for amplified upside in bull cycles.

Company‑level holdings and history are tracked at BitcoinTreasuries.net.

Miners as Treasury Giants: Marathon, Riot, CleanSpark, Hut 8

Bitcoin miners have evolved from pure producers to substantial corporate HODLers.

 Marathon Digital retains a significant portion of its mined output and frames BTC as a productive asset — using collateralized loans and yield programs to finance expansion while growing treasury. 

Riot Platforms similarly maintains a five‑figure BTC balance alongside a large U.S. hashrate footprint, while CleanSpark mixes HODLing with periodic sales to fund opex and capex without excessive dilution.

Canada’s Hut 8 has one of the longest‑running “strategic Bitcoin reserve” policies among public miners and has used BTC as collateral for credit facilities to smooth cash flows.

This approach creates what equity analysts often call “Bitcoin piggybanks” — balance sheets that magnify beta to BTC. In rising markets, treasuries and market caps expand quickly; in down cycles, miners must balance liquidity, debt service, and energy costs with the desire to keep stacking.

For readers tracking month‑to‑month changes, each miner’s profile on BitcoinTreasuries.net links to recent operational updates.

Global Firms: Metaplanet, Northern Data and Others

Adoption is increasingly international.

Tokyo‑listed Metaplanet pivoted in 2024–2025 from Web3 ventures to a Bitcoin‑first treasury strategy, announcing recurring purchases and explicit BTC targets; its filings and board communications emphasize fiat debasement risk and long‑term reserve positioning.

In Europe, Northern Data operates HPC and mining infrastructure and has drawn attention through strategic transactions that highlight the perceived value of Bitcoin‑adjacent balance sheets.

Additional non‑U.S. corporates — from Japan’s Nexon to Norway’s Aker (via Seetee) — have placed smaller but notable allocations that broaden the geographic footprint of corporate HODLing.

Mainstream Companies: Tesla, Block, Coinbase

Tesla remains the most visible non‑crypto operating company with BTC on the balance sheet.

After its headline $1.5 billion purchase disclosed in the 2020 Form 10‑K, Tesla trimmed during the 2022 bear market and has held the remainder since; quarterly reports continue to enumerate the position under digital assets.

The company’s financials now benefit from fair‑value accounting — gains during rallies are recognized in period results.

Block, Inc. (Square) holds several thousand BTC consistent with its mission to empower open money; the firm articulated its thesis in a public Bitcoin Blueprint.

Coinbase adopted a formal policy to invest a portion of profits and a $500M lump sum into crypto in 2021 (policy post) and has since increased its BTC holdings — a notable signal from the largest U.S. exchange that owning Bitcoin directly belongs in corporate treasury mix.

Institutional Bitcoin Funds (Top 5)

Institutional vehicles changed the game in 2024–2025 with the launch of U.S. spot ETFs.

The BlackRock iShares Bitcoin Trust rapidly grew into the largest single pool of ETF‑held BTC, leveraging BlackRock’s distribution and brand to normalize Bitcoin allocation for advisers and retirement accounts.

The long‑standing Grayscale Bitcoin Trust converted to an ETF after prevailing in court, reducing discounts to NAV and improving liquidity for legacy holders. 

Fidelity’s Wise Origin Bitcoin ETF tapped a broad brokerage base, while the ARK 21Shares Bitcoin ETF and Bitwise Bitcoin ETF rounded out the first wave.

Collectively, these funds warehouse hundreds of thousands of coins — a structural buyer that translates advisor demand directly into on‑chain acquisition and custody.

For many institutions, ETF wrappers solved mandate and operational hurdles that prevented direct BTC custody, accelerating the integration of Bitcoin into traditional portfolios.

Treasury Rationale and Playbooks

Across corporates, three rationales recur.

First, treasury optimization: in a low‑to‑moderate real‑yield world, Bitcoin is framed as digital gold with superior long‑term appreciation potential relative to idle cash —MicroStrategy’s 2020 thesis remains the canonical reference (press release).

Second, inflation and currency risk management: firms like Metaplanet explicitly cite fiat debasement and seek a hard‑capped asset as ballast.

Third, strategic alignment: crypto‑native platforms such as Coinbase and Block hold BTC to signal conviction and align with customer ecosystems.

Execution varies. Some issuers raise equity or notes to buy more BTC; others use Bitcoin‑backed credit lines to bridge opex and capex without selling coins. Miners balance HODLing with periodic sales to manage power costs and growth.

Several corporates and funds also explore conservative yield — e.g., over‑collateralized lending or short‑dated options — while prioritizing custody and risk controls.

Accounting, Regulation, and Governance

Two 2025 shifts materially lowered friction.

First, FASB’s fair‑value standard ended the one‑way impairment model — unrealized gains and losses now hit the income statement symmetrically, improving transparency and comparability.

Second, U.S. approval of spot ETFs — catalyzed by regulatory and legal milestones — provided a compliant channel for advisors and institutions to allocate at scale.

Governance has matured. Big Four audit firms publish controls for digital asset custody, segregation of duties, and key management; insurers underwrite institutional‑grade custody; and boards increasingly adopt formal crypto treasury policies with risk limits, rebalancing bands, and disclosure standards.

Public‑company holdings, major purchases, and monthly updates are readily discoverable via BitcoinTreasuries.net and company investor pages.

Market Impact and Sentiment

Corporate and ETF demand removes float from circulation and can reinforce bullish reflexivity — higher prices strengthen balance sheets, which may enable further capital raises or purchases.

Equities with large BTC treasuries often trade as leveraged proxies; correlations tighten in both directions. That said, treasury programs introduce investor‑relations complexity: earnings volatility rises with BTC, and boards must communicate risk frameworks clearly.

Transparent accounting and predictable reporting calendars (e.g., monthly production updates from miners) have helped normalize the conversation with mainstream investors.

Media attention amplifies the effect. When a high‑profile issuer announces a buy, sentiment ripples through both crypto and equity markets.

Conversely, sales by a large holder can spark short‑term uncertainty. The 2025 pattern, however, has been net accumulation — especially across miners and ETFs — underlining the structural nature of demand.

Conclusion and Outlook

By August 2025, Bitcoin’s migration from the backyard to the boardroom is clear.

The top 10 public holders span software, mining, fintech, and international issuers; the top 5 ETFs provide mainstream rails for institutions. With cleaner accounting, clearer regulation, and robust custody, the operational excuses for remaining on the sidelines are shrinking.

Risks remain — macro shocks, energy costs, and regulatory surprises can test conviction — but the direction of travel is unmistakable: Bitcoin is becoming a normalized treasury and portfolio asset.

For operators, the practical question is no longer “should we ever hold BTC,” but “what size, what controls, and what triggers.”

For investors, corporate HODLers and ETF sponsors offer differentiated exposure — operating leverage plus digital‑asset beta — with disclosures you can track via BitcoinTreasuries.net, SEC filings, and official product pages.

As adoption compounds, expect Bitcoin to appear more frequently in MD&A sections, board slide decks, and earnings calls — a durable fixture of 21st‑century treasury management.

Over To You: What Do You Track?

We want to make this the go-to resource for corporate Bitcoin strategy — and that means learning from our readers.

• What metrics or dashboards do you rely on to track the space?

• Which signals would you like us to explore in more depth?

• What tools would you like to see us integrate?

You can help shape the direction of this newsletter in 10 seconds.

Just hit reply, we read everything.

For more information: