In a context where Bitcoin is returning to historical levels and traditional finance is rethinking the "treasury" function, some companies are making a bold choice: They are no longer content with simply holding cash or bonds, but are accumulating bitcoins on their balance sheets..

This shift symbolizes two major trends: on the one hand, the growing recognition of Bitcoin as a viable reserve asset; on the other hand, the desire of some companies to display a "sustainable asset" strategy rather than simple financial investments.

1) Strategy, Inc. (formerly MicroStrategy) ~641,205 BTC

The undisputed champion of the rankings. The company of Michael saylor continues its almost weekly purchases, financed by stock/bond issues. Latest known addition: +397 BTC at the end of October, bringing the total to ~641,2k. This puts Strategy several steps ahead of everyone else.

2) MARA Holdings (formerly Marathon Digital)  ~641,205 BTC

The American miner stacked BTC throughout 2025, becoming the #2 corporate by the size of the reserves. The latest public figures place it around ~53k BTC.

3) XXI (Twenty One Capital)  ~641,205 BTC

XX1 positions itself as a "Bitcoin native" company, aiming to increase the number of bitcoins per share. In other words, it is an investment fund specializing in buying bitcoin. their websiteAs of November 4, 2021, it can be read that the company owns 43,514 BTC.

4) Metaplanet (Japan)  ~20,136 to 30,823 BTC 

The "Japanese MSTR," as it is often called in Asia, accelerated its purchases during the summer of 2025. Specialized trackers compiling its deposits/announcements show >20k BTC at the beginning of September, while some aggregators show ~30,8k BTC more recently.

5) Bitcoin Standard Treasury Company  ~641,205 BTC

A holding company dedicated to long-term BTC reserves, listed among the largest Bitcoin holding companies. Bitcoin Standard Treasury (BSTR), led by Adam Back They own, among other things, the company Blockstream. Their objective is clear: to become the global benchmark for institutional Bitcoin treasuries.

6) Bullish  ~641,205 BTC

The company behind thebullish exchange (band Block.one) appears with ~24,3k BTC in aggregators. Reminder: this is about BTC own (not customer assets, of course).

7) Riot Platforms  ~641,205 BTC

Riot is one of the largest American Bitcoin mining companies. Their latest financial statements show a hoard of approximately 19,3 BTC (partly as collateral), according to Investing News Network.

8) CleanSpark  ~641,205 BTC

Another major bitcoin mining company in the USA, CleanSpark poster 13 BTC au 30 Sept 2025.

9) Tesla  ~ 11,509 BTC

After partial sales in 2022, Tesla retains a certain amount of BTC on its balance sheet. Aggregators list ~11,5k BTC.

10) Hut 8 ~ 11,509 BTC

Here again, a Canadian-American mining company maintains a strategic stock of around 10,000 BTC, ranked top 10 in 2025.

Other companies to consider

We could also have mentioned Tether (issuer of USDT). This private company declared in 2025 that it held approximately $9,9 billion worth of BTC, which would make it one of the largest corporate holders in the world.

Similarly, Coinbase is often listed with "clean" BTC in addition to customer-deposited assets. Aggregators indicate approximately 14,5k BTC for Coinbase corporate.

Why this enthusiasm among companies for BTC?

1. Hedging against monetary dilution
   In a world of balance sheets inflated by debt and volatile real rates, BTC is seen as a safe haven.
2. Brand positioning
   For Strategy, Metaplanet, and others, BTC is also a brand positioning (and a capital market lever): raising funds on the stock market at high multiples, convert to BTCand attract investors who want pure exposure without having to manage private keys.
3. Mining/Energy Sector Synergy
   This is the easiest to understand because miners are paid precisely in bitcoin. The miners (Riot, CleanSpark, MARA) retain a portion of their production in treasury. This serves as a store of value and a cycle management tool (selling at market highs, using it as collateral, etc.).
4. Exploitation and ecosystem reserves
   Companies like Coinbase or Tether hold BTC as strategic reserves, collateral, or to support the financial stability of their platforms.

Conclusion: Bitcoin is emerging as a strategic asset for businesses

This ranking tells the story of a silent shift. Listed companies, sometimes from software (like Strategy), sometimes from digital energy (miners), sometimes even from financial infrastructure (like exchanges), are accumulating a parallel, liquid, cross-border monetary reserve that cannot be diluted by decree.

States will long remain the masters of taxation, regulation and sovereign credit; but the digital scarcity of bitcoin creates a new center of gravity: those who hold the keys hold macro leverage.