Treasuries · Leaderboard

Top Corporate Bitcoin Treasuries

Ranked leaderboard of the 25 largest publicly-disclosed Bitcoin holders across public companies, private companies, and governments. Strategy (formerly MicroStrategy) leads by a wide margin with 848,000 BTC as of 4 October 2026; the US government sits in the top 5 with seized-asset holdings of roughly 200,000 BTC. Strategy's figure updates automatically from its weekly SEC filings; the other listed companies refresh daily from CoinGecko's public treasury tracker (last refreshed 8 October 2026); government and private holdings follow court records and official disclosures. Excludes spot ETF wrappers (covered separately on the ETF charts).

Last updated: 27 September 2026 By Govind Satoshi

Leaderboard

Ranked by BTC held. Listed-company holdings refresh daily; government and private figures follow the latest official disclosures. Includes public companies, private companies, and governments. Excludes spot ETF wrappers.

25 entities · 3 categories · filing-anchored
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Three categories

  • Public companies (the top 20 listed holders). Three sub-groups. (1) Strategy and the dedicated treasury companies built on its template (Twenty One Capital, Metaplanet, Bitcoin Standard Treasury Co., Strive and others) whose main business is raising capital to hold BTC. (2) Bitcoin miners (MARA, Riot, Hut 8, CleanSpark) holding mined-but-not-sold inventory plus, increasingly, BTC bought in the open market. (3) Operating companies (Galaxy Digital, Coinbase, Bullish, Block, Tesla, Trump Media) holding BTC across operating capital and balance-sheet allocation.
  • Governments (4 entities). The US (~207k BTC from seizures), the UK (~61k BTC from a 2018 Chinese-laundering operation seizure), Bhutan (~13k BTC from hydro-powered state mining via Druk Holding), and El Salvador (~6k BTC from official treasury purchases since 2021). Other nations are rumoured to hold BTC unofficially.
  • Private companies. Notably Block.one (the EOS issuer, 164,000 BTC disclosed in a 2018 SEC filing for the EOS ICO). Several Bitcoin-native private companies (Tether Holdings, large Bitcoin-focused VC funds) reportedly hold significant BTC but have not publicly disclosed.

Three macro trends in the corporate Bitcoin treasury landscape:

  • Strategy copy-cats at scale. The MicroStrategy / Strategy template (raise convertible debt and/or ATM equity above mNAV, deploy into BTC, accrete BTC-per-share) has been copied across geographies. Twenty One Capital, Bitcoin Standard Treasury Co. and Strive in the US and Metaplanet in Japan now hold tens of thousands of BTC each, and Strive absorbed Semler Scientific's stack. Each is still sub-scale relative to MSTR, and the model depends on trading above mNAV: see the MSTR mNAV chart for what happens when the premium closes.
  • Miners pivoting to HODL. Marathon Digital led the shift: instead of selling 100 percent of mined BTC each month to cover opex, miners now retain meaningful percentages. MARA, Riot, CleanSpark, and Hut 8 all carry growing treasury BTC stacks built from mined-and-retained plus open-market purchases.
  • Sovereign accumulation slowly emerging. El Salvador remains the only nation-state with an official ongoing BTC accumulation programme. Bhutan's mining operation has been disclosed via court filings. A March 2025 US executive order created a Strategic Bitcoin Reserve funded with forfeited coins, but no open-market federal buying has been announced, and several US states have passed or debated their own reserve laws. The trend is nascent and worth tracking closely - sovereign-level demand would be transformational.

AU-investor framing

  • Supply-removal signal. The leaderboard is the cleanest single read on permanent supply removal from the Bitcoin market. Treasury holders typically don't sell - they accumulate. Every quarterly earnings cycle showing leaderboard expansion is a structural tailwind for BTC AUD price.
  • Strategy (MSTR) is the leveraged play. AUD-resident investors wanting leveraged BTC exposure via the equity market can access Strategy via Stake / IBKR. The MSTR mNAV chart tracks what you pay for that wrapper each day: Strategy's market-cap mNAV has swung from deep discounts in 2022 to about 3.4x at the November 2024 peak, and the MSTR / BTC ratio chart shows the same story in share-price terms.
  • ASX-listed treasury exposure is limited. No ASX-listed company holds a meaningful BTC treasury. Australian-listed Bitcoin exposure comes through the ASX-quoted spot Bitcoin ETFs (VBTC, QBTC, BTXX and the iShares IBIT feeder), or the Cboe-quoted EBTC and IBTC, or via direct custody on Independent Reserve / CoinSpot / Swyftx.
  • SMSF allocator perspective. SMSF trustees considering BTC treasury exposure typically prefer the AU spot BTC ETFs over Strategy equity (avoids the mNAV premium and the AUD/USD currency layer), or direct custody for the lowest ongoing fee. The leaderboard tracking is useful as a quarterly sentiment read on the global institutional bid.

Methodology

  1. Sources. Strategy: SEC 8-K filings, parsed weekly. Other listed companies: CoinGecko's public treasury tracker (companies/public_treasury/bitcoin), pulled daily; the as-of date on each row is the day it was retrieved. Governments: court records, central bank or treasury reports. Private companies: their last public disclosure.
  2. Scope. The 20 largest listed holders plus four governments and one private company, 25 entities in total. Excludes spot ETF wrappers (covered separately).
  3. Update cadence. Listed companies are re-pulled and re-ranked on every data run (twice daily); a company enters or leaves the top 20 automatically as its disclosed holdings change. Strategy follows its weekly 8-Ks.
  4. Limits. Private-company holdings are typically stale (Block.one's 164k BTC figure is from 2018; current holdings could differ materially). Sovereign holdings outside the disclosed 4 are likely understated (China previously held ~195k BTC seized from PlusToken in 2019 - status unclear after subsequent disclosures).

Frequently asked questions

Strategy (formerly MicroStrategy, ticker MSTR), led by Michael Saylor. Strategy held 848,000 BTC as of 4 October 2026, accumulated since the 11 August 2020 initial USD 250M treasury allocation. Its holdings dwarf every other corporate holder by an order of magnitude and represent roughly 4.2 percent of all bitcoin mined so far.

After Strategy, the leaderboard splits across (1) dedicated Bitcoin treasury companies that copied the Strategy playbook, such as Twenty One Capital, Metaplanet, Bitcoin Standard Treasury Co. and Strive, (2) listed Bitcoin miners such as MARA, Riot, Hut 8 and CleanSpark that keep mined coins instead of selling them, (3) crypto-native and other operating companies such as Galaxy Digital, Coinbase, Bullish, Block, Tesla and Trump Media, (4) the US government (~207k BTC from Silk Road, the Bitfinex hack and other seizures), (5) other governments (UK, Bhutan, El Salvador), and (6) private companies like Block.one. The listed-company rows are re-ranked every day, so new entrants appear as soon as their disclosed holdings qualify.

Strategy's holdings are parsed directly from its weekly SEC 8-K filings. Every other listed company comes from CoinGecko's public treasury tracker, which compiles company filings, press releases and investor updates, and is pulled daily. Government holdings come from court filings (seized-asset disclosures), central bank reports, and El Salvador's published BTC office addresses. Private company holdings come from prior public disclosures (Block.one's 2018 SEC filing, etc) and are updated only when fresh disclosures emerge.

Spot Bitcoin ETFs (IBIT, FBTC, GBTC, etc) hold BTC on behalf of their unit-holders, not as a balance-sheet treasury asset. Combining ETF holdings with corporate treasuries would conflate two different categories of demand. BlackRock IBIT alone held about 806,941 BTC on 6 October 2026, and the US spot Bitcoin ETFs together held about 1,292,874 BTC. The ETFs are covered separately on the IBIT AUM trajectory and the daily flows chart.

Corporate and government Bitcoin holdings represent permanent supply removal. Treasury allocations typically have multi-year-plus holding horizons, are not used as collateral for trading, and rarely sell into the market. The roughly 1.66 million BTC across the tracked leaderboard, plus about 1,292,874 BTC in the IBIT-led US spot ETF wrappers, adds up to about 14.7 percent of all bitcoin mined so far, held by entities with structural reasons not to sell. That supply removal is the cleanest fundamental tailwind for spot price.

Listed-company holdings refresh every day from CoinGecko's public treasury tracker, which picks up new filings and announcements as companies publish them. Strategy updates from each weekly 8-K. Government and private holdings are updated when fresh court filings or disclosures emerge.

About the author

Govind Satoshi
Govind Satoshi
Former Institutional Trader. Founder, SatoshiMacro.
Traded allocated institutional capital at a Sydney proprietary trading firm.