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 over 670,000 BTC; the US government sits in the top 5 with seized-asset holdings of roughly 200,000 BTC. Holdings sourced from SEC 10-Q filings, central bank disclosures, court records, and Bitcointreasuries.net snapshots. Excludes spot ETF wrappers (covered separately on the ETF charts).

Last updated: 18 May 2026 By Govind Satoshi

Leaderboard

Ranked by BTC held. Snapshot as of 2026-05-18. Includes public companies, private companies, and governments. Excludes spot ETF wrappers.

25 entities · 4 categories · public-filing-anchored
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Three categories

  • Public companies (~20 entities). Three sub-groups. (1) Strategy as a pure-treasury BTC-accumulation company. (2) Bitcoin miners (MARA, Riot, CleanSpark, Hut 8, Cipher, Bitfarms) holding mined-but-not-sold inventory plus, increasingly, accumulated treasury BTC purchased above mining cost. (3) Crypto-native operating companies (Coinbase, Galaxy Digital, Block) 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 accelerating. 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. Metaplanet in Japan, Semler Scientific in the US small-cap space, KULR Tech, Genius Group, Mercurity Fintech. Each is sub-scale relative to MSTR but the pattern is clear and durable.
  • 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. Various US states have considered strategic BTC reserves (Wyoming, Texas) but federal-level US accumulation has not been announced. 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. See the MSTR / BTC ratio chart for the premium dynamics. Strategy has historically traded at 1.5-3x mNAV premium - you pay that premium for leverage + brokerage-account access.
  • ASX-listed treasury exposure is limited. No ASX-listed company holds a meaningful BTC treasury. Australian-listed Bitcoin exposure comes through the AU spot BTC ETFs (EBTC, VBTC, IBTC, BT2K) 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. SEC 10-Q and 8-K filings for US-listed public companies; court records for government seizures; central bank or treasury reports for sovereign holdings; Bitcointreasuries.net as the running aggregator.
  2. Scope. Top 25 entities by BTC held across public companies, private companies, and governments. Excludes spot ETF wrappers (covered separately).
  3. Update cadence. Refreshed after each quarterly earnings cycle for major public holders, and on 8-K disclosures of new treasury additions.
  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 holds over 670,000 BTC accumulated since the 11 August 2020 initial USD 250M treasury allocation. Strategy's holdings dwarf every other corporate holder by an order of magnitude and represent roughly 3.2 percent of total Bitcoin supply (21 million coins).

After Strategy, the leaderboard splits across (1) public US-listed Bitcoin miners (MARA, Riot, CleanSpark, Hut 8, Cipher, Bitfarms - all of which hold mined-but-not-sold inventory), (2) crypto-native public companies (Coinbase, Galaxy Digital, Block), (3) recent MSTR copy-cats (Metaplanet in Japan, Semler Scientific, KULR Tech, Genius Group), (4) the US government (~207k BTC seized from Silk Road / Bitfinex hack / etc), (5) other governments (UK, Bhutan, El Salvador), and (6) private companies like Block.one.

Public-company holdings come from SEC 10-Q filings and 8-K disclosures. 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. The dataset is anchored to Bitcointreasuries.net's running tracker.

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 holds over 700,000 BTC - if included it would lead the leaderboard. 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 1.3 million BTC across the tracked leaderboard (plus another roughly 700,000 in the IBIT-led spot ETF wrappers) represents over 9 percent of total Bitcoin supply held by entities with structural reasons not to sell. That supply removal is the cleanest fundamental tailwind for spot price.

After each quarterly earnings cycle for the major public holders (Strategy, MARA, Riot, Tesla, Block, Coinbase, Galaxy, etc) and on any 8-K disclosure of treasury additions. 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.