Bitcoin Treasury Holding Tracker

What Qualifies as a Bitcoin Treasury Company?

These are publicly listed firms that report Bitcoin on their balance sheet as a corporate asset. We exclude ETFs, closed-end trusts, and customer funds held by exchanges. Only BTC that a company identifies as its own treasury or operating asset is counted.

Why do Reported Holdings Differ Across Trackers?

Methodologies vary. Some dashboards include ETFs or exchange balances. Others pull from filings with different “as of” dates. Our approach is conservative: we only count BTC a company explicitly discloses, and we anchor each figure to the date of disclosure.

Who are the Largest Bitcoin Holders Today?

MicroStrategy is by far the leader, holding 638,460 BTC as of September 2025. Tesla reports around 11,500 BTC. New entrants like Metaplanet in Japan have been aggressively buying, now holding more than 20,000 BTC. Rankings shift as companies issue new filings, so the tables should be read as snapshots rather than permanent standings.

How are Corporate BTC Holdings Valued in Financial Statements?

Until recently, crypto was carried under a cost-less-impairment model: firms wrote assets down when prices fell but could not write them back up. From fiscal years starting after December 15, 2024, new U.S. GAAP rules require companies to mark crypto to fair value through earnings. This creates more volatility in reported results but removes the old impairment bias and gives investors a truer picture of treasury value.

How do Bitcoin Treasuries Compare with Ethereum Treasuries?

Both are now subject to fair-value accounting, but the strategies diverge. ETH can be staked to earn yield, introducing liquidity and smart contract risks. BTC has no native yield, so corporate strategies are simpler: buy, hold, and sometimes leverage. Spot ETFs also exist for both, but ETFs cannot stake ETH and are not counted as corporate treasuries.

Do Miners Count as Treasury Holders?

Yes, if they report BTC held on their balance sheets. We distinguish between coins held as short-term inventory (awaiting sale) and coins designated as long-term reserves. Some trackers blur this line; our methodology separates them where disclosures allow.

What Risks do Companies Disclose?

The main risks are Bitcoin’s volatility, the impact of fair-value accounting on earnings swings, and custody or security concerns. Financing risk is also important: many firms use debt or at-the-market share issuance to fund purchases, which can dilute equity holders. Boards must weigh these risks against the perceived long-term upside of holding Bitcoin.

How much Bitcoin do Corporates Hold Relative to Total Supply?

Corporate holdings now exceed 1 million BTC in aggregate across public companies, miners, and new adopters, though the exact figure depends on methodology. This represents roughly 5% of the current 19.7 million BTC in estimated circulating supply. While the hard cap remains 21 million, a portion of that total is permanently lost, so 19.7 million is the working supply that market participants use when calculating ownership concentration. Even so, the corporate share is still a relatively small slice, but it marks a meaningful pool of long-term, illiquid Bitcoin.

What Should Investors Watch in Disclosures?

Look for the source of funds (cash reserves, debt, or equity issuance), custody arrangements, whether coins are pledged or restricted, and how much earnings sensitivity comes from fair-value swings. These details often determine how the market reacts to treasury strategies.