Largest Corporate Bitcoin Holders

Bitcoin (BTC) used to be considered something complicated and simply risky. However, in recent years, this digital asset has made a huge leap forward. Leading global corporations and large fund managers have begun to view BTC not just as an opportunity for quick profits, but as a strategic tool to help preserve capital in the long term.

The year 2025 was a turning point. The breakthrough in access for large investors, especially after the first official exchange-traded funds (ETFs) for Bitcoin were approved in the US in 2024, took crypto asset ownership to a whole new level. These officially approved instruments became a convenient and secure way for big money (including pension funds, family offices, and traditional financial advisors) to enter this market. In this article, we will analyze the largest Bitcoin holders and reveal who is currently the leader in terms of the number of BTC.

Types of Corporate Crypto Holders

Bitcoin ownership by large financial institutions can be divided into two broad groups: direct corporate holders and exchange-traded funds (ETFs). Although both groups increase demand and make the asset more legitimate, they accumulate Bitcoin in different ways and affect the market differently.

Direct Corporate Holders (Companies Holding Reserves)

These are public companies that decide to add significant amounts of Bitcoin directly to their financial (treasury) reserves. Examples of such companies include Strategy Inc. (formerly MicroStrategy) and Tesla.

The role of companies such as Strategy and Tesla is to use BTC as a long-term tool for preserving value and protecting against inflation. Their public purchases are often accompanied by explanations of why Bitcoin is important, cementing their reputation as “Bitcoin maximalists” at the corporate level. As the price of Bitcoin rises, so does the market capitalization of companies holding huge amounts of the asset.

Investment Funds and Instruments (ETFs and Trusts)

This category includes exchange-traded funds (ETFs) and trusts that hold BTC on behalf of the company's clients.

They allow millions of investors who are legally or internally prohibited from owning cryptocurrency directly (such as pension funds or conservative managers) to access BTC through familiar, officially registered brokerage accounts. These instruments serve as a critical bridge between traditional finance and the crypto market.

Exchange-traded funds (ETFs) collectively represent the largest class of major investors and the main driver of demand. Eleven US-approved spot BTC ETFs collectively held more than 1.35 million BTC by the fourth quarter of 2025. The steady inflow of funds into ETFs has become a determining factor, confirming that Bitcoin has been accepted by big finance for the long term.

ETF inflows and outflows have a significant impact on the price of Bitcoin. Since ETFs purchase and sell BTC exclusively in large volumes, this can create significant short-term volatility and push prices sharply up or down.

Public Companies that Own Most Bitcoins

Companies that have included Bitcoin in their financial reserves have effectively become Bitcoin substitutes for investors. Their financial results and stock prices are now closely linked to the price of BTC. Next, we will discuss the key public companies that dominate the sector at the end of 2025.

Top 5 public companies by Bitcoin holdings:

1. Strategy (MSTR):

• Sector: Technology / Treasury Proxy.
• Approximate BTC Volume: 641,000+.
• Key strategy: aggressive accumulation, inflation hedge, leverage.

2. Marathon Digital Holdings (MARA):

• Sector: Bitcoin mining.
• Approximate BTC volume: 52,850.
• Key strategy: holding mined BTC as a strategic reserve.

3. Metaplanet Inc. (MTPLF):

• Sector: finance/investment (Japan).
• Approximate BTC volume: 30,823.
• Key strategy: international emulation of Strategy.

4. Twenty One Capital (CEP/XXI):

• Sector: Investment.
• Approximate BTC holdings: 24,000+.
• Key strategy: Treasury reserve asset.

5. Tesla, Inc. (TSLA):

• Sector: Automotive.
• Approximate BTC holdings: 11,509.
• Key strategy: long-term company cash reserve.

Strategy (MSTR)

Strategy maintains absolute leadership among all publicly traded companies. Its founder adopted a strategy whereby Bitcoin is the primary asset, and the company's main goal is to maximize shareholder value by investing heavily in the first cryptocurrency.

By the end of 2025, Strategy had built up its reserves to an impressive volume exceeding 641,000 BTC. This accumulation was made possible by aggressive fundraising. Strategy used the high value of its shares to raise huge amounts of capital, both through the issuance of debt obligations (convertible bonds) and through the sale of new shares (stocks). From late 2024 to mid-2025, the company raised more than $20 billion, mainly through the issuance of shares, to buy more Bitcoin.

Marathon Digital Holdings

Companies that mine Bitcoin, such as Marathon Digital Holdings (MARA), are natural holders of the asset, as their BTC reserves are a direct result of their work.

Their key strategy is to hold onto the coins they mine (the HODL strategy using Bitcoin as their highly liquid reserve, rather than selling immediately to cover operating expenses. This allows them to profit from price increases, and their reserves are often in the tens of thousands of BTC, making them some of the largest corporate holders.

Metaplanet Inc.

The appearance of Japanese investment company Metaplanet Inc. (MTPLF) on the list of major holders is significant. This company has adopted an approach that almost completely replicates the Strategy model, demonstrating that corporate adoption of Bitcoin is no longer exclusively an American phenomenon.

This indicates that global economic conditions are pushing international corporations to adopt Bitcoin, especially in regions where national currencies are weak or where there is a prolonged struggle with falling prices (deflation), such as in Japan. Corporations are looking for assets that can serve as an effective hedge against weakening national currencies, and Bitcoin is an attractive option for this purpose.

Twenty One Capital (CEP/XXI)

The American investment company Twenty One Capital (CEP/XXI) ranks fourth among public companies in terms of the amount of Bitcoin it holds in its reserves. This company uses Bitcoin as an important part of its treasury assets (cash reserves), which is also a capital protection strategy. According to the latest data, its reserves amount to more than 24,000 BTC.

Tesla, Inc. (TSLA)

Tesla's decision to buy Bitcoin in 2021 was a landmark moment, lending significant legitimacy to crypto assets in the eyes of traditional industrial corporations. Unlike Strategy's aggressive, debt-laden approach, Tesla's approach was more cautious.

Although the company has occasionally sold some of its holdings to test liquidity and lock in profits, it continues to hold a significant portion of its initial reserves, estimated to be in the tens of thousands of BTC. This shows that it is committed to a long-term strategy of holding Bitcoin as part of its financial reserves. The participation of a giant like Tesla has significantly strengthened confidence in Bitcoin and increased its market liquidity.

Largest Crypto ETFs by AUM

In 2024, the approval of spot Bitcoin ETFs in the US became a breakthrough for an unprecedented influx of capital from large investors. These funds became the most powerful factor in demand, significantly outpacing the accumulation rates of individual companies.

By the fourth quarter of 2025, eleven approved ETFs collectively held more than 1.35 million BTC. This means that these funds control approximately 6.78% of all Bitcoin in circulation, effectively “locking up” this huge volume from active trading.

Top 5 spot Bitcoin ETFs by Assets Under Management (calculated based on an rate of 1 BTC = $95,000):

1. iShares Bitcoin Trust (IBIT):

• Issuer: BlackRock.
• Approximate BTC volume (AUM): 801,400+.
• Approximate USD volume (AUM): ~$76.133 billion+.

2. Fidelity Wise Origin Bitcoin Fund (FBTC):

• Issuer: Fidelity.
• Approximate BTC volume (AUM): 205,800+.
• Approximate USD volume (AUM): ~$19.551 billion+.

3. Grayscale Bitcoin Trust (GBTC):

• Issuer: Grayscale.
• Approximate BTC volume (AUM): 170,756.
• Approximate USD volume (AUM): ~$16.221 billion+.

4. ARK 21Shares Bitcoin ETF (ARKB):

• Issuer: ARK/21Shares.
• Approximate BTC volume (AUM): 41,055.
• Approximate USD volume (AUM): ~$3.900 billion.

5. Bitwise Bitcoin ETF (BITB):

• Issuer: Bitwise.
• Approximate BTC volume (AUM): 40,810.
• Approximate USD volume (AUM): ~$3.876 billion.

iShares Bitcoin Trust (IBIT)

IBIT is managed by BlackRock, the world's largest AUM company. Thanks to BlackRock's enormous influence, IBIT has received huge inflows of funds from the very beginning, accumulating more than 801,400 BTC to date, with assets under management exceeding ~$76.133 billion.

IBIT has become a key driver of demand. For example, in the fourth quarter of 2025, IBIT often received more money than all other competing funds combined. In October 2025, IBIT acquired 49,340 BTC, accounting for the overwhelming majority of the ETF's total growth during that period.

Fidelity Wise Origin Bitcoin Fund (FBTC)

FBTC, managed by Fidelity — another giant in the field of pension and investment asset management — quickly became the second largest fund in terms of inflows. As of today, the company holds over 205,800 BTC, and its assets exceed ~$19.551 billion.

The success of FBTC demonstrates that major brokerage and retirement platforms are actively offering Bitcoin products, providing a steady and massive influx of funds from retail and institutional investors.

Grayscale Bitcoin Trust (GBTC)

GBTC has historically been the largest Bitcoin trust. After its conversion to a spot ETF in January 2024, the fund experienced a significant outflow of money. The main reason was the high fee that Grayscale maintained at 1.50%, while new competitors such as IBIT and FBTC offered significantly lower rates (often in the range of 0.25%-0.29%).

Despite this, GBTC still owns a huge amount of Bitcoin. Its conversion was an extremely important event for the market, as it allowed investors whose money was “locked” in the old structure to gain access to liquidity.

ARK 21Shares Bitcoin ETF (ARKB)

ARK 21Shares Bitcoin ETF (ARKB) is another key player that has successfully attracted significant capital since the launch of spot ETFs. Managed in partnership between ARK Invest (led by renowned investor Cathie Wood) and 21Shares, this fund has quickly established itself thanks to ARK Invest's strong brand and their commitment to innovation.

Alongside other funds such as Bitwise and VanEck, ARKB is actively participating in the competitive landscape. This competition inevitably leads to lower fees and further simplifies access to Bitcoin for a wide range of investors.

Bitwise Bitcoin ETF (BITB)

Bitwise Bitcoin ETF (BITB) is also an important player in the spot ETF market. The fund from Bitwise, a company known for its in-depth research in the field of cryptocurrencies, quickly gained popularity by offering competitive fees. In 2025, BITB showed strong results, with an annual return of 56.70% (based on monthly data), which is comparable to market leaders IBIT and FBTC.

The success of BITB highlights how active competition among ETF issuers is helping to expand access to Bitcoin for traditional investors and driving overall capital inflows into the sector.

The Impact of Institutional Capital on the Future of Bitcoin

The large-scale accumulation of Bitcoin by public companies and ETFs, which now control nearly 7% of all existing coins, creates a structural deficit (a permanent shortage of supply). Given the limited total amount of BTC, the constant and steady inflow of large investments creates powerful pressure on price growth, as the number of coins available for free trading is steadily declining.

However, this concentration of capital also carries a risk. When ETFs or public companies with large holdings sell BTC, they do so in large quantities, which consequently lowers the market value of Bitcoin. The fact that more than 641,000 BTC is concentrated in the hands of a single company (Strategy) creates a potential threat. If a major player such as Strategy decides to sell a significant portion of its Bitcoins, it could cause the market to crash.

Thus, large investors today are both the foundation of Bitcoin's long-term prosperity and the main source of potential short-term risk. The largest corporate holders and ETFs determine not only the current market landscape but also its further development. We hope that after reading this article, you now understand which financial giants currently hold huge reserves of Bitcoin.

In your opinion, do large corporations buying up Bitcoin strengthen confidence in it, or do they create risks?