An increasing number of publicly traded companies now recognize Bitcoin as a strategic reserve asset, actively expanding their holdings. This shift underscores Bitcoin's growing institutional acceptance as a legitimate treasury asset.
1. MicroStrategy
Bitcoin Holdings: 214,400 BTC (148B USD)
Industry: Business Intelligence Software
MicroStrategy pioneered corporate Bitcoin adoption in August 2020, allocating treasury funds to BTC. CEO Michael Saylor advocates Bitcoin as "digital property," with holdings exceeding 1% of Bitcoin's total supply. The company employs a dollar-cost averaging strategy, continuously expanding its position despite market volatility.
Key Developments:
- Quarterly BTC acquisitions funded via convertible notes
- 10-30x outperformance vs. competitors since 2020 (per Q1 2024 earnings)
- Saylor holds 17,732 BTC personally (12B USD)
👉 How corporations hedge inflation with Bitcoin
2. Marathon Digital Holdings
Bitcoin Holdings: 17,631 BTC (12.3B USD)
Industry: Bitcoin Mining
North America's largest publicly traded miner operates 240,000 ASICs generating 29.9 EH/s. Post-2024 halving, Marathon plans to double mining capacity while addressing operational challenges like equipment failures and weather disruptions.
3. Tesla
Bitcoin Holdings: 9,720 BTC (6.77B USD)
Industry: Automotive
Elon Musk's EV company made waves with its 2021 BTC purchase, later accepting Dogecoin for merchandise. Tesla maintains its HODL strategy despite partial 2022 sales, citing liquidity needs during COVID lockdowns.
4. Hut 8 Mining
Bitcoin Holdings: 9,109 BTC (6.44B USD)
Industry: Bitcoin Mining
Merged with US Bitcoin Corp in 2023, Hut 8 operates six mining sites across Canada and Texas. The company leverages yield accounts to generate fiat revenue from BTC holdings.
5. Riot Platforms
Bitcoin Holdings: 9,084 BTC (6.43B USD)
Industry: Bitcoin Mining
This Texas-based miner rebranded in 2023 to diversify beyond mining. Despite post-halving profitability concerns, Riot maintains 1 GW mining capacity across Navarro County facilities.
👉 Institutional Bitcoin adoption trends
FAQ
Q: Why do companies hold Bitcoin?
A: Corporations use BTC as an inflation hedge, treasury reserve asset, and balance sheet diversifier with asymmetric return potential.
Q: How do miners acquire Bitcoin?
A: Mining companies earn BTC through block rewards and transaction fees using specialized computing hardware.
Q: What's the tax implication?
A: Holdings are typically marked-to-market with unrealized gains/losses affecting quarterly financial statements.
Q: Can companies short Bitcoin?
A: While possible via derivatives, most corporate holders maintain long-term positions aligned with Bitcoin's store-of-value thesis.
This analysis excludes private firms and ETFs, focusing solely on corporate treasuries with transparent BTC holdings exceeding 2B USD in value. All data reflects June 2024 valuations.