10 public companies that quietly turned their balance sheets into Bitcoin treasuries

Key takeaways

• While companies similar Strategy and Tesla made headlines, galore others person discreetly added Bitcoin to their treasuries. 

• Firms usage Bitcoin to hedge against inflation, fiat devaluation and macroeconomic shocks. Its fixed supply, integer scarcity and 24/7 liquidity marque it appealing. 

• Firms similar Arkham and Glassnode hint Bitcoin ownership done code clustering and timing correlation. 

Bitcoin is making a important shift. From a speculative investment, it has go a portion of firm treasuries. While companies similar Strategy and Metaplanet gained attraction for ample Bitcoin (BTC) purchases, others person softly followed. Spanning divers industries similar exertion and healthcare, these firms person strategically allocated portions of their equilibrium sheets to Bitcoin reserves, often without nationalist announcements. 

This low-profile attack shows a increasing inclination among businesses aiming to support against inflation, diversify assets oregon align with the integer economy. An expanding fig of companies are incorporating Bitcoin into their equilibrium sheets, inspired by the occurrence of Strategy, led by Michael Saylor. According to BitcoinTreasuries.Net, 26 companies started holding Bitcoin successful June 2025, bringing the full fig of companies holding Bitcoin to 250 arsenic of July 4, 2025.

This nonfiction explores wherefore companies are adopting Bitcoin arsenic portion of their firm treasury and discusses 10 nationalist companies that person softly adopted Bitcoin arsenic a fiscal strategy. It besides sheds airy connected the relation of blockchain analytics successful revealing holdings, risks associated with a Bitcoin-heavy firm strategy and assorted outcomes of Bitcoin accumulation by companies.

Why companies are turning to Bitcoin

Companies are progressively incorporating Bitcoin into their treasury strategies for respective compelling reasons. These factors collectively thrust the increasing inclusion of integer assets successful firm treasury strategies:

• Protection against ostentation and currency devaluation: Bitcoin serves arsenic a imaginable hedge against ostentation and the devaluation of fiat currencies. Unlike accepted money, which tin suffer worth owed to monetary expansion, Bitcoin’s fixed proviso of 21 cardinal coins makes it an charismatic store of worth during inflationary periods.

• Digital scarcity and liquidity: Bitcoin offers a unsocial operation of integer scarcity and 24/7 liquidity, providing the maturation imaginable of semipermanent investments portion maintaining the accessibility of short-term assets.

• Influence of aboriginal adopters: Pioneering firm Bitcoin investors similar Strategy and Tesla person importantly influenced this trend. Since 2020, Strategy has accumulated important Bitcoin reserves utilizing banal and debt, inspiring different companies to follow akin strategies.

• Governance and portfolio diversification: Treasurers presumption Bitcoin arsenic a non-correlated plus that enhances portfolio resilience against macroeconomic shocks, supporting governance and diversification goals.

Did you know? Strategy was the archetypal nationalist institution to follow a Bitcoin-first treasury strategy. Since 2020, it has acquired implicit 200,000 BTC, utilizing some institution funds and debt. 

10 nationalist companies you didn’t cognize are holding Bitcoin connected their equilibrium sheets

Several nationalist companies person discreetly added Bitcoin to their equilibrium sheets, opting for minimal publicity. Below is simply a database of specified companies, their approaches and BTC holdings arsenic of aboriginal July 2025:

BitFuFu

• Profile: Singapore-based Bitcoin mining steadfast listed connected Nasdaq (FUFU).

• Holdings: 1,709 BTC ($185.85 million), 40% of its marketplace cap.

• Objective: Focus connected scaling mining operations via owned and cloud-based infrastructure. Plans see boosting hashrates, expanding globally and utilizing treasury reserves to money low-cost vigor entree and innovation. Aims for dependable BTC accumulation arsenic some mining output and store of value.

Cipher Mining

• Profile: US-listed Bitcoin miner (CIFR) with a beardown renewable-energy focus.

• Holdings: 1,063 BTC ($115.49 million), 40% of its marketplace cap.

• Objective: Build a crypto treasury done mining facilities powered by renewable sources. Intend to stabilize gross utilizing BTC, reinvest successful greenish vigor projects and connection ESG-aligned shareholder worth done sustainable crypto yield.

KULR Technology Group

• Profile: US thermal and artillery information tech steadfast (KULR).

• Holdings: 920 BTC ($100.04 million), 40% of its marketplace cap.

• Objective: Diversifying reserves done Bitcoin, reflecting its tech-centric treasury strategy. By allocating portion of its equilibrium expanse to BTC, KULR mitigates fiat risk, aligns with its innovative representation and showcases assurance successful crypto’s semipermanent information value.

Aker ASA

• Profile: Norway’s concern concern institution (AKER.OL).

• Holdings: 754 BTC ($82 million), 1.7% of its marketplace cap.

• Objective: Seek balanced superior allocation done BTC vulnerability portion pursuing sustainability-investment themes. BTC acts arsenic a hedge against inflation/currency fluctuations and underpins the firm’s diversification and value-creation strategies crossed concern assets.

Méliuz

• Profile: Brazilian fintech cashback and services level (CASH3.SA).

• Holdings: 595.7 BTC ($64.8 million), 45% of marketplace cap.

• Objective: Allocate 10% of currency reserves to Bitcoin, aiming to heighten treasury resilience. Used BTC arsenic a hedge during currency volatility successful Brazil portion signaling innovation to fintech customers and investors done modern fiscal strategies.

MercadoLibre

• Profile: Latin America’s starring e-commerce and fintech institution (MELI).

• Holdings: 570.4 BTC ($62 million); percent of marketplace headdress not available.

• Objective: Use BTC arsenic an ostentation hedge crossed volatile LATAM currencies. BTC vulnerability complements its fintech ecosystem, enabling integration with Mercado Pago and reinforcing enactment successful integer outgo innovation and reserve diversification.

Samara Asset Group

• Profile: Malta-based concern manager (SRAG.DU).

• Holdings: 525 BTC ($57.3 million), 28% of its marketplace cap.

• Objective: Employ Bitcoin arsenic a reserve plus to safeguard superior with a semipermanent concern horizon. BTC aligns with Samara’s digital-asset-focused strategy, intended to trim vulnerability to accepted markets and pull crypto-minded investors.

Jasmine International PCL

• Profile: Thai telecom and information halfway relation (JAS.BK).

• Holdings: 506.4 BTC ($55.25 million), 15.9% of marketplace cap.

• Objective: Preserve worth by coupling BTC reserves with its information halfway and mining subsidiary (JTS). Aim to deduce crypto revenues, diversify the equilibrium expanse and standard integer infrastructure successful Southeast Asia’s emerging market.

Alliance Resource Partners

• Profile: US ember shaper (ARLP).

• Holdings: 481.9 BTC ($55.8 million), 1.5% of marketplace cap.

• Objective: Expand beyond vigor revenues by diversifying into BTC. Intend to stabilize net during commodity downturns and bolster semipermanent reserve worth amid inflationary pressures.

Rumble

• Profile: Canadian video-sharing and unreality services level (RUM).

• Holdings: 210.8 BTC ($22.93 million), 0.8% of marketplace cap.

• Objective: Envisions BTC embedding crypto civilization into Rumble’s core, strengthening ties with decentralization-minded users. While gaining involvement from crypto-savvy investors, this determination enhances Rumble’s fiscal resilience and supports further integration of blockchain themes into its platform.

Did you know? Fidelity and BlackRock, 2 of the world’s largest plus managers, connection organization clients nonstop Bitcoin vulnerability done exchange-traded funds (ETFs), custody services and over-the-counter (OTC) desks, bringing Wall Street operation to the crypto world.

Top 10 nationalist Bitcoin treasury companies

Now that you’ve seen however lesser-known nationalist companies are softly accumulating Bitcoin arsenic a semipermanent strategical asset, it’s clip to look astatine the heavyweights. These are the apical 10 nationalist companies that clasp the largest Bitcoin reserves arsenic of July 8, 2025.

Together, they correspond the astir influential organization holders successful the Bitcoin ecosystem, shaping market narratives, treasury trends and adjacent regulatory conversations. While immoderate made headlines aboriginal on, others person steadily built monolithic reserves down the scenes.

Here’s a look astatine the firm titans of Bitcoin treasuries:

1. Strategy (MSTR): 597,325 BTCFormerly MicroStrategy, the institution leads each nationalist entities successful Bitcoin holdings by a wide margin, continuing its aggressive accumulation strategy.

2. MARA Holdings (MARA): 50,000 BTCA ascendant subordinate successful Bitcoin mining, MARA maintains 1 of the largest self-mined BTC treasuries globally.

3. XXI (CEP): 37,230 BTCA newer entrant (Twenty One Capital) focused connected treasury-centric Bitcoin acquisition present among the apical firm holders.

4. Riot Platforms (RIOT): 19,225 BTCA large mining steadfast with dependable onchain accumulation done operational reserves and reinvested profits.

5. Metaplanet (3350.T): 15,555 BTCA standout from Japan, Metaplanet is often called the “Asian MicroStrategy” for its focused Bitcoin strategy.

6. Galaxy Digital Holdings (GLXY): 12,830 BTCA diversified fiscal services steadfast with heavy vulnerability to crypto, including important BTC connected its equilibrium sheet.

7. CleanSpark (CLSK): 12,502 BTCA sustainable Bitcoin miner with a increasing treasury built connected businesslike vigor practices and marketplace timing.

8. Tesla (TSLA): 11,509 BTCDespite past fluctuations successful strategy, Tesla continues to clasp a important Bitcoin reserve.

9. Hut 8 Mining Corp (HUT): 10,273 BTCA long-standing mining steadfast known for holding mined Bitcoin alternatively of liquidating.

10. Coinbase Global (COIN): 9,267 BTCThe largest crypto speech by measurement successful the West, Coinbase holds Bitcoin for some strategical and operational purposes.

Role of blockchain analytics successful revealing firm Bitcoin holdings

Blockchain analytics firms, specified arsenic Arkham Intelligence, Glassnode, Chainalysis and CryptoQuant, play a captious relation successful uncovering nationalist companies’ holdings of Bitcoin that were antecedently undisclosed. 

These firms usage precocious methods similar code clustering, timing correlation, behavioral heuristics and “dusting” investigation to link pseudonymous Bitcoin wallets to firm entities:

• Address clustering: This method groups wallet addresses by identifying shared patterns, specified arsenic coins moving done the aforesaid transaction paths oregon originating from known custodians.

• Timing correlation: This method matches blockchain transactions with known acquisition dates reported successful US Securities and Exchange Commission filings oregon firm disclosures.

• Behavioral heuristics and dusting: These approaches analyse tiny trial transactions, known arsenic “dust,” and wallet usage patterns to place ownership indicators.

For instance, Arkham Intelligence has traced 87%-97% of Strategy’s Bitcoin holdings, astir 70,000-580,000 BTC, by combining wallet clustering and transaction analysis.

However, these methods aren’t foolproof and look respective challenges:

• Attribution uncertainty: Linking wallets to circumstantial companies relies connected assumptions, which tin pb to errors, arsenic seen successful past mislabeling incidents involving Arkham.

• Custody obfuscation: The usage of third-party custodians, specified arsenic Fidelity oregon Coinbase Prime, tin conceal firm ownership.

• Evolving privateness tactics: Companies whitethorn make caller wallets, usage mixing services oregon divided holdings to evade detection.

Despite these limitations, blockchain analytics importantly amended transparency, providing investors with invaluable insights into firm Bitcoin accumulation.

Did you know? In 2021, Tesla concisely held $1.5 cardinal successful Bitcoin, making it the second-largest firm holder.

Risks associated with a Bitcoin-heavy firm treasury strategy

Matthew Sigel from VanEck warns that immoderate companies look “capital erosion,” wherever their worth decreases contempt holding Bitcoin. This occurs erstwhile firms contented caller banal oregon instrumentality connected indebtedness to bargain Bitcoin. 

If a company’s banal terms is high, issuing shares tin payment shareholders by raising funds supra the nett plus worth (NAV). However, if the banal terms falls to oregon adjacent its NAV, issuance of caller shares dilutes value, perchance harming shareholders and starring to superior erosion.

If Semler’s marketplace capitalization is little than the worth of its Bitcoin holdings, it becomes a concern, arsenic successful the lawsuit of Semler Scientific. This US aesculapian exertion institution initially saw its banal terms emergence aft adopting a Bitcoin-focused attack and purchasing ample amounts of Bitcoin. 

However, by mid-2025, contempt Bitcoin’s expanding value, Semler’s stock had dropped by implicit 45%. What was much concerning was that the company’s marketplace worth fell beneath the worthy of its Bitcoin holdings, meaning the marketplace valued the full concern little than its cryptocurrency assets alone.

This is simply a peculiar concern that reveals the hazard of a institution relying excessively overmuch connected Bitcoin for its treasury. It whitethorn undervalue a company, peculiarly if investors suffer assurance successful its halfway operations. Moreover, portion Bitcoin’s terms swings whitethorn fortify a company’s equilibrium expanse during marketplace uptrends, its volatility tin harm banal show and shingle capitalist trust. 

When a company’s marketplace worth falls beneath its Bitcoin reserves, it whitethorn look challenges raising funds done equity oregon debt, arsenic issuing caller shares astatine debased prices reduces the worth for existing shareholders.

Implications of Bitcoin accumulation by companies

With the increasing acceptance of Bitcoin successful concern circles, adjacent immoderate risk-averse entities person softly begun gathering Bitcoin treasuries. While ultra-conservative firms stay chiefly connected the sidelines, the fig of companies unfastened to accumulating Bitcoin arsenic a backup is consistently growing.

• Impact of proviso and volatility: Corporate accumulation of Bitcoin removes it from circulation, tightening proviso and perchance driving short- to medium-term terms spikes. On the different hand, erstwhile prices drop, forced sell-offs whitethorn amplify volatility. Notably, lone 0.26% of the satellite tin own 1 BTC successful the future.

• Evolution of treasury strategy: This inclination is reshaping firm treasury models globally. Firms progressively presumption BTC arsenic a hedge against inflation, adding a non-correlated plus to their equilibrium sheets. Global adoption present spans mid-market to multinational companies, suggesting a strategical normalization of Bitcoin successful treasury operations.

• Regulatory issues: Companies accumulating Bitcoin arsenic firm treasury assets whitethorn look regulatory challenges, including compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) laws. Tax implications, specified arsenic superior gains reporting and securities regulations, tin complicate adoption. Jurisdictional differences and unclear crypto guidelines whitethorn besides exposure firms to ineligible risks and penalties.

• Institutionalization effect: Corporate adoption of Bitcoin arsenic a treasury plus signals mainstream acceptance. It stabilizes marketplace cognition and attracts organization investors. This inclination validates Bitcoin’s legitimacy, fostering broader fiscal integration with marketplace dynamics.

Volatile yet strategic, firm Bitcoin accumulation is shaping macro proviso dynamics, redefining treasury models and adding caller layers to marketplace resilience.

This nonfiction is for wide accusation purposes and is not intended to beryllium and should not beryllium taken arsenic ineligible oregon concern advice. The views, thoughts, and opinions expressed present are the author’s unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.