Public Company Bitcoin & Ethereum Holdings — Corporate Crypto Treasury Tracker

The Corporate Bitcoin Race

The corporate Bitcoin treasury trend started on August 11, 2020, when Strategy (then MicroStrategy) announced it had converted $250 million of its cash reserves into 21,454 BTC. The enterprise software company, led by executive chairman Michael Saylor, framed Bitcoin as a superior store of value compared to holding U.S. dollars on a balance sheet that was losing purchasing power to monetary expansion. That first purchase kicked off a buying spree that has not stopped. By early 2025, Strategy held over 500,000 BTC acquired at an average cost basis around $66,000 per coin, making it far and away the largest corporate holder of Bitcoin on the planet.

Tesla followed in February 2021 with a $1.5 billion purchase disclosed in its 10-K filing. The announcement sent Bitcoin past $44,000 for the first time that week. Tesla later sold roughly 75% of its holdings in Q2 2022, citing liquidity needs and uncertainty around lockdowns in China, but it still held about 9,720 BTC as of its most recent quarterly report. The partial sale drew criticism from Bitcoin maximalists, though the remaining position is worth considerably more than what Tesla originally paid for it.

Mining companies represent another large category of corporate holders. Marathon Digital Holdings (MARA) runs one of the largest publicly traded Bitcoin mining operations in North America and holds a substantial BTC reserve produced from its own mining output. Riot Platforms, Hut 8, and CleanSpark follow a similar playbook — mine Bitcoin, sell just enough to cover operating expenses, and stockpile the rest. These miners treat their Bitcoin inventory as a long-term asset rather than immediate revenue, which means their treasury balances grow as long as the network keeps producing blocks.

Smaller public companies have jumped in too. Semler Scientific, a medical device firm, began buying Bitcoin in mid-2024 and accumulated over 3,000 BTC within a year. Japanese investment firm Metaplanet adopted a Bitcoin-first treasury strategy in April 2024 and has been issuing bonds specifically to fund further purchases. The list keeps growing quarter by quarter.

What It Means for the Market

When public companies move Bitcoin onto their balance sheets, those coins tend to stay off exchanges for years. Strategy has never sold a single satoshi. Marathon rarely sells except to fund expansion. This creates a slow but persistent supply squeeze: the 21 million cap stays fixed, newly mined supply drops every four years at the halving, and corporate treasuries lock up tens of thousands of coins at a time.

Institutional legitimacy matters too. When a NASDAQ-listed company files an 8-K announcing a Bitcoin purchase, it forces analysts, auditors, and board members at other companies to evaluate the same move. Each new corporate buyer lowers the perceived career risk for the next CFO considering the allocation. This feedback loop is part of why the pace of corporate adoption accelerated sharply after 2023.

The flip side is balance sheet risk. Bitcoin can drop 30% in a month, and under current FASB fair-value accounting rules (ASU 2023-08), those unrealized losses hit the income statement directly. Companies holding Bitcoin face earnings volatility that has nothing to do with their core business. Strategy’s stock price, for example, trades more like a leveraged Bitcoin proxy than an enterprise software company. That trade-off is acceptable for firms that have made Bitcoin their thesis, but it gives pause to more conservative treasury managers.

ETH Is Next

Ethereum corporate holdings are still a fraction of Bitcoin’s, but the trend line is pointing up. The key difference is staking yield — companies holding ETH can stake it and earn roughly 3-4% annually in protocol rewards, which gives CFOs a yield argument that Bitcoin simply does not have. That recurring return makes Ethereum easier to justify in a traditional treasury framework where idle cash is expected to generate income.

Several smaller public companies and crypto-native firms already hold ETH on their balance sheets. As Ethereum ETFs gained regulatory approval in 2024 and staking infrastructure matured through providers like Coinbase and Lido, the barrier to corporate Ethereum adoption dropped significantly. Use the toggle at the top of this page to see which companies currently hold ETH.

For more on Bitcoin specifically, see our Bitcoin price and overview page. For Ethereum details, visit the Ethereum coin page. You can also check the broader crypto market overview or browse the latest crypto news for corporate treasury announcements as they happen.