Top Bitcoin Treasury Companies in 2026

Public companies now hold about 1.296 million BTC across 201 listed firms, as of 27 October 2026. One company, Strategy, holds roughly 65% of that on its own, and more than 4% of the 21 million bitcoin that will ever exist.

2026 has also been the year the model got tested. Several of the biggest bitcoin treasury companies trade below the value of the bitcoin they own, miners have started selling coins, partly to fund operations and new projects, and even Strategy sold bitcoin for the first time since 2022. This list ranks the twelve largest listed holders and explains what each one is actually doing with its stack.

It is written for investors, founders and marketing teams who want to know who the big corporate holders are, and for anyone tracking how institutional capital is reshaping crypto markets.

What Is a Bitcoin Treasury Company?

A bitcoin treasury company is a publicly listed company that holds bitcoin as a reserve asset on its balance sheet, instead of (or alongside) cash. Some are “treasury first”: raising equity, debt and preferred stock to buy bitcoin is the core business, as with Strategy, Metaplanet, Twenty One and Strive. Others are operating businesses that hold bitcoin next to their main activity: miners such as MARA, CleanSpark and Riot, exchanges such as Coinbase and Bullish, and companies like Tesla and SpaceX.

The key valuation metric is mNAV. BitcoinTreasuries.net defines it as enterprise value divided by the value of the company’s bitcoin. Above 1.0, the market pays a premium for the company’s ability to buy more bitcoin per share. Below 1.0, the company trades at a discount to its own bitcoin, which makes issuing new shares to buy more coins much harder.

How We Ranked These Companies

We ranked listed companies by bitcoin held, following the BitcoinTreasuries.net public company leaderboard on 27 October 2026, which counts coins under each company’s control. We then checked every figure against the company’s own disclosures (quarterly filings, shareholder letters, exchange disclosures or treasury dashboards) and used the balance date from those disclosures as the “as of” date. Holdings change weekly for active buyers, so check the date next to each number. Companies that have announced a treasury but are not yet listed are covered separately below.

Bitcoin Treasury Companies at a Glance

1. Strategy (MSTR)

Strategy, formerly MicroStrategy, is the company that created the bitcoin treasury playbook. Founded in 1989 and based in Tysons Corner, Virginia, it made its first purchase in August 2020: 21,454 BTC for $250 million, and rebranded as Strategy in February 2025.

As of 25 October 2026, Strategy holds 848,517 BTC, bought for about $64.02 billion, an average of about $75,446 per coin. Strategy has also issued preferred stock it calls Digital Credit (STRC, STRD, STRF and STRK).

The 2026 story is a shift from pure accumulation to balance sheet management. Strategy sold bitcoin in late May 2026 for the first time since 2022, and in the week to 25 October it bought no bitcoin and spent $204.9 million repurchasing STRC instead. Its mNAV was 1.14x as of 28 October 2026.

Why it matters: It holds about two thirds of all bitcoin on public company balance sheets, so its moves set the tone for the whole sector.

Website: strategy.com

2. Metaplanet (3350.T)

Metaplanet is a Tokyo-listed company that describes itself as Japan’s first publicly listed bitcoin treasury company. It has positioned the bitcoin treasury as its core business since April 2024 and, in 2025, set a target of at least 210,000 BTC by the end of 2027.

According to its own disclosure, Metaplanet held 44,000 BTC as of 30 September 2026, at an average cost of ¥15,555,717 per coin. In the third quarter it sold 10,000 BTC and bought 11,000 BTC, a move tied to its effort to obtain a credit rating.

Its mNAV stood at 0.72x as of October 2026, and the company has committed not to issue common stock while mNAV is below 1.0x. It is also expanding into the US: shareholders of Nasdaq-listed Super League approved a deal under which Metaplanet will contribute 2,100 BTC and the company will be renamed Superplanet, with closing expected in Q4 2026.

Why it matters: The largest bitcoin treasury outside the US and the main proxy for Asian demand.

Website: metaplanet.jp

3. Twenty One Capital (XXI)

Twenty One Capital is an Austin-based company that aims to bring together a bitcoin treasury, financial services, mining and capital markets. It listed on the NYSE in December 2025 through a merger with a Cantor Fitzgerald blank-check company. Tether is its controlling shareholder and bought SoftBank’s stake in May 2026.

The company reports 43,514 BTC, and its public proof-of-reserves wallet still showed about 43,500 BTC as of 27 October 2026, so holdings have been flat for over a year.

Leadership changed in 2026: co-founder Jack Mallers stepped down as CEO in July and was succeeded by Raphael Zagury. Its mNAV was 0.69x as of October 2026, and Strive is only about 500 BTC behind it for third place.

Why it matters: The treasury company most closely tied to Tether, with on-chain proof of reserves anyone can check.

Website: xxi.money

4. Strive (ASST)

Strive, founded in 2022 and based in Dallas, became a bitcoin treasury company through its 2025 merger with Asset Entities and grew fast in 2026. It completed its all-stock acquisition of Semler Scientific in January 2026, taking it to about 12,798 BTC at the time.

Its own treasury dashboard shows 43,000 BTC as of 23 October 2026, after buying 6,182 BTC in a single week. The total cost is about $3.8 billion, or about $87,785 per coin. Strive reports no debt and $504.4 million in cash, and has raised capital through perpetual preferred stock (SATA and SATS) as well as common stock.

Why it matters: The fastest-growing treasury on this list as of October 2026, close to passing Twenty One and Metaplanet.

Website: strive.com

5. MARA Holdings (MARA)

MARA is a Florida-based, Nasdaq-listed bitcoin miner and the largest miner treasury. Its Q2 2026 shareholder letter reports 35,577 BTC as of 30 June 2026, of which 9,270 BTC were loaned out or pledged as collateral.

MARA used to keep almost everything it mined. That changed: the company says it began selling bitcoin in 2025 to fund operations, and between 4 and 25 March 2026 it sold 15,133 BTC to repurchase about $1 billion of convertible notes. It says it will keep selling opportunistically.

Why it matters: The clearest example of a miner moving from “hold everything” to active treasury management.

Website: mara.com

6. Bullish (BLSH)

Bullish is an institutionally focused digital asset platform that runs a regulated exchange and owns CoinDesk Indices. It began trading on the NYSE on 13 August 2025 after pricing its IPO at $37 per share.

Bullish reports its digital assets in US dollars rather than coin counts. BitcoinTreasuries.net tracks it at about 22,000 BTC as of 30 June 2026, which makes it the largest exchange holder on this list.

Why it matters: An exchange whose balance sheet is itself a large bitcoin position.

Website: bullish.com

7. SpaceX (SPCX)

SpaceX, founded in 2002 by Elon Musk and based at Starbase, Texas, went public on Nasdaq in June 2026. Its IPO filing in May 2026 disclosed 18,712 BTC, which instantly made it one of the largest corporate holders.

SpaceX reports bitcoin as a dollar value each quarter, and it reported no sales through Q3 2026. On its October 2026 call, Musk said Tesla and SpaceX have set up committees of independent directors to discuss a possible combination. No terms have been agreed; together the two hold about 30,221 BTC.

Why it matters: A non-crypto company that holds bitcoin quietly, and a possible merger that would create the sixth-largest public holder.

Website: spacex.com

8. Coinbase (COIN)

Coinbase, the Nasdaq-listed crypto exchange, also buys bitcoin for its own investment portfolio. Its Q2 2026 quarterly report lists 17,311 BTC held as of 30 June 2026, up from 15,389 at the end of 2025, and the company has said its holdings grow through weekly purchases.

That corporate stack is separate from the $245.9 billion in customer assets on the platform at the same date. Coinbase reports Q3 results on 29 October 2026, so expect a newer figure shortly.

Why it matters: Proof that a crypto business can run a steady, programmatic bitcoin treasury next to its core operations.

Website: coinbase.com

9. CleanSpark (CLSK)

CleanSpark is a Nevada-based miner that now describes itself as a data center developer with more than 1.8 GW of power under its control. It held 13,530 BTC as of 30 September 2026, of which 3,475 BTC were posted as collateral or held as receivables for derivative trades.

In September 2026 it mined 529 BTC and sold 702, so its stack is shrinking, mainly through call options being exercised. It has also stopped publishing monthly updates, which means the next figure will come with quarterly results.

Why it matters: A signal of where miner treasuries are heading as power and data centers become the main business.

Website: cleanspark.com

10. Trump Media & Technology Group (DJT)

Trump Media, the Sarasota, Florida company behind Truth Social, launched its bitcoin treasury in May 2025 with a raise of about $2.5 billion: about $1.5 billion in common stock and $1.0 billion in convertible notes.

The company held about 14,139 BTC as of 31 July 2026 including pledged coins. BitcoinTreasuries.net counts about 12,062 BTC, excluding coins posted as collateral for options. Trump Media is also pursuing a merger with fusion company TAE Technologies, targeted for Q4 2026.

Why it matters: A media company using a bitcoin treasury, with hedging and pledging that make the headline number worth reading closely.

Website: tmtgcorp.com

11. Tesla (TSLA)

Tesla invested $1.5 billion in bitcoin in early 2021. By 2022 it had converted about 75% of those purchases into fiat.

Its Q3 2026 quarterly report shows 11,509 BTC as of 30 September 2026, the same count BitcoinTreasuries.net has recorded since the end of 2024, with no buys or sales in the quarter.

Why it matters: The best-known non-crypto holder, and half of the possible Tesla and SpaceX combination.

Website: tesla.com

12. Riot Platforms (RIOT)

Riot is a miner based in Castle Rock, Colorado, with large operations in Texas. Its Q2 2026 results report 11,380 BTC as of 30 June 2026, of which 5,821 were held as collateral, and a 20-year lease of 191 MW at its Rockdale site to an AI lab.

Like MARA and CleanSpark, Riot now sells part of its stack. It sold 3,778 BTC in Q1 2026 and held 15,680 at the end of March, so holdings fell by more than 4,000 BTC in a quarter. Its Q3 results are due on 4 November 2026.

Why it matters: A miner converting its sites into AI capacity while reducing its bitcoin stack.

Website: riotplatforms.com

Not Yet Listed: Bitcoin Standard Treasury Company

Bitcoin Standard Treasury Company (BSTR), led by Adam Back, expected to launch with about 30,021 BTC, which would place it sixth. It is not listed yet: in July 2026 the parties said they would not proceed under the original July 2025 agreement with Cantor Equity Partners I and are negotiating new terms. We will add it to the ranking if and when it lists.

Why Companies Hold Bitcoin, and What Changed in 2026

Treasury-first companies hold bitcoin because they believe it will outperform cash over time, and because a premium to NAV lets them issue shares or preferred stock and buy more bitcoin per share. Operating companies such as Coinbase and Tesla hold it as a long-term reserve next to their core business.

Three things changed in 2026. First, discounts: Metaplanet (0.72x) and Twenty One (0.69x) traded below the value of their bitcoin as of October 2026, which closes the cheapest funding route. Second, selling: MARA, Riot, CleanSpark, Metaplanet and Strategy all sold bitcoin this year for different reasons, from debt repurchases to funding operations. Third, encumbrance: large parts of several stacks are loaned, pledged or posted as collateral, so the headline number and the coins a company can freely use are not always the same.

For investors, that means reading three numbers, not one: bitcoin held, the date of that figure, and how much of it is pledged. For a broader view of how corporate treasuries fit into institutional flows, see our guide to institutional crypto adoption in 2026.

How Cryptic Helps Bitcoin and Institutional Crypto Brands

Bitcoin treasury companies compete for the same scarce thing: investor attention. Their share price, and their mNAV, depend on how clearly they explain their strategy to analysts, shareholders and the financial media. The same is true for the exchanges, custodians and infrastructure providers that serve them.

Cryptic is a crypto marketing agency founded in 2020 and based in Dubai, with offices in London, Amsterdam and Riyadh, and a verified Circle Alliance Partner. We have worked with Binance, Bybit, OKX, Algorand and Canton Network, and supported regulated market entries such as Bybit’s EU launch and OKX’s MiCA transition in Europe. For institutional brands, we build the crypto PR, investor-facing content and executive presence covered in our guide on marketing a crypto project to institutional investors.

Final Thoughts

The bitcoin treasury companies leaderboard looks stable at the top, with Strategy far ahead, but the race behind it is tight and moving weekly. In 2026 the story shifted from “who buys the most” to “who can keep a premium, fund purchases without selling and explain it clearly to the market”. Check the date next to every holding figure, and watch Q3 results from Coinbase, Riot and MARA for the next updates. If you are building an institutional crypto brand and need investors to understand your story, book a strategy call with Cryptic.

FAQ

Which company holds the most bitcoin?

Strategy, formerly MicroStrategy, holds the most bitcoin of any public company: 848,517 BTC as of 25 October 2026, bought for about $64.02 billion. That is roughly two thirds of the bitcoin held by all public companies and more than 4% of the 21 million bitcoin that will ever exist. Metaplanet, Twenty One Capital and Strive follow, each with roughly 43,000 to 44,000 BTC.

What is a bitcoin treasury company?

A bitcoin treasury company is a publicly listed company that holds bitcoin on its balance sheet as a reserve asset. Some, like Strategy, Metaplanet and Strive, make buying bitcoin their core business and fund it with shares, debt or preferred stock. Others, such as miners, exchanges and companies like Tesla, hold bitcoin alongside an operating business.

What does mNAV mean for bitcoin treasury companies?

mNAV compares a company’s enterprise value with the value of the bitcoin it holds. An mNAV above 1.0 means the market pays a premium, which lets the company issue shares and add bitcoin per share. Below 1.0 the company trades at a discount to its own bitcoin. As of October 2026, Metaplanet and Twenty One traded below 1.0x on an enterprise value basis.

How many public companies hold bitcoin?

According to BitcoinTreasuries.net, 201 public companies held about 1.296 million BTC as of 27 October 2026. Holdings are concentrated: Strategy alone accounts for about 65% of that total, and the next eleven companies on this list hold between about 11,000 and 44,000 BTC each.

Do bitcoin treasury companies ever sell their bitcoin?

Yes. In 2026, MARA sold 15,133 BTC to repurchase convertible notes, Riot and CleanSpark also sold coins (CleanSpark mostly through call options being exercised), Metaplanet sold 10,000 BTC and bought 11,000 in the same quarter, and Strategy sold bitcoin for the first time since 2022. Selling does not always mean exiting: Metaplanet, for example, ended the quarter with more bitcoin than it started with.

How does Cryptic work with bitcoin and institutional crypto companies?

Cryptic is a crypto marketing agency founded in 2020 and based in Dubai, with offices in London, Amsterdam and Riyadh. It builds crypto PR, investor-facing content and executive presence for institutional crypto brands, and has worked with Binance, Bybit, OKX, Algorand and Canton Network, including Bybit’s EU launch and OKX’s MiCA transition in Europe.