Bitcoin Treasury Companies

What is a Bitcoin treasury strategy?

A treasury strategy is simply how companies manage their cash and assets, traditionally through cash, bonds, and stocks.

With a Bitcoin treasury strategy, a company is basically buying Bitcoin and sticking it on their balance sheet, in the same way some companies hold other types of assets.

There are a few reasons a company might buy up BTC. Some companies see Bitcoin as a hedge against inflation, essentially offsetting the falling value of cash over time. Others see it as purely about speculative growth. In other words, they’re betting Bitcoin’s price might soar leading to a boost in their balance sheet.

Balance sheet aside, some tech-forward companies buy Bitcoin to signal alignment with Web3, crypto culture, and future digital trends, making it partly marketing, partly strategy.

If you're also interested in how companies are approaching Ethereum, check out our guide to Ethereum treasury strategies.

Top 10 Bitcoin treasury companies

1. Strategy (MSTR: NASDAQ)

Strategy (prev. MicroStrategy) is a US-based enterprise software company headquartered in Virginia. Traditionally known for its business intelligence (BI) and analytics software, the firm generates revenue by selling platforms that help organisations visualise and manage data.

Since 2020, MicroStrategy has become synonymous with Bitcoin after adopting it as its primary treasury reserve asset. Under executive chairman Michael Saylor, the company has aggressively accumulated BTC, now holding over 600,000 coins.

Why it’s buying BTC:

Acquiring and holding Bitcoin is one of Strategy’s main corporate goals. The company believes Bitcoin is a superior store of value compared to fiat currency, particularly in a high-inflation environment. Saylor has publicly stated that Bitcoin provides "long-term appreciation potential" superior to cash or bonds. The strategy is also designed to attract like-minded investors and align with the growing interest in decentralised finance.

Buy MSTR Stock

2. MARA Holdings (MARA: NASDAQ)

Based in Las Vegas, Nevada, MARA (Prev. Marathon Digital Holdings) is one of the largest Bitcoin mining companies in North America. It operates massive mining farms primarily located in Texas and collaborates with energy providers to power its operations.

Marathon earns money by mining Bitcoin and occasionally selling portions of its holdings. It also strategically holds a portion of its mined BTC on its balance sheet, positioning itself as both a miner and long-term Bitcoin investor. Marathon’s revenues are largely tied to Bitcoin’s market price and network efficiency.

Why it’s buying BTC:

Marathon holds a significant portion of its mined BTC to hedge against price volatility and to signal its commitment to the Bitcoin network. Its holdings act as both a reserve asset and a strategic financial asset, enhancing investor confidence.

In a May 2025 letter to shareholders, CEO Fred Thiel affirmed their belief that Bitcoin would increasingly behave like a safe haven asset for investors, similar to gold.

3. Twenty One Capital (not yet public)

Twenty One Capital, soon to be listed on the NASDAQ under XXI (if all goes to plan), is a specialised investment firm focused entirely on Bitcoin as a treasury asset.

Unlike miners or tech companies, its sole purpose is to accumulate and hold BTC for shareholders, similar to an exchange-traded fund (ETF) but structured as a corporate entity. Revenue generation is less of a focus; instead, the company operates more like a vault, offering exposure to BTC through equity ownership.

Why it’s buying BTC:

Twenty One Capital exists purely to hold Bitcoin as a treasury asset, offering investors simple equity-based exposure to BTC without needing to manage crypto wallets or pay ETF fees. Its value proposition is BTC itself.

4. Riot Platforms, Inc. (RIOT: NASDAQ)

Riot Platforms is a US-based Bitcoin mining company headquartered in Colorado. It operates large-scale mining facilities in Texas, taking advantage of favourable energy contracts and renewable sources.

Riot’s business model revolves around mining Bitcoin at scale, holding a portion of its mined coins, and occasionally selling BTC to fund operations. It also generates income through its infrastructure division, providing mining technology and hosting services to third parties. Riot’s financial performance is closely tied to Bitcoin’s price and the overall hash rate of the network.

Why it’s buying BTC:

Riot holds part of its mined Bitcoin as a long-term asset on its balance sheet, using it as a hedge and to demonstrate its commitment to the crypto ecosystem. The retained BTC also provides options for future financing or strategic moves, and it drives yield.

5. Metaplanet Inc. (3350: TYO)

Metaplanet is a Japanese company listed on the Tokyo Stock Exchange that originally focused on hospitality and media services. In 2024, the company shifted direction, adopting a Bitcoin-focused treasury strategy.

Metaplanet today uses revenue from its traditional operations, such as hotel and property management, to acquire and hold Bitcoin on its balance sheet. It’s one of the first listed companies in Japan to take such an aggressive Bitcoin stance, drawing comparisons to Strategy’s approach.

Why it’s buying BTC:

Metaplanet says its move into Bitcoin is a strategic response to Japan’s economic environment, including the weakness of the yen and concerns over inflation. It sees Bitcoin as a long-term store of value and a way to diversify its corporate treasury.

6. Galaxy Digital Holdings (GLXY: NASDAQ)

Galaxy Digital is a diversified financial services firm focused entirely on the digital asset, cryptocurrency, and blockchain sector. Headquartered in New York and listed on the NASDAQ, it was founded by former hedge fund manager Mike Novogratz.

Galaxy provides trading, asset management, investment banking, and mining services, and is considered one of the most institutional-facing crypto firms in the world. Its business model revolves around servicing both retail and institutional clients in the crypto space.

Why it's buying BTC:

Galaxy holds Bitcoin as part of its overall crypto strategy and long-term vision of a digital financial system. The company treats BTC not just as an investment, but as core infrastructure for the future of money. Holding Bitcoin also aligns Galaxy's balance sheet with its business model and investor base.

7. Tesla Inc (TSLA: NASDAQ)

Tesla is a global electric vehicle (EV) and clean energy company headquartered in Austin, Texas. Led by Elon Musk, it manufactures electric cars, battery storage systems, and solar energy products. Tesla earns most of its revenue from vehicle sales, but it also explores new technology investments and has a track record of entering emerging markets like autonomous driving, AI and crypto.

Why it's buying BTC:

Tesla purchased US$1.5 billion worth of Bitcoin in early 2021, citing it as a way to diversify and maximise returns on its cash holdings. The company also briefly accepted Bitcoin payments for cars before reversing the decision over environmental concerns. While Tesla has since sold some of its BTC, it still holds a portion and signals ongoing interest in digital assets.

Buy TSLA stock

8. Hut 8 Mining (HUT: NASDAQ)

Hut 8 Mining is a Canadian digital asset mining company focused on Bitcoin and high-performance computing infrastructure. Based in Toronto, it operates large-scale mining sites across Alberta.

The company mines Bitcoin and earns revenue by selling the mined coins, offering data centre hosting services, and exploring AI infrastructure applications. Hut 8 has merged with American Bitcoin Corp to create a stronger North American mining footprint.

Why it's buying BTC:

As a mining company, Hut 8 earns Bitcoin through its operations and chooses to hold a substantial portion of it as part of a long-term treasury strategy. This helps insulate it from short-term price fluctuations and gives the firm more optionality when BTC prices rise.

9. Coinbase Global Inc (COIN: NASDAQ)

Coinbase is the largest publicly traded cryptocurrency exchange in the US. Based in San Francisco, the company earns revenue through trading fees, staking, and crypto custody services. It offers a wide range of crypto assets to retail and institutional clients and plays a major role in shaping crypto regulation and adoption globally.

Why it's buying BTC:

As a major player in the crypto space, it's no surprise Coinbase holds Bitcoin as part of its corporate treasury. The firm sees it as a foundational asset in the digital economy and uses it both as a reserve and a signalling mechanism for long-term confidence in the ecosystem.

Buy COIN stock

10. Block Inc (SQ: NYSE)

Block Inc, formerly Square, is a US-based fintech company co-founded by Jack Dorsey. Its suite of services includes Square (for merchants), Cash App (a mobile payments platform), and TBD (a division focused on open-source financial systems).

Block earns money through transaction fees, lending, and its Bitcoin-related services, including allowing Cash App users to buy, sell and store BTC. It's known for being crypto-forward, especially through Dorsey's vocal support of Bitcoin.

Why it's buying BTC:

Block purchased Bitcoin as both a treasury asset and a long-term investment aligned with its mission to support a more inclusive financial system. The company believes Bitcoin is an instrument of economic empowerment and reflects this in both product development and corporate treasury decisions.

Why invest in Bitcoin treasury companies

Investing in companies with Bitcoin treasuries can be a smart way to get exposure to crypto without directly buying Bitcoin yourself.

These companies offer an indirect route into the crypto market, letting you tap into Bitcoin’s growth potential while reducing the need to manage crypto wallets and exchanges.

It’s a simpler, regulated, and more familiar way for everyday investors to benefit from crypto market movements.

Additionally, some active traders closely monitor these companies, taking advantage of short-term price movements driven by crypto market volatility.

Public vs private companies: Who’s buying the dip?

Both public and private companies have been buying up Bitcoin and other cryptocurrencies for different strategic reasons.

Publicly traded companies: Companies like MicroStrategy and Tesla often make headlines when buying Bitcoin. These firms are transparent about their holdings due to regulatory requirements and typically announce Bitcoin purchases as part of their treasury management strategies, whether for inflation hedging, diversification, or a show of confidence in the crypto ecosystem.

Private companies: Companies like Block.one or entities managing Bitcoin-related assets like the MTGOX Trust holdings tend to be less transparent about their crypto strategies. They don’t face the same disclosure rules, making them harder to track but potentially offering more agile investment decisions.

ETFs and trusts: Products such as Grayscale Bitcoin Trust and offerings by BlackRock provide indirect ways for both retail and institutional investors to gain Bitcoin exposure. These investment vehicles offer regulated, familiar structures similar to traditional funds or ETFs, making them attractive for cautious or regulated investors.

Australian Bitcoin treasury firms

Compared to the US, far fewer Australian companies hold Bitcoin or other kinds of cryptocurrencies. Here’s a couple that trade on the Australian Securities Exchange (ASX), plus Bitcoin ETFs.

• DigitalX (ASX: DCC): As of July 2025, DCC holds 367 BTC (roughly A$66 million) including direct ownership and exposure via its BTXX ETF.
• Locate Technologies Limited (ASX: LOC) – As of July 2025, LOC holds 10 Bitcoin (around A$1.8 million).
• DigitalX (ASX: DCC): As of July 2025, DCC holds 367.3 BTC including direct ownership and exposure via its BTXX ETF.
• DigitalX Bitcoin ETF (ASX: BTXX) – Spot Bitcoin exposure.
• BetaShares Bitcoin ETF (ASX: QBTC) – Invests in Bitwise Bitcoin ETF listed on the NYSE.

Our expert says

"Investing in Bitcoin treasury companies gives you the best of both worlds by combining traditional equity investment with exposure to crypto's exciting potential. Just remember, with higher rewards come higher risks, so always do your homework."

Kylie Purcell

Investments Analyst

How to compare companies investing in Bitcoin

Comparing companies with Bitcoin treasuries isn’t just about who owns the most. It’s about context and strategy.

How much of their balance sheet is at risk? Are they making strategic plays, or speculative bets? Look at when they bought, how often they disclose, and whether they’re transparent about their crypto strategy.

• BTC as a % of total assets: Look at the proportion of a company’s total assets invested in Bitcoin to gauge their risk exposure.
• Time of entry: Check when the company bought Bitcoin and whether they got in early at lower prices or at the peak hype period?
• Public disclosure & transparency: See if the company regularly discloses its Bitcoin holdings and clearly explains its crypto strategy.
• Volatility impact on stock price: Consider how Bitcoin’s wild price swings could impact the company’s share price.
• Strategic vs speculative rationale: Is the company’s Bitcoin holding part of a long-term strategic vision, or just a speculative gamble?

And remember, if a company’s press release sounds more like a tech cult than a balance sheet update… that’s your cue to dig deeper.

What the 2025 crypto market means for Bitcoin treasuries

As of mid 2025, Bitcoin has surged 20% reaching record highs over A$180,000, driven by strong institutional inflows, ETF momentum and speculation ahead of US regulatory clarity.

Institutional interest continues to build, with spot crypto ETFs now trading globally, including ASIC‑approved products in Australia. Meanwhile regulatory frameworks are tightening around custody, transparency and consumer protection.

This bullish environment is great news for Bitcoin treasury companies. Firms holding Bitcoin as part of their balance sheet are benefiting from substantial increases in asset values, directly boosting their overall financial health.

Increased regulatory clarity and institutional adoption provide further validation for their treasury strategies, likely attracting more conservative investors and enhancing overall market stability.

How do you invest in Bitcoin treasury companies?

Investing in Bitcoin treasury companies can be straightforward, but it depends on whether they’re private or publicly listed on a stock exchange:

Public companies: Many Bitcoin treasury companies are publicly listed, making it straightforward to buy shares through any standard share trading platform. Examples include Tesla, Strategy, and Block, all easily accessible on platforms like CMC Invest, Superhero or Stake.

OTC companies: Some smaller or newer Bitcoin treasury firms may trade on Over-The-Counter (OTC) markets. These are public marketplaces for stocks not listed on major exchanges like the ASX, NYSE, or NASDAQ. Companies traded OTC are still publicly traded but typically smaller or less regulated, and can be accessed through specialised brokers.

Private companies: Private Bitcoin treasury companies aren’t listed publicly, making them harder for everyday investors to access. They’re typically less regulated and carry higher risks, so they're usually better suited for experienced investors. While there are some platforms that offer stocks in private companies, they’re limited in what they offer and may be expensive to join.

Should retail investors follow corporate BTC strategies?

Retail investors often look to big corporate moves for guidance, especially when it comes to emerging assets like Bitcoin. But before jumping in, it’s essential to weigh up both the potential advantages and the pitfalls involved:

Ultimately, retail investors might be safer dollar-cost averaging (investing small, regular amounts over time) rather than betting big alongside corporations. It’s about balancing risk with potential rewards in a way that makes sense for your financial goals.

FAQs

• What is a Bitcoin treasury?

  A Bitcoin treasury refers to when a company buys and holds Bitcoin as part of its corporate balance sheet, like cash, gold, or other assets. It’s a strategic move to diversify or grow company reserves.

• Why are companies investing in Bitcoin?

  Some see Bitcoin as a hedge against inflation, others as a speculative bet on future growth. For tech-focused companies, it can also be a way to show alignment with Web3 and digital innovation.

• Which company owns the most Bitcoin in 2025?

  As of 2025, MicroStrategy remains the biggest corporate holder of Bitcoin, with more than 600,000 BTC on its books.

• Is it risky for companies to hold Bitcoin?

  Yes, as Bitcoin is a volatile asset. While it can boost a balance sheet during bull markets, sharp price drops can lead to big paper losses and investor nerves.

• Do Australian companies hold Bitcoin?

  Yes, but not many compared to the US. DigitalX (ASX: DCC) and Locate Technologies Limited (ASX: LOC) are two Australian-listed companies that have disclosed their Bitcoin holdings.

  Some Australian-listed companies, like Iris Energy (IREN) and Raiz Invest (RZI), have indirect exposure either through their crypto-related services or ETFs.

• Should I invest in companies that hold Bitcoin?

  It depends on your risk appetite. These companies can offer extra upside in bull markets but also carry higher volatility. It’s worth digging into how much Bitcoin they actually hold and why.

• How do Bitcoin holdings affect stock prices?

  A company’s share price can rise or fall with the price of Bitcoin, especially if crypto makes up a big chunk of their assets. This can make them more volatile than peers.

• Where can I see which companies own Bitcoin?

  You can track corporate Bitcoin holdings through sites like CoinGecko’s corporate tracker and Bitbo, which list publicly disclosed purchases. Alternatively, you can track individual company treasury filings or profit reports. These are filed with the SEC in the US and via the Australian Securities Exchange in Australia.

Written by

Kylie Purcell

Investments Analyst

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Kylie Purcell is an experienced investments analyst and finance journalist with over a decade of expertise in a wide range of financial products, including online trading platforms, robo-advisors, stocks, ETFs and cryptocurrencies. She is a sought-after commentator and regularly shares her insights on the AFR, Yahoo Finance, The Motley Fool, SBS and News.com.au. Kylie hosts the Investment Finder video series and actively contributes to the investment community as a judge and panellist. She holds a Master of Arts in International Journalism, a Graduate Diploma in Economics, and ASIC-recognised certifications in securities and managed investments. See full bio

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