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Bitcoin was once seen as an asset driven mainly by retail participation. Over time, that perception has shifted.
Today, a growing number of publicly listed companies, asset managers, ETFs, and other institutions hold Bitcoin as part of their balance sheets or investment structures.
This article looks at who the top institutions accumulating Bitcoin are, and more importantly, why this behaviour has emerged. Rather than focusing on price expectations, the goal is to understand the structural and strategic reasons behind institutional Bitcoin accumulation. From regulated investment vehicles and treasury frameworks to governance and diversification considerations, institutional participation reflects how Bitcoin is increasingly being integrated into existing financial systems.
Top Public Companies Accumulating Bitcoin
Public companies that hold Bitcoin typically disclose these holdings through earnings reports, regulatory filings, or official statements.
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Top Public Companies by Bitcoin Holdings (Approx.)
| Company | BTC Held (Approx.) | % Of Total BTC Supply | Primary Exposure |
| Strategy (MSTR) | 712,647 BTC | ~3.39% | Corporate treasury Bitcoin strategy |
| MARA Holdings | 52,850 BTC | ~0.25% | Bitcoin mining & treasury |
| XXI (XXI.US) | 43,514 BTC | ~0.20% | Corporate BTC accumulation |
| Metaplanet | 35,102 BTC | ~0.17% | Japan-listed BTC treasury strategy company |
| Bitcoin Standard Treasury Co. | 30,021 BTC | ~0.14% | BTC-focused treasury |
| Bullish | 24,400 BTC | ~0.12% | Exchange & treasury exposure |
| Galaxy Digital | 18,400 BTC | ~0.09% | Institutional crypto investment |
| Riot Platforms | 18,005 BTC | ~0.09% | Bitcoin mining |
| Coinbase Global | 14,548 BTC | ~0.07% | Exchange & balance sheet holdings |
| Hut 8 Mining | 13,696 BTC | ~0.07% | Mining & treasury |
Source: CoinGecko – Public Companies Bitcoin Treasuries
Strategy (MSTR)
Strategy (formerly MicroStrategy) is the most prominent example of a public company using Bitcoin as a core treasury asset. Its Bitcoin holdings represent a significant portion of its balance sheet, making the company closely associated with long-term institutional Bitcoin adoption. Strategy’s approach emphasizes accumulation and long-duration exposure rather than short-term trading.
MARA Holdings
MARA Holdings is one of the largest publicly listed Bitcoin mining companies. In addition to mining operations, MARA retains a substantial portion of mined Bitcoin, reflecting a strategy that combines operational exposure with long-term holding.
Metaplanet
Metaplanet, a Japan-listed company, has gained attention for adopting Bitcoin as part of its treasury strategy. Its accumulation reflects a broader trend of non-U.S. public companies exploring Bitcoin exposure within regulated corporate structures.
Coinbase Global
Coinbase holds Bitcoin as part of its balance sheet while operating one of the world’s largest crypto exchanges. Its Bitcoin exposure reflects both operational needs and a long-term view on digital asset infrastructure.
(Other companies in this category follow similar patterns, including mining firms retaining BTC and investment-focused firms holding Bitcoin alongside diversified portfolios.)
Top ETFs Accumulating Bitcoin
Spot Bitcoin ETFs hold Bitcoin on behalf of investors. Their BTC balances change regularly based on inflows and redemptions. Holdings are verified using issuer disclosures.
Major Spot Bitcoin ETFs Holding BTC
| ETF | Issuer | BTC Held (Approx.) | % Of Total BTC Supply | Verification Source |
| IBIT | BlackRock (iShares) | 777,618.2 | 3.7% | Bitbo |
| FBTC | Fidelity | 193,800.8 | 0.923% | Bitbo |
BlackRock – iShares Bitcoin Trust (IBIT)
IBIT is one of the largest spot Bitcoin ETFs globally. The fund holds Bitcoin directly in custody, with holdings published daily. Its growth reflects increasing institutional and wealth-platform demand for regulated Bitcoin exposure without direct self-custody.
Fidelity Wise Origin Bitcoin Fund (FBTC)
Fidelity’s spot Bitcoin ETF offers regulated Bitcoin exposure through traditional brokerage accounts. Its presence highlights how established asset managers are integrating Bitcoin into familiar investment vehicles.
Bitcoin Trusts
While several Bitcoin Trusts existed historically, Grayscale’s GBTC remains the only trust with large-scale, long-term institutional Bitcoin holdings today.
Grayscale Bitcoin Trust (GBTC)
GBTC is one of the longest-running Bitcoin investment vehicles. Before the approval of spot Bitcoin ETFs, it served as the primary institutional gateway to Bitcoin exposure. While its holdings fluctuate due to redemptions, GBTC remains a significant institutional holder and a key part of Bitcoin’s institutional history.
Sovereign Bitcoin Holders
El Salvador is currently the only sovereign nation that publicly holds Bitcoin as part of a declared national treasury strategy.
El Salvador
El Salvador currently holds 7,474 BTC as part of its national reserves, with holdings tracked through public statements and treasury disclosures. While smaller in scale compared to corporate or ETF holdings, El Salvador’s position is symbolically important, representing an early experiment in sovereign-level Bitcoin adoption.
Bottomline Thoughts
The growing presence of Bitcoin on institutional balance sheets reflects a broader shift in how organizations approach digital assets, diversification, and long-term value. For readers interested in a deeper exploration of these themes, additional institutional perspectives can be found here. Seen in this context, institutional accumulation is best understood not as a signal to act, but as a signal to learn how the financial landscape is evolving.
Frequently Asked Questions
Who are the largest institutional holders of Bitcoin?
MicroStrategy and Grayscale Bitcoin Trust are some of the largest institutional holders of Bitcoin, and major spot Bitcoin ETFs managed by firms such as BlackRock and Fidelity.
What big institutions are buying Bitcoin?
Public companies, asset managers, ETF issuers, and certain sovereign entities have all accumulated Bitcoin.
Did Tesla dump 75% of its Bitcoin?
Tesla disclosed in 2022 that it sold approximately 75% of its Bitcoin holdings. The company retained a smaller BTC balance afterward, and its disclosures emphasize that Bitcoin holdings are managed based on liquidity and operational needs.
Who owns 70% of Bitcoin?
No single group or entity owns 70% of Bitcoin. Bitcoin ownership is distributed across millions of wallets globally, including individuals, exchanges, institutions, and custodians.
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