Top 10 Publicly Traded Firms by BTC Holdings Reveal a Million-Bitcoin Power Bloc

In 2026, Saylor’s Strategy Still Holds a Significant Lead

Strategy, the institution Michael Saylor built into the world’s largest firm bitcoin holder, inactive sits unsocial astatine the apical with 843,775 BTC connected its equilibrium sheet. That is astir $58 cardinal astatine existent prices, dispersed crossed a concern that present issues indebtedness and equity astir wholly to money much bitcoin purchases.

But the size of a company’s bitcoin stack and the absorption of its banal terms person divided into 2 precise antithetic stories successful 2026. Miners are rallying. Treasury companies are getting punished.

The apical 10 database beneath ranks the 10 largest firm bitcoin holders arsenic of July 25, 2026, utilizing data compiled from bitcointreasuries.net.

The Top 10 Corporate Bitcoin Holders

1. Strategy (MSTR): 843,775 BTC
2. Twenty One Capital (XXI): 43,514 BTC
3. Metaplanet (MPJPY): 43,000 BTC
4. Mara Holdings (MARA): 36,303 BTC
5. Bullish (BLSH): 24,300 BTC
6. Strive (ASST): 19,921 BTC
7. SpaceX (SPCX): 18,712 BTC
8. Coinbase Global (COIN): 16,492 BTC
9. Riot Platforms (RIOT): 15,680 BTC
10. Cleanspark (CLSK): 13,924 BTC

Strategy’s pb is not close. It is astir 843,775 BTC, which works retired to much than 19 times what second-place Twenty One Capital holds. Saylor started buying bitcoin for the erstwhile Microstrategy successful 2020, backmost erstwhile the thought of a Nasdaq-listed bundle institution converting its treasury into bitcoin sounded fringe.

Five years later, that determination defines the company. Strategy present trades mostly arsenic a leveraged stake connected bitcoin’s price, which explains wherefore the banal has fallen 40% successful 2026 adjacent arsenic its bitcoin holdings kept growing. Strategy abandoned its long-held “never sell” attack this year, thing that stood retired instantly aft years of insisting each bitcoin acquisition was efficaciously permanent.

Strategy (MSTR) shares connected July 24, 2026.

The institution first sold 32 BTC successful precocious May to assistance money preferred banal dividend payments, its archetypal nett bitcoin merchantability successful years. A fewer weeks later, betwixt precocious June and aboriginal July, it sold different 3,588 BTC for astir $216 cardinal to conscionable stock-related obligations and adhd currency to its equilibrium sheet. Even aft those transactions, Strategy has remained the world’s largest firm bitcoin holder by a wide margin, showing that the income reflected superior absorption alternatively than a retreat from its semipermanent bitcoin strategy.

Miners Are Winning the Stock Market

Looking past the earthy bitcoin totals, a clearer signifier shows up successful the stock prices. The companies that excavation bitcoin are having a beardown year. The companies that simply clasp it arsenic a treasury plus are not.

The reasons are straightforward. First, miners tin accumulate bitcoin astatine a accumulation outgo that is often beneath the prevailing marketplace price, giving them an vantage that astir firm buyers cannot match. Second, galore publically traded miners person spent the past fewer years gathering retired artificial quality (AI) infrastructure, creating a 2nd enactment of concern that helps diversify gross beyond bitcoin mining alone.

Riot Platforms, for instance, is up 73% twelvemonth to date, the champion show among the apical 10 holders. Cleanspark has gained 39% arsenic it builds retired mining information centers and artillery retention projects crossed North America. Mara Holdings is up 31% connected the spot of its ain mining and treasury strategy, holding 36,303 BTC portion continuing to grow its mining footprint.

Cleanspark and Riot charts via tradingview.com.

Twenty One Capital (XXI) lone launched successful March 2025, but it moved rapidly to go the second-largest firm bitcoin holder. The Austin-based steadfast was backed by crypto interests, including Tether, and initially led by entrepreneur Jack Mallers, who departed the institution past week. Its full concern exemplary centers connected giving banal marketplace investors nonstop vulnerability to bitcoin’s price, without the bundle oregon mining operations that different companies connected this database besides run.

Metaplanet, the Tokyo-listed institution that pivoted from edifice improvement to a bitcoin treasury strategy, is down 49% arsenic of July 25, 2026. The institution inactive holds 43,000 BTC, the 3rd largest presumption connected this list, but its banal has moved astir wholly successful measurement with bitcoin’s terms swings. As of Friday’s close, Twenty One Capital has dropped 48% year-to-date contempt holding 43,514 BTC, the 2nd largest reserve connected the list.

Investors look to beryllium rewarding companies that nutrient bitcoin and connection AI infrastructure implicit companies that simply bargain and clasp BTC, particularly erstwhile those holding companies trust connected issuing caller shares oregon indebtedness to support increasing their reserves. Mining companies person years of experience, and immoderate power their ain accumulation costs. Treasury companies beryllium connected superior markets staying unfastened and consenting to money much purchases.

Two names successful the mediate of the database amusement however mixed this twelvemonth has been. Bullish, the Cayman Islands-based speech relation that went nationalist done a SPAC woody successful August 2025, holds 24,300 BTC but has seen its banal autumn 37% arsenic crypto trading volumes slumped and the institution reported losses tied to antagonistic equity.

Strive, the Dallas-based plus manager built astir a bitcoin treasury, holds 19,921 BTC and is down a comparatively milder 24% since the commencement of the year. Both companies amusement that adjacent wrong the treasury group, the size of the diminution depends heavy connected however each concern funds its bitcoin purchases and however overmuch indebtedness sits underneath the strategy.

Coinbase and Riot Platforms beryllium adjacent to each different connected the holdings database but archer other stories connected the banal chart. Coinbase, the San Francisco speech founded by Brian Armstrong, holds 16,492 BTC but has watched its stock autumn 31% this year arsenic trading volumes cooled crossed the industry. Riot Platforms holds somewhat little bitcoin astatine 15,680 BTC but has gained 83.4% due to the fact that its halfway concern is producing caller coins alternatively than simply holding them connected a equilibrium sheet.

SpaceX Joins the List After a Record IPO

SpaceX’s presumption connected this database looks a batch different from erstwhile it had its archetypal nationalist offering (IPO). The institution completed its IPO connected June 12, 2026, pricing shares astatine $135 and raising astir $85.7 cardinal successful the largest IPO successful history, surpassing Saudi Aramco’s 2019 listing. Shares began trading connected the Nasdaq nether the ticker SPCX and opened astatine $150, and the banal concisely pushed SpaceX’s marketplace capitalization supra $2.6 trillion during a tally to $225.64 connected June 16. That rally did not hold.

Shares fell beneath the IPO terms by mid-July and were trading astatine $115 by Friday’s adjacent connected July 24, astir 15% beneath the offering terms and 45% to 50% disconnected the June peak. SpaceX disclosed successful its IPO filing that it held 18,712 BTC, worthy astir $1.45 cardinal astatine the time, a presumption that inactive ranks up of Coinbase, Riot Platforms and Cleanspark connected the bitcoin holdings database adjacent arsenic the banal itself has cooled sharply since its debut.

A Tokyo Hotel Company Turned Bitcoin Treasury

Metaplanet’s communicative is 1 of the astir distinctive entries connected this list. The institution was founded successful 1999 and spent astir of its past processing and operating hotels successful Japan. It lone began accumulating bitcoin successful caller years, announcing plans to clasp the plus agelong word connected the Tokyo Stock Exchange. That pivot turned Metaplanet into the third-largest firm bitcoin holder successful the world, with 43,000 BTC, adjacent arsenic its banal has struggled alongside bitcoin’s broader terms swings successful 2026. The company’s bitcoin treasury has reached a standard unmatched by immoderate different Japanese nationalist company.

How the Playbook Spread

Strategy’s attack did not enactment unsocial for long. Once Saylor showed that a nationalist institution could rise superior specifically to bargain bitcoin and ticker its banal commercialized astatine a premium to those holdings, different companies followed. Some, similar Metaplanet and Twenty One Capital, built full concern models astir the aforesaid idea. Others, similar the mining companies connected this list, added bitcoin purchases connected apical of businesses that already produced the asset. That quality successful starting constituent helps explicate wherefore the radical has divided truthful sharply into winners and losers this year, adjacent though each institution connected the database is exposed to the aforesaid underlying bitcoin price.

What This Means Going Forward

The divided betwixt miners and treasury companies is apt to support shaping however investors attack bitcoin-linked stocks for the remainder of 2026. A institution that mines its ain bitcoin controls its accumulation costs and tin grow capableness erstwhile conditions favour it. A institution that lone buys bitcoin depends connected superior markets staying unfastened to it, and that entree tin tighten rapidly erstwhile a banal terms falls and dilution hazard grows.

For now, the 10 companies connected this database collectively clasp much bitcoin than astir nationalist governments. Their combined decisions connected whether to support buying, commencement selling, oregon displacement strategy volition proceed to determination some the crypto marketplace and their ain stock prices good beyond July 2026. For mundane marketplace observers watching bitcoin from the sidelines, these digital plus treasury (DAT) company stocks supply a model into however nationalist companies negociate ample bitcoin treasuries and however the marketplace responds to those strategies.

Whether that hazard pays disconnected volition support coming down to the aforesaid disagreement separating this database today, betwixt companies that marque bitcoin and companies that conscionable bargain it.