Key Points

Although companies like Strategy and Tesla have made headlines, many others have quietly added Bitcoin to their reserves.

Businesses use Bitcoin to hedge against inflation, currency devaluation, and macroeconomic shocks. Its fixed supply, digital scarcity, and 24/7 liquidity make it attractive.

Companies like Arkham and Glassnode track Bitcoin ownership through address clustering and temporal association.

Bitcoin is undergoing a significant transformation. From a speculative investment, it has become part of corporate reserves. While companies like Strategy and Metaplanet have garnered attention for their large Bitcoin (BTC) purchases, others are quietly following suit. These companies span multiple industries, including technology and healthcare, and have strategically allocated a portion of their balance sheets to Bitcoin reserves, often without public announcement.

This low-key approach reflects a growing trend among businesses aiming to guard against inflation, diversify assets, or align with the digital economy. An increasing number of companies are inspired by the success of Strategy, led by Michael Saylor, to incorporate Bitcoin into their balance sheets. According to data from BitcoinTreasuries.Net, 26 companies began holding Bitcoin in June 2025, and by July 4, 2025, the total number of companies holding Bitcoin reached 250.

This article explores why companies are adopting Bitcoin as part of their corporate reserves and discusses 10 publicly traded companies that have quietly adopted Bitcoin as a financial strategy. It also elaborates on the role of blockchain analysis in revealing holdings, the risks associated with Bitcoin-heavy corporate strategies, and the various outcomes of companies accumulating Bitcoin.

Companies are increasingly incorporating Bitcoin into their reserve strategies for the following reasons. These factors collectively drive the growing popularity of digital assets in corporate reserve strategies:

Hedging against inflation and currency devaluation: Bitcoin is a potential tool for hedging against inflation and currency devaluation. Unlike traditional currencies that may devalue due to monetary expansion, Bitcoin's fixed supply of 21 million makes it an attractive store of value during inflationary periods.

Digital scarcity and liquidity: Bitcoin offers a unique combination of digital scarcity and 24/7 liquidity, providing growth potential for long-term investments while maintaining accessibility to short-term assets.

Influence of early adopters: Pioneer companies like Strategy and Tesla have significantly influenced this trend as Bitcoin investors. Since 2020, Strategy has accumulated a substantial Bitcoin reserve using equity and debt, inspiring other companies to adopt similar strategies.

Governance and portfolio diversification: Financial executives view Bitcoin as an uncorrelated asset that enhances portfolio resilience against macroeconomic shocks, supporting governance and diversification goals.

Did you know? Strategy is the first publicly traded company to adopt a Bitcoin-first reserve strategy. Since 2020, it has acquired over 200,000 BTC using corporate funds and debt.

Several publicly traded companies have quietly added Bitcoin to their balance sheets, choosing to minimize publicity. Here is a list of such companies, their approaches, and their BTC holdings as of early July 2025:

BitFuFu

Introduction: A Singapore-based Bitcoin mining company listed on NASDAQ (FUFU).

Holdings: 1,709 BTC ($185.85 million), accounting for 40% of its market value.

Goal: Focus on expanding mining operations through owned and cloud infrastructure. Plans include enhancing computing power, global expansion, and using reserve funds to finance low-cost energy acquisition and innovation. Aims to stabilize BTC accumulation as mining revenue and a store of value.

Cipher Mining

Introduction: A U.S. publicly traded Bitcoin miner focused on renewable energy (CIFR).

Holdings: 1,063 BTC ($115.49 million), accounting for 40% of its market value.

Goal: Establish a crypto reserve through renewable energy-driven mining facilities. Intends to use BTC for stable income, reinvest in green energy projects, and provide ESG-compliant shareholder value through sustainable crypto earnings.

KULR Technology Group

Introduction: A U.S. thermal management and battery safety technology company (KULR).

Holdings: 920 BTC ($100.04 million), accounting for 40% of its market value.

Goal: Diversify reserves through Bitcoin, reflecting its technology-focused reserve strategy. By allocating a portion of its balance sheet to BTC, KULR mitigates fiat currency risk, aligns with its innovative image, and demonstrates confidence in the long-term safe value of cryptocurrency.

Aker ASA

Introduction: A Norwegian industrial investment company (AKER.OL).

Holdings: 754 BTC ($82 million), accounting for 1.7% of its market value.

Goal: Seek balanced capital allocation through BTC exposure while pursuing sustainable investment themes. BTC serves as a tool for hedging against inflation/currency fluctuations, supporting the company's diversification and value creation strategy in industrial assets.

Méliuz

Introduction: A Brazilian fintech cashback and services platform (CASH3.SA).

Holdings: 595.7 BTC ($64.80 million), accounting for 45% of its market value.

Goal: Allocate 10% of cash reserves to Bitcoin to enhance reserve resilience. Use BTC as a hedging tool during Brazilian currency fluctuations while showcasing innovation to fintech customers and investors through modern financial strategies.

MercadoLibre

Introduction: Latin America's leading e-commerce and fintech company (MELI).

Holdings: 570.4 BTC ($62 million); market value percentage not disclosed.

Goal: Use BTC as an inflation hedge against volatile Latin American currencies. BTC exposure complements its fintech ecosystem, integrating with Mercado Pago, and strengthens its leadership in digital payment innovation and reserve diversification.

Samara Asset Group

Introduction: An investment management company based in Malta (SRAG.DU).

Holdings: 525 BTC ($57.30 million), accounting for 28% of its market value.

Goal: Adopt Bitcoin as a reserve asset to protect capital from a long-term investment perspective. BTC aligns with Samara's focus on digital assets, aiming to reduce exposure to traditional markets and attract cryptocurrency-focused investors.

Jasmine International PCL

Introduction: A Thai telecommunications and data center operator (JAS.BK).

Holdings: 506.4 BTC ($55.25 million), accounting for 15.9% of its market value.

Goal: Preserve value by combining BTC reserves with its data center and mining subsidiary (JTS). Aims to generate crypto income, achieve balance sheet diversification, and expand digital infrastructure in emerging Southeast Asian markets.

Alliance Resource Partners

Introduction: A U.S. coal producer (ARLP).

Holdings: 481.9 BTC ($55.80 million), accounting for 1.5% of its market value.

Goal: Expand business beyond energy revenue by diversifying investments in BTC. Intends to stabilize income during commodity downturns and enhance long-term reserve value under inflationary pressures.

Rumble

Introduction: A Canadian video sharing and cloud services platform (RUM).

Holdings: 210.8 BTC ($22.93 million), accounting for 0.8% of its market value.

Goal: Envision embedding BTC into Rumble's core crypto culture, strengthening connections with decentralized-supporting users. This move enhances Rumble's financial resilience while attracting interest from cryptocurrency-focused investors and supporting further integration of blockchain themes into its platform.

Did you know? Fidelity and BlackRock, the two largest asset management companies globally, provide direct Bitcoin exposure to institutional clients through exchange-traded funds (ETFs), custodial services, and over-the-counter (OTC) trading, bringing Wall Street structure to the crypto world.

Now that you've seen how lesser-known publicly traded companies are quietly accumulating Bitcoin as a long-term strategic asset, it's time to look at heavyweight companies. These are the top 10 publicly traded companies with the largest Bitcoin reserves as of July 8, 2025.

They collectively represent the most influential institutional holders in the Bitcoin ecosystem, shaping market narratives, reserve trends, and even regulatory dialogues. While some companies made headlines early on, others have steadily built substantial reserves behind the scenes.

Here are the corporate giants with Bitcoin reserves:

Strategy (MSTR): 597,325 BTC Formerly MicroStrategy, this company significantly leads all public entities in Bitcoin holdings and continues its aggressive accumulation strategy.

MARA Holdings (MARA): 50,000 BTC A leader in Bitcoin mining, MARA maintains one of the largest self-mined BTC reserves globally.

XXI (CEP): 37,230 BTC A newcomer focused on reserve-centric Bitcoin acquisitions (Twenty One Capital), now ranks among the top corporate holders.

Riot Platforms (RIOT): 19,225 BTC A major mining company that steadily accumulates on-chain through operational reserves and reinvested profits.

Metaplanet (3350.T): 15,555 BTC A standout from Japan, Metaplanet is often referred to as the "Asian MicroStrategy" due to its focused Bitcoin strategy.

Galaxy Digital Holdings (GLXY): 12,830 BTC A diversified financial services company deeply involved in cryptocurrency, including holding substantial BTC on its balance sheet.

CleanSpark (CLSK): 12,502 BTC A sustainable Bitcoin miner that builds a growing reserve based on efficient energy practices and market timing.

Tesla (TSLA): 11,509 BTC Despite past strategic fluctuations, Tesla continues to hold a significant Bitcoin reserve.

Hut 8 Mining Corp (HUT): 10,273 BTC A long-standing mining company known for holding mined Bitcoin rather than liquidating it.

Coinbase Global (COIN): 9,267 BTC The largest cryptocurrency exchange in the West, Coinbase holds Bitcoin for strategic and operational purposes.

Blockchain analysis companies like Arkham Intelligence, Glassnode, Chainalysis, and CryptoQuant play a crucial role in revealing previously undisclosed Bitcoin holdings of publicly traded companies.

These companies use advanced methods such as address clustering, temporal association, behavioral heuristics, and "dust" analysis to link pseudonymous Bitcoin wallets to corporate entities:

Address Clustering: This technique groups wallet addresses by identifying shared patterns, such as coins moving through the same transaction paths or coins from known custodians.

Temporal Association: This method matches blockchain transactions with known purchase dates reported in SEC filings or corporate disclosures.

Behavioral Heuristics and Dust: These methods analyze small test transactions and wallet usage patterns, known as "dust," to identify ownership indicators.

For example, Arkham Intelligence has tracked approximately 87%-97% of Strategy's Bitcoin holdings, amounting to about 70,000-580,000 BTC, by combining wallet clustering and transaction analysis.

However, these methods are not foolproof and face several challenges:

Attribution Uncertainty: Associating wallets with specific companies relies on assumptions, which can lead to errors, as demonstrated by past mislabeling incidents by Arkham.

Custodial Confusion: Using third-party custodians like Fidelity or Coinbase Prime may obscure corporate ownership.

Evolving Privacy Strategies: Companies may create new wallets, use mixing services, or decentralize holdings to evade detection.

Despite these limitations, blockchain analysis significantly enhances transparency, providing investors with valuable insights into corporate Bitcoin accumulation.

Did you know? In 2021, Tesla briefly held $1.5 billion in Bitcoin, making it the second-largest corporate holder.

Matthew Sigel of VanEck warns that some companies face "capital erosion," meaning that despite holding Bitcoin, its value is still declining. This occurs when companies issue new shares or take on debt to purchase Bitcoin.

If a company's stock price is high, issuing shares can benefit shareholders by raising funds above net asset value (NAV). However, if the stock price falls to or near its NAV, issuing new shares can dilute value, potentially harming shareholders and leading to capital erosion.

If Semler's market capitalization falls below the value of its Bitcoin holdings, this becomes a problem, as seen in the case of Semler Scientific. This U.S. medical technology company initially saw its stock price rise after adopting a Bitcoin-focused approach and purchasing a large amount of Bitcoin.

However, by mid-2025, despite the rising value of Bitcoin, Semler's stock had dropped over 45%. More concerning is that the company's market capitalization fell below the value of its Bitcoin holdings, indicating that the market values the entire company less than its individual cryptocurrency assets.

This is a peculiar situation that reveals the risks of companies overly relying on Bitcoin as a reserve. It may underestimate the company's value, especially if investors lose confidence in its core business. Additionally, while Bitcoin's price volatility may strengthen a company's balance sheet during market uptrends, its volatility could harm stock performance and shake investor confidence.

When a company's market capitalization falls below its Bitcoin reserves, it may face challenges in raising funds through equity or debt, as issuing new shares at a low price would diminish the value for existing shareholders.

As Bitcoin's acceptance in the business world continues to grow, even some risk-averse entities are beginning to quietly build Bitcoin reserves. While extremely conservative companies remain primarily on the sidelines, the number of companies willing to accumulate Bitcoin as a backup continues to rise.

Supply and Volatility Impact: Companies accumulating Bitcoin remove it from circulation, tightening supply and potentially driving prices up in the short to medium term. On the other hand, forced sell-offs during price declines may amplify volatility. Notably, in the future, only 0.26% of the global population will be able to own 1 BTC.

Evolution of Reserve Strategies: This trend is reshaping corporate reserve patterns globally. Companies increasingly view BTC as a tool for hedging against inflation, adding uncorrelated assets to their balance sheets. Global adoption now spans from mid-market to multinational companies, indicating the strategic normalization of Bitcoin in reserve operations.

Regulatory Issues: Companies accumulating Bitcoin as a corporate reserve asset may face regulatory challenges, including compliance with anti-money laundering (AML) and know your customer (KYC) laws. Tax implications, such as capital gains reporting and securities regulations, may complicate adoption. Jurisdictional differences and unclear crypto guidelines may also expose companies to legal risks and penalties.

Institutionalization Effect: Companies adopting Bitcoin as a reserve asset signify mainstream acceptance. It stabilizes market perceptions and attracts institutional investors. This trend validates Bitcoin's legitimacy and promotes broader financial integration with market dynamics.

Corporate Bitcoin accumulation, while volatile, is strategically significant, shaping macro supply dynamics, redefining reserve patterns, and adding new dimensions to market resilience.

This article is for general informational purposes only and is not intended to be, nor should it be construed as, legal or investment advice. The views, thoughts, and opinions expressed here are solely those of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Original article: “10 Public Companies That Quietly Turned Their Balance Sheets into Bitcoin (BTC) Treasuries”

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