148 Public Companies Now Hold Bitcoin, With Strategy Accounting for 63% of All Corporate BTC

Corporate adoption of Bitcoin continues to expand across global public markets, with a growing number of companies allocating the digital asset as part of their treasury strategies. A TechGaged.com analysis shows that 148 publicly traded companies now hold Bitcoin on their balance sheets, collectively controlling more than 1.16 million BTC, worth roughly $82 billion at recent market prices.

The milestone highlights how far corporate interest in Bitcoin has evolved since the early years of institutional adoption. Once viewed primarily as a speculative asset, Bitcoin is increasingly being considered by some firms as a long-term treasury reserve and macro hedge.

Over the past several years, a number of companies — ranging from crypto-native firms to traditional businesses — have begun experimenting with holding Bitcoin as part of their balance-sheet strategy.

Yet while the number of participating companies continues to grow, the distribution of corporate Bitcoin ownership reveals a striking reality: the space remains overwhelmingly dominated by a single firm.

Strategy alone holds 738,731 BTC, representing 63.6% of all Bitcoin held by the 148 public companies included in the TechGaged dataset. That concentration means Strategy controls more Bitcoin than the remaining 147 companies combined, underscoring the company’s outsized role in the corporate Bitcoin ecosystem.

Strategy’s Bitcoin Treasury Strategy Reshaped Corporate Adoption

Strategy’s massive position is the result of a multi-year accumulation strategy led by executive chairman Michael Saylor. The company began converting portions of its treasury reserves into Bitcoin in 2020 and has continued to steadily increase its holdings through a combination of cash purchases, debt issuance, and equity financing. The approach has effectively transformed the firm into what many observers describe as a publicly traded Bitcoin treasury vehicle.

The scale of that strategy has already produced historic milestones. As TechGaged previously reported, Strategy’s holdings have grown so large that the company now controls nearly 4% of all Bitcoin in existence, making it one of the most influential institutional participants in the digital asset market.

Strategy’s outsized position also means the company’s approach has become one of the most closely watched experiments in corporate finance. Because it controls such a large share of corporate Bitcoin holdings, the sustainability of its strategy is frequently debated among investors and analysts.

A recent TechGaged analysis explored four potential events that could challenge Michael Saylor’s Bitcoin strategy, ranging from prolonged market downturns to structural shifts in capital markets that could affect the company’s ability to finance further accumulation.

Beyond Strategy, a number of companies have also accumulated sizable Bitcoin treasuries, though none come close to matching its scale. Major corporate holders include firms such as MARA Holdings, XXI, Metaplanet, Bitcoin Standard Treasury Company, Bullish, Galaxy Digital, Riot Platforms, Coinbase Global and Hut 8 Mining. Together, the top ten companies account for more than 85% of all Bitcoin held by corporate treasuries, highlighting how concentrated the market remains.

Many of these companies fall into three broad categories. Some are Bitcoin mining firms that naturally accumulate BTC as part of their operations. Others are crypto-native financial companies that maintain Bitcoin reserves as part of their business model.

A smaller but growing group consists of firms that intentionally adopt Bitcoin treasury strategies, viewing the asset as a long-term store of value and a strategic financial reserve.

Corporate Bitcoin Treasuries Expand as Institutional Infrastructure Evolves

At the same time, the broader list of companies holding Bitcoin reveals a rapidly expanding “long tail” of corporate adopters. While the largest firms hold tens or hundreds of thousands of BTC, many companies in the dataset hold much smaller amounts, sometimes only a few coins. For these firms, Bitcoin often represents an experimental allocation or diversification strategy rather than a core treasury asset.

The growing corporate presence in Bitcoin also coincides with bigger changes in the financial system. As TechGaged previously reported, banks are quietly preparing for the next wave of cryptocurrency compliance frameworks, reflecting expectations that digital assets will continue to intersect with traditional financial infrastructure.

As more companies adopt Bitcoin as part of their treasury strategies, regulatory clarity and institutional infrastructure could play a key role in determining how quickly the trend accelerates.

The growth of corporate Bitcoin treasuries is also unfolding against a backdrop of global macro uncertainty. In recent weeks, cryptocurrency markets have experienced volatility driven by geopolitical tensions and shifting risk sentiment. Yet Bitcoin has repeatedly demonstrated resilience during these periods.

As highlighted in TechGaged’s March 9 weekly market recap, the asset recently rebounded despite rising geopolitical tensions, reinforcing its perception among some investors as a scarce digital asset capable of weathering broader market instability.

Against this backdrop, the presence of 148 public companies holding Bitcoin marks an important milestone in the asset’s institutional journey. The number of firms adopting Bitcoin continues to rise, suggesting that the idea of digital assets as part of corporate treasury management is slowly moving from experiment to established strategy.

At the same time, the data reveals that corporate Bitcoin ownership remains heavily concentrated among a small group of companies — and overwhelmingly dominated by Strategy.

Whether future adoption leads to a more diversified corporate ownership base, or whether a handful of conviction-driven firms continue to control the majority of corporate BTC reserves, may become one of the defining questions of Bitcoin’s next phase of institutional evolution.

Methodology & Data Notes

This analysis is based on publicly available corporate treasury data compiled from the CoinGecko Bitcoin Treasury tracker, cross-checked with company disclosures and publicly reported holdings where available.

The dataset ranks publicly traded companies that hold Bitcoin as part of their corporate treasury reserves, ordered from the largest to the smallest holder. A public company is defined as an entity whose shares are freely traded on a recognized stock exchange.

All Bitcoin holdings reflect the most recently available publicly reported figures as of March 9, 2026.

The estimated USD value of holdings is calculated using a Bitcoin reference price of $71,017.93, based on market data recorded March 10, 2026, at 05:00 GMT-4, sourced from CoinMarketCap. Figures may be rounded for readability.

Disclaimer

Corporate Bitcoin holdings may change over time as companies acquire or sell Bitcoin, update treasury disclosures, or release new financial reports. As a result, the figures presented in this analysis should be considered a snapshot of publicly reported data at the time of publication.

Due to reporting delays, disclosure differences, and ongoing market activity, actual holdings may differ from the values shown. This research is intended for informational purposes only and should not be interpreted as financial or investment advice.