In 2020, a publicly traded software company called MicroStrategy made a decision that would redefine corporate finance. It took cash sitting on its balance sheet earning near-zero interest and bought Bitcoin. That move, once dismissed as reckless, has since become a template for a new generation of corporate treasuries. Today, a growing roster of companies is allocating significant capital to Bitcoin, not as a speculative side bet, but as a primary treasury reserve asset. The question is no longer “why Bitcoin?” but “who is buying the most, and how?”
🔍 Direct Answer — Who’s Buying the Most BTC and How They Do It
MicroStrategy remains the undisputed leader with over 250,000 BTC on its balance sheet, accumulated through a combination of excess cash and billions raised via zero‑coupon convertible notes. Other major holders include public companies like Semler Scientific (medical devices), Metaplanet (Japan‑based investment firm), Block (formerly Square), and Galaxy Digital. Several private firms and nation‑state entities like El Salvador also sit on substantial positions. The strategies differ: some use pure free cash flow, others leverage cheap debt, and a growing number employ yield generation on their holdings through lending and options. Tracking these treasuries has become its own market signal, and investors are increasingly valuing companies based on their Bitcoin per share.
In this guide, you will get a comprehensive map of the corporate Bitcoin treasury landscape. We will break down the largest holders, the mechanics of their accumulation strategies, the accounting and regulatory tailwinds that made it possible, and the risks that could unwind these positions. You will also find a practical framework to evaluate whether a company’s Bitcoin treasury adds genuine shareholder value or is simply a leveraged bet on crypto.
Bitcoin Treasury Companies: Who's Buying the Most BTC?
Why Companies Are Adding Bitcoin to Their Balance Sheets
Inflation protection and dollar debasement
For decades, corporate treasuries parked excess cash in short‑term government bonds, commercial paper, and money market funds. In a low‑inflation world, that was safe. When inflation surged and real yields turned negative, holding cash became a guaranteed loss of purchasing power. Bitcoin’s fixed supply of 21 million makes it a hedge against monetary debasement, a digital gold that cannot be printed away. Michael Saylor famously called cash a “melting ice cube,” and that metaphor resonated with CFOs watching their purchasing power erode.
The FASB accounting rule change unlocked earnings
Until 2025, Bitcoin on corporate books was treated as an intangible asset: you had to write it down when it fell, but you couldn’t mark it up when it rose. This created a permanent earnings drag. That changed with the FASB’s new fair‑value accounting standard, effective for fiscal years after December 15, 2024. Now, unrealized Bitcoin gains flow directly into net income. A company with a large BTC position can report massive earnings from price appreciation alone, turning Bitcoin from an accounting headache into a potential earnings catalyst.
Shareholder demand for Bitcoin exposure
Spot Bitcoin ETFs made Bitcoin accessible to any brokerage account, but they don’t offer the leverage that a corporate treasury can provide. A company with a heavy Bitcoin allocation often trades like a leveraged Bitcoin ETF, amplifying moves. Investors who are bullish on Bitcoin but want the potential for additional alpha — through the company’s underlying business or its ability to issue debt to buy more BTC — have flocked to stocks like MicroStrategy. This has created a self‑reinforcing cycle: a rising stock price enables cheaper capital raises, which fund more Bitcoin purchases, which attract more investors.
The Top Bitcoin Treasury Companies in 2026
MicroStrategy — the undisputed king of corporate Bitcoin
As of mid‑2026, MicroStrategy holds over 250,000 BTC, acquired at an average price well below the current market. The company is no longer a software firm that also owns Bitcoin; it is a Bitcoin treasury company that also sells software. CEO Michael Saylor (now Executive Chairman) pioneered the convertible note flywheel: issuing zero‑coupon debt with a conversion premium above the current stock price, using the proceeds to buy Bitcoin. As Bitcoin rises, the stock follows, the notes convert to equity, the debt vanishes, and the company retains the Bitcoin. MicroStrategy has raised over $10 billion through this mechanism, and its Bitcoin holdings now represent more than 90% of its enterprise value. For investors, MSTR stock is the closest thing to a leveraged Bitcoin ETF with an active treasury management overlay.
Semler Scientific — the second‑mover from healthcare
Semler Scientific, a medical device company, surprised markets in 2024 when it announced a Bitcoin treasury strategy. It has since accumulated over 3,000 BTC, using a mix of excess cash and modest debt. Unlike MicroStrategy, Semler is a smaller, profitable company that treats Bitcoin as a complement to its core business, not a replacement for it. The stock has moved in near‑perfect correlation with Bitcoin, making it a popular choice for investors seeking a different risk profile than MSTR. Semler’s management has openly credited MicroStrategy’s blueprint, proving that the model is replicable across industries.
Metaplanet — Asia’s answer to MicroStrategy
Metaplanet, a Japanese investment firm, pivoted aggressively into Bitcoin in 2024. By mid‑2026, it holds over 1,000 BTC. Japan’s accounting rules already allowed fair‑value treatment for crypto assets earlier than the US, giving Metaplanet a head start. The company raises capital through equity issuances and uses the proceeds to buy Bitcoin while the yen weakens, creating a double tailwind. It has become the poster child for Bitcoin treasury adoption in Asia and has inspired a wave of smaller Japanese firms to follow suit.
Block (formerly Square) — the measured institutional approach
Block, led by Jack Dorsey, holds a significant Bitcoin position on its balance sheet, though it does not use aggressive leverage to expand it. Block reinvests a portion of its Bitcoin gross profit (from Cash App trading fees) back into BTC. Its treasury approach is more conservative, treating Bitcoin as a long‑term strategic asset rather than an active capital‑markets play. The company also invests heavily in Bitcoin infrastructure, including mining chips and self‑custody solutions, making it a diversified bet on the ecosystem rather than a pure treasury play.
Galaxy Digital, Coinbase, and the crypto‑native firms
Galaxy Digital, the crypto financial services firm led by Mike Novogratz, holds a large Bitcoin position as part of its investment portfolio and treasury. Coinbase holds Bitcoin on its balance sheet from operations and has publicly stated its intent to retain a portion of its crypto reserves. These companies are less about building a Bitcoin treasury per se and more about having natural long exposure to the asset class they service. Still, they rank among the top institutional holders and provide a way to invest in Bitcoin‑centric operating businesses.
El Salvador and the nation‑state treasury model
No list of Bitcoin treasuries is complete without El Salvador. The country began buying Bitcoin in 2021 and now holds over 5,000 BTC as part of its national reserves. President Nayib Bukele has publicly disclosed purchases, often buying during dips. While the scale is smaller than MicroStrategy’s, El Salvador represents the sovereign adoption use case — a country using Bitcoin as legal tender and a treasury asset. The program has faced international criticism but also generated tourism, investment, and global brand recognition for the small Central American nation.
| Company / Entity | Approximate BTC Holdings (mid‑2026) | Acquisition Strategy | Yield Generation |
|---|---|---|---|
| MicroStrategy | 250,000+ BTC | Convertible notes, equity issuance, cash flow | Bitcoin lending, covered calls, potential restaking |
| Semler Scientific | 3,000+ BTC | Operating cash flow, modest debt | None disclosed |
| Metaplanet | 1,000+ BTC | Equity issuances, yen depreciation play | None disclosed |
| Block (Square) | 8,000+ BTC (est.) | Reinvested Bitcoin gross profit | Bitcoin‑adjacent product revenue |
| Galaxy Digital | 15,000+ BTC (est.) | Proprietary trading, asset management | Lending, derivatives, venture investments |
| Coinbase | 9,000+ BTC (est.) | Operational reserves, retained earnings | Staking revenue, trading fees |
| El Salvador | 5,000+ BTC | Government purchases, Bitcoin bonds | None (sovereign holder) |
The Convertible Note Flywheel — How the Big Players Scale
The most powerful weapon in the corporate Bitcoin treasury arsenal is the convertible note. Here’s how it works, and why it has enabled MicroStrategy — and now others — to accumulate at a pace no operating cash flow could support.
A convertible note is a bond that can be exchanged for shares of stock at a set conversion price, typically 30–40% above the stock price at issuance. Because investors value this conversion option, they accept an interest rate far below market — often 0%. The issuing company takes the cash and buys Bitcoin. If Bitcoin rises, the stock rises past the conversion price, noteholders convert to equity, and the company never repays the principal — yet it keeps the Bitcoin. If Bitcoin doesn’t rise enough, the company still has years to repay the cash, but the expectation is that a long‑term upward trend will take care of it. The dilution from conversion is offset by the increase in Bitcoin per share, so existing shareholders benefit.
This flywheel is not magic, however. It requires a stock that investors believe will outperform Bitcoin — a tricky proposition. MicroStrategy’s stock commands a premium precisely because it has executed this playbook so effectively. Others, like Semler and Metaplanet, are beginning to tap debt markets on a smaller scale. The strategy’s durability depends on Bitcoin’s price trajectory and the market’s continued appetite for convertible paper. In a prolonged bear market, the flywheel stops, and companies that over‑leveraged could face a liquidity crunch.
Yield on Bitcoin Holdings — The Next Frontier
In the early days, corporate Bitcoin was purely a buy‑and‑hold asset. Now, treasurers are actively generating income from their stacks, turning idle BTC into productive capital.
- Secured lending. Platforms like Coinbase Prime and Anchorage Digital offer Bitcoin‑backed lending to vetted institutional borrowers. The BTC remains in a bankruptcy‑remote trust, and the lender earns a yield of 2–5% annually. MicroStrategy and Galaxy are rumored to use such services, though terms are rarely disclosed.
- Covered call strategies. Selling out‑of‑the‑money call options on a portion of the Bitcoin position generates premium income. If Bitcoin stays flat or dips slightly, the calls expire worthless and the premium is kept. If Bitcoin surges, the upside on that portion is capped, but the core stack benefits. This strategy requires derivatives expertise but can smooth out returns.
- Restaking and protocol participation. Newer protocols like Babylon allow Bitcoin holders to stake their BTC to secure proof‑of‑stake chains and earn token rewards. This is still in its infancy and carries smart‑contract and protocol risk, but some corporate treasuries are exploring allocations to it as an additional yield layer.
How to Track Corporate Bitcoin Treasuries and Evaluate a Company’s BTC Strategy
Tools for monitoring treasury holdings
Several public resources provide real‑time or regular updates on corporate Bitcoin holdings. BitcoinTreasuries.net tracks public and private companies, ETF holdings, and nation‑state reserves. CoinGecko maintains a list of publicly traded companies with Bitcoin. For deeper on‑chain verification, Arkham Intelligence lets you map wallets to known entities. These tools let you verify reported holdings and spot accumulation or distribution patterns.
The Bitcoin per share metric
Investors focused on Bitcoin treasuries increasingly value companies using a metric called “Bitcoin per share.” It divides total BTC holdings by the fully diluted share count. If a company issues new shares to buy Bitcoin, the metric shows whether the purchase was accretive — did Bitcoin per share go up? If not, existing shareholders were diluted without a proportional increase in BTC exposure. Companies that consistently grow Bitcoin per share, like MicroStrategy, trade at a premium because they are demonstrably increasing the underlying asset backing each share.
Evaluating risk and sustainability
When assessing a Bitcoin treasury company, examine the debt structure, maturity profile, and interest coverage. A company with convertible notes due in five years has time to weather a Bitcoin downturn. A company with floating‑rate debt or near‑term maturities is at high risk if BTC drops. Also scrutinize the operating business: does it generate enough cash flow to cover interest payments and operating costs without selling Bitcoin? MicroStrategy’s software business, while not growing rapidly, provides a stable cash cushion. A company with no revenue and a Bitcoin treasury is essentially a closed‑end fund with extra steps.
“The most resilient Bitcoin treasury is not the one with the most BTC. It’s the one structured so that Bitcoin can drop 80% and the company still has a viable business and no forced sellers. That’s the test.”
Risks and the Bear Case for Corporate Bitcoin Treasuries
- Correlated crashes. In a macro crisis, both Bitcoin and the company’s stock can fall simultaneously, triggering a death spiral: declining stock makes capital raises impossible, forced Bitcoin sales drive the price lower, and the business suffers from the broader recession.
- Regulatory reversal. A change in accounting rules, tax treatment, or securities classification could undermine the model. If Bitcoin were reclassified as a security with strict holding limits for non‑registered entities, treasuries would need to divest.
- Key‑person risk. Many Bitcoin treasury strategies are driven by a single visionary leader (Saylor at MicroStrategy, Bukele in El Salvador). If that person departs, the successor may liquidate the position, crystallizing losses for shareholders who bought in for the Bitcoin exposure.
- Concentration risk. A company that converts all its cash to Bitcoin has no buffer for operational emergencies, lawsuits, or strategic pivots. The smartest treasuries maintain a separate fiat operating reserve and treat Bitcoin as the long‑term reserve, not the daily checking account.
Frequently Asked Questions About Bitcoin Treasury Companies
Which company holds the most Bitcoin in its treasury?
MicroStrategy holds the largest corporate Bitcoin treasury, with over 250,000 BTC as of mid‑2026. This is more than the individual holdings of most countries and represents a multi‑billion dollar position that dominates its balance sheet.
How do companies buy Bitcoin without using their own cash?
Companies can issue convertible notes — bonds that convert into stock if the stock price rises — to raise cash for Bitcoin purchases. Because investors value the stock conversion option, the interest rate is often zero. This allows the company to buy Bitcoin without using operating cash flow, though it dilutes shareholders if the notes convert.
Is Bitcoin on a company’s balance sheet the same as an ETF?
Not exactly. Holding actual Bitcoin on the balance sheet gives the company direct control over the asset, potential yield generation, and the ability to use it as collateral. A Bitcoin ETF is a passive fund; a Bitcoin treasury company can actively manage its position and even issue debt to increase exposure. However, company‑specific risks like management decisions and business operations also affect the stock.
Can a Bitcoin treasury strategy go wrong?
Yes. If Bitcoin’s price drops sharply and the company has debt secured by its Bitcoin, it could face margin calls or forced liquidation. Even without debt, a prolonged bear market can destroy shareholder value, as the company’s stock will likely fall in tandem with Bitcoin. Several smaller firms that adopted Bitcoin treasuries in 2021 went bankrupt in the subsequent downturn.
How do I know if a company’s Bitcoin buys are accretive?
Track the Bitcoin per share metric. If a company issues new shares to buy Bitcoin, and the Bitcoin per share increases, the purchase was accretive to existing shareholders. If Bitcoin per share declines, the dilution outweighed the Bitcoin acquired.
Are there ETFs that invest in Bitcoin treasury companies?
Yes. ETFs like the Defiance Bitcoin Treasury ETF invest in a basket of publicly traded companies that hold Bitcoin on their balance sheets. These funds provide diversified exposure to the corporate Bitcoin treasury trend without picking individual stocks.
