Exploring Corporate Bitcoin Investments: Who's In?

Bitcoin has become an increasingly popular investment for companies, with more than two dozen public companies now owning some cryptocurrencies on their balance sheets. The original Bitcoin white paper was designed to bypass both corporate and government gatekeepers, but now, companies are embracing it as a legitimate investment. The largest public companies with Bitcoin (BTC) holdings as of January 9, 2024, include MicroStrategy, Tesla, and Coinbase. While Tesla made headlines in 2021 for its decision to accept Bitcoin for its products, it was the software company MicroStrategy that held over twice their amount of cryptocurrency. Other companies with large Bitcoin holdings include Marathon Digital Holdings, Galaxy Digital Holdings, and Riot Platforms.

Companies that have Bitcoin on their balance sheets

Several companies have added Bitcoin to their balance sheets, with some holding the cryptocurrency as an asset, and others dealing directly with crypto. Here is a list of companies that have Bitcoin on their balance sheets:

MicroStrategy

MicroStrategy, a business analytics platform, has adopted Bitcoin as its primary reserve asset. The company has aggressively pursued a Bitcoin buying spree, and as of May 2025, holds 214,400 BTC in reserve, equivalent to $14.8 billion. The company's CEO, Michael Saylor, is a leading advocate of Bitcoin and has made his personal holdings public, with 17,732 BTC worth over $1.2 billion.

Tesla

Tesla, the electric vehicle manufacturer, joined the ranks of companies holding Bitcoin in December 2020, with a $1.5 billion investment. Tesla sold 10% of its Bitcoin holdings in Q1 2021 to prove the liquidity of Bitcoin. As of May 2024, the company holds 9,720 BTC in its portfolio, worth around $677 million.

Marathon Digital Holdings

Bitcoin mining company Marathon Digital is a large holder of Bitcoin, with 17,631 BTC in its corporate treasury, worth around $1.23 billion as of May 2024. The company aims to build the largest Bitcoin mining operation in North America.

Hut 8 Mining

Hut 8 Mining is a Canadian Bitcoin mining company listed on the Nasdaq Global Select Market. It holds 9,109 BTC, worth around $644 million. The company generates fiat income by leveraging its reserve of self-mined and held Bitcoin.

Riot Platforms

Riot Platforms, a crypto mining outfit, holds 9,084 BTC, worth $643 million. The company has expanded aggressively, including the purchase of a one-gigawatt Bitcoin mining facility in Texas.

Coinbase Global

Coinbase, a well-known crypto exchange, held $230 million in Bitcoin on its balance sheet as of February 2021. By June 2024, it held 9,000 BTC in its treasury, worth just under $642 million.

Galaxy Digital Holdings

Galaxy Digital Holdings, a crypto-focused merchant bank, holds 8,100 BTC as of June 2024, worth just under $578 million. The company has partnered with crypto firms and is managed by Michael Novogratz, a keen advocate for Bitcoin.

Voyager Digital

The crypto trading app Voyager Digital owns 12,260 BTC, with a current value of about $590 million. The company's CEO, Steve Ehrlich, predicted in 2021 that institutions, corporations, and public companies would rush to hedge their cash reserves into Bitcoin.

Square

Payments firm Square purchased approximately 4,709 bitcoins for $50 million in October 2020 and acquired an additional 3,318 bitcoins for $170 million in February 2021. The average price of all its Bitcoin purchases is $27,407 per token. Square's founder and CEO, Jack Dorsey, is a longtime bitcoin bull.

Block

Payments company Block, previously known as Square, has invested in Bitcoin technology, launching its own Bitcoin wallet and developing a Bitcoin mining ASIC chip.

CleanSpark

CleanSpark, a U.S. Bitcoin mining firm, holds 6,154 BTC, worth around $439 million as of June 2024. The company expanded its operations ahead of the 2024 Bitcoin halving, adding several Bitcoin mining facilities.

Bitcoin Group SE

Germany-based venture capital firm Bitcoin Group SE holds 3,830 BTC, worth $275 million. The firm's investments include crypto exchange Bitcoin.de and Futurum bank, which merged to form Germany's first crypto bank.

Companies that allow customers to buy products with Bitcoin

Bitcoin has taken over the cryptocurrency market and is the largest and most well-known digital currency today. Many large companies are accepting Bitcoin as a legitimate source of payment. Here are some of the companies that allow customers to buy products with Bitcoin:

• Microsoft allows customers to use Bitcoin to purchase digital products in its Windows and Xbox stores.
• Overstock is a popular online retailer that was one of the first major companies to accept Bitcoin back in 2014.
• Newegg is a leading tech-focused e-retailer that accepts Bitcoin for its vast selection of electronics, computer hardware, and gaming products.
• Shopify is an e-commerce platform that supports businesses of all sizes and enables them to accept Bitcoin payments directly on their storefronts.
• Subway is the famous fresh sandwich franchise that began accepting Bitcoin in 2013. However, as Subway is set up as a franchise, not every store has chosen to accept Bitcoin.
• Twitch is a popular video streaming platform that started allowing users to make streamer donations using Bitcoin and other cryptocurrencies in 2020.
• Amazon does not directly accept Bitcoin, but you can use services like BitPay to purchase Amazon gift cards with Bitcoin and then shop on the site.
• Home Depot is America's largest hardware store chain and accepts Bitcoin through the Flexa integration.
• Whole Foods is a popular American company offering fresh and healthy food options. In 2021, Whole Foods started accepting Bitcoin payments through the SPEDN app.
• Starbucks partnered with iPayYou to provide users of the Starbucks application an easy way to pay with Bitcoin.
• Rakuten is a Japanese technology company that has allowed trading in Bitcoin, Bitcoin Cash, and Ethereum since 2019.
• PayPal is a leader in digital payments that enables users to buy, sell, and hold Bitcoin, facilitating consumers' use of Bitcoin in everyday transactions.
• AT&T is the first major U.S. mobile carrier to accept cryptocurrency payment options for customers through BitPay.
• Expedia is a pioneer in travel services that accepts Bitcoin for booking flights, hotels, and car rentals.
• Burger King has embraced cryptocurrency, allowing customers to purchase their famous Whopper burgers and other fast-food items using Bitcoin and other select cryptocurrencies.
• Etsy is a DIY and hand-craft e-commerce platform that accepts Bitcoin as a form of payment. Although an integrated system does not allow users to pay with BTC directly, sellers on the platform can select Bitcoin as one of the payment methods.
• AMC Theatres is a major movie theater chain in the U.S. that embraced Bitcoin for purchasing movie tickets and concessions online.
• Coca-Cola partnered with digital assets platform Centrapay in 2020 to integrate Bitcoin as a payment gateway from its vending machines across Australia and New Zealand.

Companies that allow customers to buy Bitcoin

Bitcoin is the most widely recognised and used cryptocurrency globally. Its widespread adoption for investment and commerce makes it the leading digital currency in terms of usage and market capitalisation.

Microsoft

Microsoft has been accepting Bitcoin for use in its online Xbox Store since 2014. It temporarily paused accepting Bitcoin due to volatility but now accepts it for the Xbox store credits.

Overstock

Overstock is currently leading the way in the shopping and cryptocurrency field. Overstock accepts multiple kinds of cryptocurrency, not just Bitcoin.

PayPal

PayPal enables users to buy, sell, and hold Bitcoin. This facilitates consumers' use of Bitcoin in everyday transactions.

Starbucks

Starbucks accepts Bitcoin to reload their Starbucks cards within the Starbucks app, making it possible to purchase coffee and other items with Bitcoin indirectly.

Whole Foods

Whole Foods is partnered with Winklevoss Flexa spending app 'Spedn'. Using the Spedn app, you can buy groceries using Bitcoin, Litecoin, or the Gemini dollar.

Home Depot

Home Depot, America's largest hardware store, accepts Bitcoin through the Flexa integration.

Newegg

Newegg is a company well known in the cryptocurrency community for purchasing cryptocurrency mining hardware. They sell all sorts of computer hardware.

AT&T

AT&T is the first major U.S. mobile carrier to accept Bitcoin payments for its services.

Amazon

Amazon allows you to buy using Bitcoin indirectly through merchant integration using Purse. This app allows customers to purchase a range of goods from the largest online retailer using Bitcoin.

Companies that have invested in Bitcoin-adjacent technology

While it is challenging to determine the exact number of companies that have invested in Bitcoin-adjacent technology, there are several notable examples. Here are some details about a few of them:

MicroStrategy: This business intelligence firm was one of the first major companies to invest in Bitcoin. Its CEO, Michael Saylor, is a vocal proponent of Bitcoin and has personally invested in the cryptocurrency. As of May 2025, MicroStrategy holds 214,400 BTC, worth $14.8 billion. The company has adopted Bitcoin as its primary reserve asset and has pursued an aggressive Bitcoin buying strategy.

Tesla: In December 2020, Tesla, led by CEO Elon Musk, joined the ranks of companies holding Bitcoin. The company invested $1.5 billion in Bitcoin and even began accepting Bitcoin as a form of payment for its products. However, Tesla's relationship with Bitcoin has been on-and-off, with the company later discontinuing the use of Bitcoin for payments due to environmental concerns.

Coinbase: Coinbase is a well-known cryptocurrency exchange that went public in April 2021. As of June 2024, the company holds 9,000 BTC in its treasury, worth nearly $642 million.

Square (now Block): Square, a payments facilitator, has also been investing in Bitcoin. As of 2020, Square had spent a total of $220 million on Bitcoin, with 5% of its $4.4 billion in assets held as Bitcoin. Square's fast-growing peer-to-peer payment platform, Cash App, has been a driving force behind the company's interest in Bitcoin.

Galaxy Digital Holdings: As of June 2024, Galaxy Digital Holdings holds 8,100 BTC, worth nearly $578 million. The company was founded by Michael Novogratz, a keen advocate for Bitcoin.

Marathon Digital Holdings: Marathon Digital, a Bitcoin mining company, holds 17,631 BTC as of May 2024, worth around $1.23 billion. The company aims to build the largest Bitcoin mining operation in North America.

These companies have made significant investments in Bitcoin-adjacent technology, recognising its potential impact on their businesses and the global economy.

Companies that have invested in Bitcoin as a retirement strategy

Bitcoin and other cryptocurrencies have become increasingly popular as investments, with some companies offering them as part of their retirement plans. However, it is important to note that cryptocurrencies are still considered a risky investment due to their volatility and lack of regulation. While some companies are embracing this new asset class, others remain hesitant due to the potential risks involved.

Fidelity Investments was the first company to allow investors to include cryptocurrencies, such as Bitcoin, in their 401(k) retirement accounts. This move gave access to investors from 23,000 companies that use Fidelity for their retirement planning. However, it is important to note that the employer, as the plan sponsor, has to agree to it. Other companies that have followed suit include Bitwage, which launched the "world's first Bitcoin 401(k) plan" in collaboration with Leading Retirement Solutions, Kingdom Trust, and Gemini. Each company in this collaboration has a specific role, such as administration, record-keeping, secure exchange solutions, and concierge services.

Some financial advisors argue that cryptocurrencies can be part of a well-balanced investment portfolio. Douglas Boneparth, a certified financial planner and president of Bone Fide Wealth, believes that investors are looking for exposure to assets like Bitcoin, which offers the opportunity for long-term appreciation. Ivory Johnson, a CFP and founder of Delancey Wealth Management, suggests that if your time horizon is 10 years, investing in Bitcoin now could be a good decision. However, he cautions that investors should have a clear reason for buying crypto and consider their risk tolerance and overall investment goals.

While Bitcoin and cryptocurrencies offer potential gains, they also come with significant risks. Rob Williams, from the Schwab Center for Financial Research, warns that cryptocurrencies are relatively new, largely unregulated, and highly volatile, making them unsuitable for a traditional long-term portfolio. He recommends investing in more established asset classes like stocks and bonds, which have a track record of long-term growth potential. Additionally, the taxes on cryptocurrency gains held in traditional 401(k) or IRA accounts can be higher than in taxable accounts, affecting overall returns.

When considering Bitcoin as a retirement investment strategy, it is essential to weigh the potential benefits against the risks. While some companies are embracing this new asset class, it is crucial for investors to conduct thorough research, understand the volatility, and ensure that any investment aligns with their long-term financial goals and risk tolerance.

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