Bitcoin Investors: Which Major Companies Backed It?

Bitcoin has become an increasingly popular investment for companies, with businesses now accounting for the most bitcoin held. While the cryptocurrency was once considered too volatile for serious investment, a number of major institutional investors have bought up bitcoin in recent years. These include MicroStrategy, Tesla, Coinbase, and Block. As of May 2025, MicroStrategy holds 214,400 BTC in reserve, equivalent to more than 1% of the total number of Bitcoin that will ever be issued. Tesla, which began accepting Bitcoin as a payment method in March 2021, invested $1.5 billion in Bitcoin in December 2020. Coinbase, one of the world's largest cryptocurrency exchanges, went public in April 2021 and is also a large holder of Bitcoin.

Companies with the largest Bitcoin holdings

Bitcoin has become an increasingly attractive investment for companies in recent years, with businesses now accounting for the most bitcoin held. While the idea of publicly traded corporations buying Bitcoin was once considered laughable, a number of major institutional investors have embraced the cryptocurrency.

• MicroStrategy: The software company and business intelligence platform has aggressively pursued a Bitcoin buying spree, holding 214,400 BTC (as of May 2025), worth $14.8 billion. This is more than 1% of the total number of Bitcoin that will ever be issued.
• Marathon Digital Holdings: The Bitcoin mining company holds 17,631 BTC (as of May 2024), worth around $1.23 billion. Marathon Digital aims to become the largest Bitcoin mining operation in North America with one of the lowest energy costs.
• Tesla: The electric vehicle manufacturer invested $1.5 billion in Bitcoin in December 2020 and has since sold a portion of its holdings. As of May 2024, Tesla holds 9,720 BTC, worth around $677 million.
• Hut 8 Mining Corp: The Bitcoin mining firm holds 9,109 BTC, worth around $644 million. Hut 8 is listed on the Nasdaq Global Select Market and is committed to growing its Bitcoin holdings.
• Riot Platforms, Inc.: The crypto mining outfit holds 9,084 BTC, valued at approximately $643 million. The company has expanded aggressively, including the purchase of a one-gigawatt Bitcoin mining facility in Texas.
• Coinbase Global, Inc.: The well-known crypto exchange held 9,000 BTC (as of June 2024), worth just under $642 million. Coinbase went public in April 2021 and is considered one of the largest cryptocurrency exchanges.
• Galaxy Digital Holdings: The crypto-focused merchant bank holds 8,100 BTC, valued at just under $578 million (as of June 2024). This is down from 16,400 BTC in July 2022, but the increase in Bitcoin's price has boosted the value of its holdings.
• Block (formerly Square): The payments processor and financial services company invested $50 million in Bitcoin in October 2020. As of June 2024, it holds 8,027 BTC, worth around $573 million. Block's CEO, Jack Dorsey, is an enthusiastic advocate for Bitcoin.
• CleanSpark: The U.S. Bitcoin mining firm expanded its operations ahead of the 2024 Bitcoin halving and holds 6,154 BTC, worth around $439 million (as of June 2024).
• Bitcoin Group SE: The Germany-based venture capital firm holds 3,830 BTC, valued at approximately $275 million. Bitcoin Group SE's investments include the crypto exchange Bitcoin.de and Futurum bank, which merged to form Germany's first crypto bank.

How companies are investing in Bitcoin

Bitcoin has become an increasingly popular investment for companies, with many large corporations buying and keeping Bitcoin as part of their assets and investment strategies. Here is how companies are investing in Bitcoin:

Direct Bitcoin Purchases

Some companies, like MicroStrategy, Tesla, and Coinbase, have directly purchased billions of dollars worth of Bitcoin. MicroStrategy, a business analytics platform, has been particularly aggressive in its Bitcoin buying spree, with CEO Michael Saylor claiming he was buying $1,000 in Bitcoin every second. As of May 2025, the company holds 214,400 BTC, worth $14.8 billion. Tesla, on the other hand, invested $1.5 billion in Bitcoin in December 2020 and has since sold a portion of its holdings.

Bitcoin Mining

Some companies are investing in Bitcoin by engaging in Bitcoin mining operations. Marathon Digital Holdings, for example, is a Bitcoin mining company that holds a significant amount of Bitcoin. Hut 8 Mining Corp and Riot Platforms, Inc. are other examples of crypto mining companies that hold large amounts of Bitcoin.

Exchange-Traded Funds (ETFs)

Another way companies are investing in Bitcoin is through exchange-traded funds (ETFs). In January 2024, the Securities and Exchange Commission approved several spot Bitcoin ETFs, causing a surge of interest from investors. BlackRock's iShares Bitcoin Trust (IBIT) is one such ETF that has built up substantial Bitcoin holdings.

Bitcoin Technology and Infrastructure

Some companies are investing in Bitcoin by developing Bitcoin technology and infrastructure. For instance, Square (now known as Block) has launched its own Bitcoin wallet and is developing a Bitcoin mining ASIC chip. Additionally, companies like Blockchain, Kraken, Polygon, Ripple, and Lightning Labs are investing in Bitcoin by building blockchain technology, which is integral to the Bitcoin ecosystem.

Bitcoin as a Payment Method

Some companies are accepting Bitcoin as a payment method for their products and services. Tesla, for example, announced in March 2021 that it would accept Bitcoin directly and retain the Bitcoins instead of converting them to US dollars. Microsoft also accepts Bitcoin as a payment method, using a payment processor called BitPay to convert cryptocurrency to fiat currency.

Overall, companies are investing in Bitcoin in a variety of ways, including direct purchases, mining operations, ETFs, technology development, and by accepting Bitcoin as a form of payment.

Businesses with the most Bitcoin

Bitcoin has become an increasingly popular investment for businesses, with many large companies now accepting it as a legitimate form of payment. As of May 2024, public companies holding Bitcoin account for just under 1.5% of the total supply of 21 million BTC. Here is a list of businesses with the most Bitcoin:

• MicroStrategy: The business analytics platform has adopted Bitcoin as its primary reserve asset and holds 214,400 BTC as of May 2025, equivalent to more than 1% of the total number of Bitcoin that will ever be issued.
• Marathon Digital Holdings: The Bitcoin mining company holds 17,631 BTC in its corporate treasury as of May 2024, worth around $1.23 billion.
• Tesla: The electric vehicle manufacturer invested $1.5 billion in Bitcoin in December 2020 and holds 9,720 BTC as of May 2024.
• Hut 8 Mining: The Bitcoin mining firm holds 9,109 BTC as of June 2021, worth around $644 million.
• Riot Platforms: The crypto mining company holds 9,084 BTC, worth $643 million.
• Coinbase Global: The well-known crypto exchange held 9,000 BTC in its treasury as of June 2024, worth just under $642 million.
• Galaxy Digital Holdings: The crypto-focused merchant bank holds 8,100 BTC as of June 2024, worth just under $578 million.

Other companies with notable Bitcoin holdings include Block (formerly Square), Voyager Digital, and CleanSpark.

Why companies are investing in Bitcoin

Bitcoin has become an increasingly popular investment option for companies, with some of the world's largest corporations buying billions of dollars' worth of Bitcoin. Here are some reasons why companies are investing in Bitcoin:

Diversification and Risk Mitigation

Companies invest in Bitcoin to diversify their investment portfolios and mitigate risks associated with traditional assets. By allocating a portion of their capital to Bitcoin, businesses can reduce their exposure to fluctuations in traditional markets, such as stocks and bonds.

Brand Awareness and Innovation

Investing in Bitcoin can be a strategic move to signal innovation and forward-thinking to customers and investors. By embracing new technologies and trends, companies can enhance their brand image and attract a tech-savvy audience.

Potential for High Returns

Bitcoin has seen significant price appreciation over the years, and companies invest in it with the expectation of generating substantial returns. The limited supply of Bitcoin, combined with increasing demand, has led to a bullish outlook among investors.

Protection Against Inflation

Many companies view Bitcoin as a hedge against inflation and a store of value. As central banks around the world print more fiat currency, the finite supply of Bitcoin becomes more attractive, potentially preserving and increasing its value over time.

Peer Pressure and FOMO

With prominent companies like Tesla, MicroStrategy, and Coinbase adopting Bitcoin, there is a fear of missing out (FOMO) among businesses. No company wants to be left behind as their competitors embrace new technologies and potentially gain a strategic advantage.

Technological Advancements and Use Cases

Bitcoin and blockchain technology have evolved significantly, offering new use cases for companies. From smart contracts to decentralized finance (DeFi), companies are exploring how they can leverage Bitcoin and its underlying technology to streamline processes, reduce costs, and create new business opportunities.

Companies that are steering clear of Bitcoin

While many companies have embraced Bitcoin, others have steered clear of the cryptocurrency.

In a 2021 article, Forbes notes that none of the world's ten largest asset managers had bought Bitcoin directly or through Grayscale's trust, including Blackrock, Fidelity, Vanguard, and Goldman Sachs.

Similarly, most top hedge fund managers have avoided investing in Bitcoin. Ray Dalio, the founder of Bridgewater Associates, expressed scepticism about Bitcoin, citing the "amount of speculation" and "lack of transactions." Peter Boockvar, chief investment officer for Bleakley Advisory, also dismissed the idea that Bitcoin is replacing gold as "absolute nonsense."

Despite the growing popularity of Bitcoin and the emergence of new methods of investing in it, such as exchange-traded funds (ETFs), some companies remain cautious about adopting it as a reserve asset or investment strategy.

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