Bitcoin's Big Backers: Major Companies Investing In Crypto

Bitcoin is one of the most sought-after cryptocurrency investments, with many major companies investing in it. As of 2023, public companies holding Bitcoin account for just under 1.5% of the total supply of 21 million BTC. Here is a list of some of the major companies that have invested in Bitcoin:

- MicroStrategy Inc

- Marathon Digital Holdings

- Coinbase Global Inc

- Tesla

- Hut 8 Mining Corp

- Voyager Digital LTD

- Square (now Block)

- Riot Platforms, Inc.

- Galaxy Digital Holdings

- Hive Blockchain

MicroStrategy's CEO and Bitcoin

MicroStrategy, a prominent business analytics platform, has adopted Bitcoin as its primary reserve asset. The company, which was founded in 1989, produces mobile software and cloud-based services.

Michael Saylor, the company's former CEO, is one of the cryptocurrency's principal evangelists. Saylor, who stepped down as CEO in 2023 and assumed the role of executive chairman, has been very vocal about his support for Bitcoin. In 2020, he said that Bitcoin "represents a form of digital gold. It's harder than gold. It's smarter, it's stronger, it's faster than gold."

Saylor's enthusiasm for Bitcoin has translated into action, with MicroStrategy going on a Bitcoin buying spree. In August and September 2020, the company bought $425 million worth of Bitcoin, signalling the beginning of a trend of publicly traded corporations investing in the cryptocurrency. As of May 2025, MicroStrategy holds 214,400 BTC in reserve, equivalent to $14.8 billion—more than 1% of the total number of Bitcoin that will ever be issued.

MicroStrategy's aggressive pursuit of Bitcoin has been reflected in Saylor's personal investments as well. Unlike other CEOs who typically shy away from discussing their holdings, Saylor has publicly disclosed that he personally holds 17,732 BTC, worth over $1.2 billion. This positions him among the top 101 Bitcoin owners in the world.

The company's decision to adopt a "Bitcoin strategy" has paid off, with MicroStrategy delivering 10 to 30 times the performance of rival enterprise software companies in the business intelligence sector. In 2023, the company's stock soared 337%, making it one of the biggest gainers in the US among companies valued at $5 billion or more.

MicroStrategy's leadership in the corporate adoption of Bitcoin has not gone unnoticed. The company has shared its learnings and methodologies through open-source documents, helping other organisations navigate the adoption of Bitcoin as a treasury reserve asset.

Marathon Digital Holdings' Bitcoin mining

Marathon Digital Holdings, Inc. (MARA) is a prominent name in the Bitcoin mining industry. The company is an American digital asset technology company that engages in mining cryptocurrencies, with a particular focus on the blockchain ecosystem and the generation of digital assets. Marathon Digital Holdings was founded on 23 February 2010 and is headquartered in Fort Lauderdale, Florida.

In 2023, Marathon Digital was listed among the top 10 public companies with the largest Bitcoin holdings. As of March 2023, the company held 10,054 BTC, with an entry value of $150 million and a current value of $225 million. As of May 2024, Marathon Digital's Bitcoin holdings had increased to 17,631 BTC, valued at around $1.23 billion.

The company has experienced significant growth, expanding from a small team to over 100 employees. Marathon Digital focuses on utility-scale mining, energy harvesting, and the development of proprietary technologies to enhance efficiency and reduce energy costs. They employ location-agnostic data centres to identify the cheapest power sources and optimise operations.

Marathon Digital's strategic growth involves acquiring new sites, advancing cooling technologies, and expanding their mining capacity while maintaining a commitment to sustainability and grid stability. In December 2023, the company acquired two operational Bitcoin mining sites from subsidiaries of Generate Capital for $178.6 million.

In May 2024, Marathon Digital provided updates on its Bitcoin production and mining operations, reporting an increased BTC holding of 17,381 BTC and total cash and BTC of $1.6 billion as of 31 March 2024. The company also reported a 4% month-over-month increase in its average operational hash rate to 18.3 EH/s.

Despite its focus on sustainability, Marathon Digital has faced noise and health complaints from residents near its Bitcoin mining facilities. In July 2024, Time magazine published an investigation into complaints by residents of Granbury, Texas, who attributed various ailments to a nearby Bitcoin mining facility owned and operated by Marathon Digital.

Coinbase Global Inc.'s crypto exchange

Coinbase Global Inc. is a publicly traded company that operates a cryptocurrency exchange platform. It is the largest cryptocurrency exchange in the United States in terms of trading volume. The company was founded in 2012 by Brian Armstrong, a former Airbnb engineer, and Fred Ehrsam, a former Goldman Sachs trader.

Coinbase allows users to establish an account directly with the firm, instead of using an intermediary. Many users choose to allow Coinbase to act as a custodian for their cryptocurrency, giving the company breadth beyond that of a traditional financial exchange. The company generates the majority of its revenue from transaction fees charged to its retail customers. However, Coinbase also uses internal investment and acquisitions to expand into adjacent businesses, such as prime brokerage and data analytics.

Coinbase currently holds 9,000 BTC, with an entry value of $173.7 million and a current value of over $200 million. The company went public in April 2021, with a direct stock listing on the Nasdaq exchange. Before the listing, Nasdaq set a reference price of $250 a share, giving the company an estimated value of $47 billion. At the end of its first day of trading, Coinbase closed at $328.28 per share.

In addition to its core business, Coinbase offers a range of products and services for both retail and institutional cryptocurrency investors. These include the Coinbase app, Coinbase Pro, and the Coinbase Wallet. The company also offers the Coinbase Card, a debit Visa card that allows customers to spend their cryptocurrency, and Coinbase Earn, a learning platform that rewards users for learning about altcoins.

Coinbase has had its fair share of controversies and challenges. In 2023, the company received a Wells notice from the U.S. Securities and Exchange Commission (SEC), indicating the SEC's intention to begin an enforcement action over Coinbase's staking products. Coinbase responded by calling the investigation "cursory" and continued its operations as usual. The company has also faced issues with insider trading, resulting in legal consequences for the perpetrators. Additionally, Coinbase has had to navigate the dynamic landscape of cryptocurrency regulations and has been subject to scrutiny by regulatory bodies.

Tesla's on-off Bitcoin relationship

Teslas On-Off Bitcoin Relationship

Tesla's relationship with Bitcoin has been a bit of a rollercoaster, with the electric car maker making headlines in 2021 when it announced a $1.5 billion investment in the cryptocurrency. This move was significant as it was the first S&P 500 company to invest in Bitcoin and it sent prices soaring. Tesla's CEO, Elon Musk, has been a vocal supporter of Bitcoin and cryptocurrencies, frequently taking to Twitter to express his views and even changing his profile to include "#bitcoin".

In March 2021, Tesla began accepting Bitcoin as a form of payment for its vehicles, with Musk announcing that the company would hold the Bitcoin and not convert the payments to fiat. However, this decision was short-lived as just two months later, Tesla stopped accepting Bitcoin, with Musk citing concerns over the energy consumption required for Bitcoin mining. Despite this, Musk continued to express a positive outlook on Bitcoin, stating that it was "on the verge of getting broad acceptance by conventional finance people".

In 2022, Tesla sold 75% of its Bitcoin holdings during the second quarter, bringing in $936 million in cash. The company reported a profit of $272 million from the sale of digital assets and reiterated its belief in the long-term potential of digital assets as an investment and a liquid alternative to cash. Despite the sale, Tesla remained one of the largest corporate holders of Bitcoin, with holdings worth $546.7 million as of February 22, 2024.

While Tesla has not provided details on its future plans regarding Bitcoin, it has stated that it "may increase or decrease our holdings of digital assets at any time" based on market and environmental conditions. The company's on-off relationship with Bitcoin has had a significant impact on the cryptocurrency market, with prices soaring after Tesla's initial investment and crashing nearly 20% when Musk stated that prices seemed "a little high".

Tesla's involvement in Bitcoin has sparked a debate among analysts, with some seeing it as a game-changer for the cryptocurrency, while others warn of the volatility and risks associated with such investments.

Galaxy Digital Holdings' crypto-focused merchant bank

Galaxy Digital Holdings is a merchant bank focused on supporting the digital asset and blockchain industry. It was founded in 2018 by David J. Namdar and Michael Novogratz, the current CEO and chairman. Galaxy Digital Holdings operates as a limited partner in Galaxy Digital LP, with offices in New York City, Tokyo, Hong Kong, London, Vancouver, the Cayman Islands, and New Jersey.

The firm's mission is to "institutionalize the space, and promote the growth and advancement of the underlying ecosystem and technology behind digital assets and blockchain." Galaxy Digital Holdings operates across four business lines: asset management, trading, principal investments, and advisory services. It offers services such as arbitrage, market-making, OTC, private equity, venture capital, and technical consulting.

In January 2018, Galaxy Digital Holdings raised $325 million in funding to support the development of the EOS blockchain ecosystem, in a joint venture with Block.one. The firm also has investments in Bitstamp, Ripple Labs, and Xapo.

Galaxy Digital Holdings aims to be the "Goldman Sachs of Cryptocurrencies," and its CEO, Michael Novogratz, has invested $400 million of his crypto investments into the project. The firm provides a holistic financial platform spanning three complementary operating businesses: Global Markets, Asset Management, and Digital Infrastructure Solutions. Galaxy Digital Holdings is also involved in proprietary bitcoin mining and hosting services, network validator services, and the development of enterprise custodial technology.

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