Key Takeaways:
Publicly listed companies now collectively hold 1,000,698 BTC — worth over $111 billion.
Michael Saylor’s Strategy leads with 636,505 BTC, followed by MARA Holdings with 52,477 BTC.
The milestone highlights a demand shock from corporate treasuries and ETFs, fueling Bitcoin’s rally to new highs.
Corporate Bitcoin Adoption Crosses Historic Threshold
Public companies’ Bitcoin holdings have officially surpassed 1 million BTC, accounting for 5.1% of the cryptocurrency’s fixed supply, according to data from BitcoinTreasuries.NET.
The tally hit 1,000,698 BTC on Thursday, valued at more than $111 billion at current prices. The milestone reflects surging corporate adoption of Bitcoin as a treasury reserve strategy.
Strategy and MARA Lead the Pack
Bitcoin miner MARA Holdings was among the earliest corporate accumulators, but Strategy, led by Michael Saylor, has cemented itself as the largest holder.
Strategy: 636,505 BTC
MARA Holdings: 52,477 BTC (including 705 BTC mined in August)
XXI (Jack Mallers-led): 43,514 BTC
Bitcoin Standard Treasury Company: 30,021 BTC
Bullish exchange: 24,000 BTC
Metaplanet (Japan): 20,000 BTC
Other notable holders include Riot Platforms, Trump Media & Technology Group Corp, CleanSpark, and Coinbase, rounding out the top 10.
Demand Shock Driving BTC Higher
The rapid buying from corporations and ETFs has been cited as a key catalyst behind Bitcoin’s rally to $124,450 last month, its latest all-time high.
With just 5.2% of Bitcoin’s total supply left to enter circulation, further treasury adoption could intensify the supply squeeze.
Companies like Metaplanet and Semler Scientific have set ambitious goals to accumulate 210,000 BTC and 105,000 BTC by 2027 — more than 10x their current reserves.
Lessons From the Bear Market
Bitcoin treasury strategies drew heavy criticism during the 2022 bear market, when miners sold off 58,770 BTC and FTX’s collapse dragged BTC down to $15,740.
Still, Saylor doubled down, even saying he would hold Bitcoin to zero if necessary. Strategy’s recovery has since validated the long-term play, inspiring a second wave of adoption from new entrants like Metaplanet.
Financial Tools Enable Treasury Growth
To scale their BTC reserves, companies have leaned on equity offerings, debt financing, and SPACs to raise capital.
Entities like XXI and Bitcoin Standard Treasury Company used SPAC structures to offer investors exposure to corporate Bitcoin treasuries faster than traditional IPOs.
Global Spread of Bitcoin Treasuries
Of the 184 listed companies holding Bitcoin today:
64 are based in the U.S.
34 in Canada
11 in the U.K. and Hong Kong
Others span Mexico, South Africa, and Bahrain.
Who Holds More Bitcoin Than Public Companies?
Despite the milestone, public companies are not the largest BTC holders:
Exchanges & ETF issuers: 1.62 million BTC
Governments: 526,363 BTC
Private companies: 295,015 BTC
Crypto protocols: 242,866 BTC
The rest — around 16.2 million BTC — is held by individuals, though not all have access to their keys.
