Methodology · Reference
What is a Bitcoin treasury company?
A plain-English guide to the public companies that hold Bitcoin on their balance sheets — how they work, how they differ from Bitcoin ETFs, and how ordinary investors buy them.
A Bitcoin treasury company is a publicly-traded company that keeps a significant portion of its corporate cash reserves in Bitcoin instead of dollars. MicroStrategy pioneered it in August 2020. Today, over a dozen public companies collectively hold more than 1 million Bitcoin — worth roughly $60 billion as of 2026. You can buy them through any stock brokerage account. No crypto wallet needed.
The biggest names
Strategy (MSTR) — 843,775 BTC. Michael Saylor's software company that pivoted to Bitcoin treasury in 2020. Uses convertible debt to buy more Bitcoin. Effectively a leveraged Bitcoin position.
Metaplanet (MTPLF) — Japanese public company that fully pivoted to Bitcoin accumulation in 2024. Trades in Tokyo (3350) and as MTPLF on OTC. Local Japanese demand often pushes its premium above global peers.
Twenty One Capital (XXI) — Tether, SoftBank, and Bitfinex-backed treasury vehicle launched in Q2 2026. Scaled quickly through public issuance.
MARA Holdings (MARA) — Bitcoin miner that also holds significant Bitcoin as treasury. Mines and holds rather than sells.
Plus 30+ more filings-verified names across BTC, ETH, SOL, and HYPE treasuries.
Frequently asked questions
What is a Bitcoin treasury company?▼
A publicly-traded company that holds Bitcoin (or another cryptocurrency) as a significant portion of its corporate treasury. Instead of holding all their cash in dollars, these companies convert a portion into Bitcoin as an inflation hedge or strategic asset. MicroStrategy (MSTR) pioneered this in August 2020 when it bought 21,454 BTC; today it holds over 843,000 BTC — more than any other public company on Earth.
Why do companies hold Bitcoin on their balance sheet?▼
Three main reasons: (1) inflation hedge — Bitcoin has finite supply while dollars are printed; (2) accelerating shareholder returns — MicroStrategy has issued convertible debt to buy more Bitcoin, effectively giving shareholders leveraged Bitcoin exposure through an equity wrapper; (3) strategic positioning — being early to a store-of-value asset. Some companies (like Metaplanet in Japan) have completely pivoted their entire business model around Bitcoin accumulation.
How can I invest in a Bitcoin treasury company?▼
Buy their stock through any brokerage account. MicroStrategy trades as MSTR on Nasdaq. Metaplanet trades as MTPLF on OTC (the OTC listing of Tokyo Stock Exchange 3350). Twenty One Capital trades as XXI. Mining companies with treasury holdings include MARA (MARA Holdings), RIOT (Riot Platforms), CLSK (CleanSpark). ETH treasury companies include BMNR (Bitmine Immersion) and SBET (Sharplink). You don't need a crypto wallet — just a stock brokerage account.
How is this different from a spot Bitcoin ETF like IBIT?▼
A spot Bitcoin ETF (like BlackRock's IBIT or Fidelity's FBTC) holds Bitcoin directly and tracks its price 1:1. A treasury company holds Bitcoin AND runs an operating business. MicroStrategy also has a software business; MARA operates mining facilities. Treasury companies can also use debt to buy more Bitcoin, which means their stock is often more volatile than Bitcoin itself. ETFs are cleaner exposure; treasury companies offer more leverage (both up and down).
How much Bitcoin do public companies own in total?▼
As of mid-2026, public companies collectively hold over 1 million Bitcoin — more than 5% of all Bitcoin that will ever exist. MicroStrategy alone holds 843K BTC. Other major holders include Marathon Digital (MARA), Tesla, Coinbase, Metaplanet, Twenty One Capital, and Bitmine Immersion (which holds Ethereum, not Bitcoin). The full list is on our corporate treasury page.
What's the risk?▼
Bitcoin's price. If Bitcoin drops 40%, MicroStrategy's holdings drop 40%. Because many treasury companies also use debt to buy Bitcoin, their stocks can drop MORE than Bitcoin during downturns. They're leveraged plays. Non-treasury businesses (like MicroStrategy's software or MARA's mining operations) provide some diversification, but if you're buying MSTR you're mostly buying Bitcoin exposure.
How does FintellHQ verify holdings?▼
Every position is traced to a specific SEC filing (10-Q quarterly report, 10-K annual report, or 8-K material event disclosure). No numbers come from unverified sources. Cost basis, purchase dates, and holdings amounts all link to the primary filing document. When we can't verify a holding independently, we don't list it — even if it's rumored to exist.
Every holding on FintellHQ traces to a specific SEC filing (10-Q, 10-K, or 8-K). We don't list companies without publicly-verifiable holdings, even if rumors exist. See our mNAV methodology for how we calculate the premium/discount.