Bitcoin Stacking by 10 Public Companies you Didn’t know about

Takeaways

• Many companies have added Bitcoin in their vaults without making headlines. 

• Bitcoin can be used to mitigate the risk of inflation, currency devaluation, and macroeconomic shocks. This is due to its fixed supply and digital scarcity. It also has 24/7 liquidity. 

• Companies like Arkham Glassnode and Glassnode can trace Bitcoin ownership by analyzing the clustering of addresses and time correlation. 

Bitcoin has undergone a major shift. It has evolved from a speculative asset to a corporate treasurer. Companies like Strategy and Metaplanet have gained attention due to their large Bitcoin investments.BTCOther firms have silently followed. These companies, which are spread across diverse sectors like healthcare and technology, have allotted strategic amounts of money to their balance sheet. Bitcoin reservesMany times, this is done without any public announcements. 

These low-profile strategies are a rising trend in businesses looking to hedge against inflation, diversify investments or align themselves with the digital world. A growing number of businesses are embracing digital technology. incorporating Bitcoin into their balance sheetsStrategic Leadership Inspired by Success Michael Saylor. According to BitcoinTreasuries.Net, 26 companies started In June 2025 there will be 250 companies that hold Bitcoin.

This article examines why corporations are using Bitcoin to manage their corporate finances and looks at 10 publicly traded companies who use Bitcoin for financial purposes. The article also sheds some light on how blockchain analytics can reveal holdings and the risks of a Bitcoin heavy corporate strategy. It also discusses various outcomes from Bitcoin accumulation.

Bitcoin is a popular choice for companies

Bitcoin has become a popular asset in corporate Treasury strategies. Collectively, these factors are driving the inclusion of digital assets into corporate treasury strategy:

• Protection against inflation, currency devaluation. Bitcoin can be used as an insurance against inflation or devaluation. Bitcoins’ value isn’t affected by monetary inflation, unlike traditional currencies. fixed supply of 21 million coins It is a good store of value in inflationary times.

• Digital Scarcity and Liquidity Bitcoin is a combination of digital scarcity, 24/7 availability and digital rarity. liquidityThis allows for the potential growth of long-term investing while retaining the access to short-term asset.

• Early adopters have a significant influence on the market. This trend has been largely influenced by corporate Bitcoin pioneers like Strategy and Tesla. Strategy, which has accumulated significant Bitcoin reserves by using both stock and debt since 2020, is inspiring other corporations to adopt similar strategies.

• Governance and Portfolio Diversification Bitcoin, according to treasurers, is an uncorrelated asset which enhances the portfolio’s resilience in the face of macroeconomic shocks. It also supports diversification and governance goals.

Did you Know? The first publicly traded company, Strategy adopted a Bitcoin first treasury. It has purchased over 200,000 BTC since 2020 using company funds as well as debt. 

You may be surprised to learn that 10 companies on your balance sheet hold Bitcoin.

A number of public companies, choosing to avoid publicity, have added Bitcoin in a discreet manner to their balance sheet. Here is a listing of these companies and their BTC holdings at the beginning of July 2025.

BitFuFu

• Profile: Singapore-based Bitcoin Mining Firm listed on Nasdaq.

• Holdings: 1,709 BTC ($185.85 million), 40% of its market cap.

• Objective: Plan to scale mining operations using cloud and owned infrastructure. Plans include boosting hashratesThe treasury will use its reserves to finance low-cost access to energy and innovative technologies. As a mining profit and a store of value, the goal is to accumulate BTC steadily.

Cipher Mining

• Profile: US-listed Bitcoin mining company (CIFR), with a focus on renewable energy.

• Holdings: 1,063 BTC ($115.49 million), 40% of its market cap.

• Objective: Create a crypto-treasury by using mining equipment powered by renewable energy sources. Plan to use BTC as a revenue stabiliser, invest in renewable energy projects, and provide ESG-aligned value for shareholders through sustainable crypto yield.

KULR Technologies Group

• Profile: US thermal and battery technology firm (KULR).

• Holdings: 920 BTC ($100.04 million), 40% of its market cap.

• Objective: Bitcoin is a great way to diversify reserves and reflect its technology-centric Treasury strategy. By transferring a portion of its assets to BTC, KULR reduces its fiat-risk, aligns itself with its innovative image, and demonstrates confidence in the long-term value of crypto.

Aker ASA

• Profile: Norway’s Industrial Investment Company (AKER.OL).

• Holdings: 754 BTC ($82 million), 1.7% of its market cap.

• Objective: Seek balanced capital allocation through BTC exposure while pursuing sustainability-investment themes. BTC is a hedge for inflation and currency fluctuations, and supports the diversification of industrial assets and creation of value.

Méliuz

• Profile: Brazilian fintech platform for cashbacks and other services (CASH3.SA).

• Holdings: 595.7 BTC ($64.8 million), 45% of market cap.

• Objective: Aim to increase the resilience of the Treasury by allocating 10% of its cash reserves to Bitcoin. BTC was used as a hedge against currency fluctuations in Brazil, while modern financial strategies were employed to signal innovation and fintech clients.

MercadoLibre

• Profile: Latin America’s largest e-commerce company and Fintech Company (MELI).

• Holdings: 570.4 BTC ($62 million); percentage of market cap not available.

• Objective: BTC can be used as a hedge against inflation in volatile currencies across LATAM. BTC exposure is a complement to its fintech eco-system, allowing integration with Mercado Pago. It also reinforces leadership in digital payments innovation and reserves diversification.

Samara Asset Group

• Profile: Malta-based Investment Manager (SRAG.DU).

• Holdings: 525 BTC ($57.3 million), 28% of its market cap.

• Objective: Bitcoin can be used as a safe-keeping asset for capital that is to be invested over the long term. BTC aligns with Samara’s digital-asset-focused strategy, intended to reduce exposure to traditional markets and attract crypto-minded investors.

Jasmine International PCL

• Profile: Thai telecom operator and datacenter (JAS.BK).

• Holdings: 506.4 BTC ($55.25 million), 15.9% of market cap.

• Objective: Keep value intact by pairing BTC reserve with JTS, its mining and data center subsidiary. In Southeast Asia, the emerging market is a great opportunity to generate crypto revenue and diversify balance sheets.

Alliance Resource Partners

• Profile: US coal producer, ARLP

• Holdings: 481.9 BTC ($55.8 million), 1.5% of market cap.

• Objective: BTC diversification will allow you to expand beyond your energy revenues. Stabilize earnings in times of commodity declines, and boost long-term value to combat inflation pressures.

Rumble

• Profile: Canadian video-sharing platform and cloud service (RUM)

• Holdings: 210.8 BTC ($22.93 million), 0.8% of market cap.

• Objective: Envisions BTC embedding crypto culture into Rumble’s core, strengthening ties with decentralization-minded users. Rumble will gain interest from investors who are crypto-savvy, and this step enhances its financial stability. It also supports the integration of blockchain into Rumble.

Did you Know? Fidelity’s and BlackRock’s institutional clients can now access Bitcoin directly through their exchange-traded fund (ETF), custody service and OTC desks. They bring Wall Street structures to the crypto market.

Top 10 Bitcoin Treasuries in the public sector

After seeing how less-known companies quietly accumulate Bitcoin to use as an asset for long-term strategy, let’s look at some of the biggest players. Here are the 10 largest public companies in terms of Bitcoin holdings as at July 8, 2025.

The Bitcoin ecosystem is dominated by these institutions, which together represent the biggest institutional players in the Bitcoin industry. market narrativesEven regulatory discussions and treasury trending topics are covered. Some made the headlines right away, while others built up massive reserves in secret.

Take a look below at some of the biggest corporate treasuries in Bitcoin:

1. Strategy (MSTR): Formerly MicroStrategy, this company continues to lead all other public companies in Bitcoin holdings. aggressive accumulation strategy.

2. MARA Holdings, (MARA), MARA is a dominant Bitcoin miner and maintains the world’s largest BTC treasury.

3. XXI: 37,230 BTCA newer entrant (Twenty One CapitalNow, the largest corporate Bitcoin investors are those who have focused on Bitcoin as a treasury asset.

4. The Riot Platform (RIOT). BTCA is a large mining firm, with a stable on-chain accumulation due to operational reserves.

5. Metaplanet (3335.T) Metaplanet, the 15,555 BTCA from Japan is also known as “the”. “Asian MicroStrategy” For its Bitcoin-focused strategy.

6. Galaxy Digital Holdings (GLXY): 12.830 BTCA diversified firm of financial services with a deep interest in crypto and significant BTC balance sheet.

7. CleanSpark CLSK 12502 BTCA Sustainable Bitcoin Miner with a Growing Treasury built on Efficiency Energy Practices and Market Timing.

8. Tesla (TSLA: 11509 BTC Despite previous fluctuations in Tesla’s strategy, the company continues to maintain a significant Bitcoin reserve.

9. Hut 8 Mining Corp. (HUT). Long-standing miner 10,273 BTCA known to hold bitcoins instead of selling them.

10. Coinbase Global (COIN): Coinbase is the world’s largest crypto-exchange by volume. It holds Bitcoin as well for operational and strategic purposes.

The role of Blockchain Analytics in uncovering corporate Bitcoin Holdings

Companies that provide blockchain analytics, like Arkham Intelligence and Glassnode as well as Chainalysis, CryptoQuant, are vital in revealing the Bitcoin holdings held by public companies. 

The firms employ advanced techniques like clustering of addresses, time correlation, behavioral heuristics, and “dusting” Analyse to connect anonymous Bitcoin wallets with corporate entities

• Address clustering: The technique groups addresses by looking for patterns that are common, like coins traveling through similar transaction paths or coming from the same custodian.

• Time correlation The blockchain transaction dates are matched with the purchase dates in US Securities and Exchange Commission (SEC) filings and corporate disclosures.

• Dusting, behavioral heuristics, and the dusting of cars: The small transactions are known as “dust,” Understand wallet usage to find out who owns it.

Arkham Intelligence is a good example. traced 87%-97% of Strategy’s Bitcoin holdingsBy using wallet clustering combined with transactional analysis.

These methods don’t work and have several limitations.

• Attribution uncertainty: Assumptions can be made when linking wallets with specific companies, and this has led to mistakes in the past, such as mislabeling Arkham.

• Obfuscation in custody Third-party custodians such as Fidelity Prime or Coinbase Prime can be used to conceal corporate ownership.

• The privacy threat is evolving Companies may create new wallets, use mixing services Splitting holdings is a good way to avoid detection.

Blockchain analytics, despite these limitations, significantly increases transparency and provides investors with invaluable insights on corporate Bitcoin accumulation.

Did you Know? Tesla held $1.5 Billion in Bitcoin for a brief period of time, which made it the second largest corporate Bitcoin holder.

The risks of a corporate Treasury strategy that is heavily reliant on Bitcoin

Matthew Sigel, VanEck warns The challenges that many companies face “capital erosion,” Where their value is reduced despite the fact that they hold Bitcoin. When firms take on new debt or issue more stock in order to purchase Bitcoin, this can happen. 

In the case of a high stock price, issuance can bring in funds that are above net asset values (NAV). If the price of the stock falls below or close to its NAV then issuing new shares can dilute value and potentially hurt shareholders.

Semler Scientific’s case is an example where the market capitalization of Semler falls short of the Bitcoin value. After adopting a Bitcoin-focused strategy and buying large quantities of Bitcoin, the stock price for this US medical technology provider initially increased. 

Semler’s will be the only one to hold Bitcoin by 2025, even if its value increases. stock had dropped Over 45%. The company’s value was below its Bitcoin assets, which meant that its entire market valuation was lower than just its crypto assets.

It is an unusual situation, which shows the danger of companies relying on Bitcoin too heavily for their treasury. This can undervalue the company, especially if its operations are deemed unreliable by investors. Bitcoin price fluctuations can also hurt a stock’s performance, and even shake investors’ trust. 

The market value of a business may fall below its Bitcoin reserve. This can make it difficult to raise funds via equity or debt. New shares issued at low prices will reduce the value they hold for their existing shareholders.

Bitcoin accumulation in companies: implications

Some risk-averse companies have begun quietly building Bitcoin vaults, as Bitcoin is becoming more accepted in the business world. The number of businesses that are willing to use Bitcoin as an alternative is steadily increasing.

• The impact of volatility and supply: The accumulation of Bitcoin by corporations can reduce the supply, causing a spike in price over a short to medium term. Forced sell-offs can also increase volatility when the price drops. Only 0.26% can. own Future 1 BTC.

• Treasury strategy evolution: Globally, this trend has reshaped corporate treasury. BTC has become a popular option for firms. hedge against inflationThey can now add a new non-correlated asset on their balance sheets. The global adoption of Bitcoin now reaches from mid-market companies to multinationals, indicating a normalization strategy for Bitcoin within treasury.

• Issues relating to regulatory issues Bitcoins held by companies as corporate assets can be subject to regulatory issues, such as compliance. Anti-Money Laundering (AML) You can also find out more about the following: Know Your Customer (KYC) laws. The tax consequences, including capital gain reporting, securities regulations and the impact of capital gains, may complicate adoption. Legal risks can also be incurred by firms due to jurisdictional differences or unclear crypto guidelines.

• Institutionalization effect: The adoption by corporations of Bitcoins as a Treasury Asset signals mainstream acceptance. This stabilizes the market and brings in institutional investors. This trend confirms Bitcoin’s credibility, encouraging broader financial integration and market dynamics.

The volatile, yet strategic corporate Bitcoin acquisition is influencing macro dynamics. Treasury models are being redefined and new layers added to the market’s resilience.

This is not legal or investment advise. It is intended as general information only. This article is solely for informational purposes. It does not represent or reflect Cointelegraph’s views.