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Companies Holding Bitcoin: The Corporate Treasury Trend

A growing number of public and private companies hold Bitcoin as a treasury reserve asset. Explore who they are, how much they hold, and why.

The Corporate Bitcoin Treasury Movement

Since 2020, a growing number of companies have added Bitcoin to their corporate treasury. What started as an unconventional move by a few firms has become a recognized strategy adopted by public companies, private firms, and even sovereign entities across 30+ countries.

DATFlow tracks every known digital asset treasury holder, with data sourced from SEC filings, regulatory disclosures, and press releases.

Who Holds Bitcoin?

Bitcoin treasury holders span several categories:

  • Public companies — listed entities that disclose BTC holdings in SEC filings (10-K, 10-Q, 8-K). These are the most transparent holders with audited data
  • Private companies — firms not publicly traded that have disclosed BTC holdings through press releases or other means
  • Governments — sovereign nations and government agencies that hold confiscated or strategically acquired Bitcoin
  • Individuals — high-profile individuals with publicly known Bitcoin positions

How Companies Acquire Bitcoin

Public companies typically use several funding mechanisms:

  • Operating cash flow — using excess revenue to purchase BTC directly
  • ATM offerings — at-the-market equity raises where new shares are sold to fund BTC purchases
  • Convertible notes — issuing debt that converts to equity, using proceeds to buy BTC
  • Bitcoin-backed lending — leveraging existing holdings to acquire more

Each acquisition method has different implications for shareholders, and DATFlow tracks the resulting cost basis and dilution effects.

Key Metrics for Comparison

When comparing Bitcoin treasury companies, investors focus on:

  • Total holdings — how much BTC the company holds
  • % of total supply — the company's share of Bitcoin's finite 21M supply
  • mNAV — whether the stock trades at a premium or discount to its BTC
  • EV/mNAV — enterprise value relative to crypto NAV, accounting for debt
  • Unrealized P&L — how much the company is up or down on its BTC position
  • Sats per share — Bitcoin exposure per share of stock, measuring dilution efficiency
Explore the Full List

View all tracked Bitcoin treasury holders, ranked by holdings, on the BTC DAT Tracker. DATFlow also tracks ETH, SOL, and BNB treasuries.