Top 10 Publicly Traded Firms by BTC Holdings Reveal a Million-Bitcoin Power Bloc

Ten public companies now hold more than 1 million bitcoin between them, and the gap between the winners and losers on Wall Street has never been wider. Key TakeawaysStrategy leads all public companies with 843,775 BTC, worth about $58 billion as of July 25, 2026.Riot Platforms stock gained 73% YTD in 2026 while Twenty One Capital’s shares fell 47.

9%.SpaceX went public on Nasdaq June 12, 2026, and SPCX shares have fallen 15% below the $135 IPO price. In 2026, Saylor’s Strategy Still Holds a Significant Lead Strategy, the company Michael Saylor built into the world’s largest corporate bitcoin holder, still sits alone at the top with 843,775 BTC on its balance sheet.

That is roughly $58 billion at current prices, spread across a business that now issues debt and equity almost entirely to fund more bitcoin purchases. But the size of a company’s bitcoin stack and the direction of its stock price have split into two very different stories in 2026. Miners are rallying.

Treasury companies are getting punished. The top ten list below ranks the ten largest corporate bitcoin holders as of July 25, 2026, using data compiled from bitcointreasuries.net.

The Top 10 Corporate Bitcoin Holders Strategy (MSTR): 843,775 BTC Twenty One Capital (XXI): 43,514 BTC Metaplanet (MPJPY): 43,000 BTC Mara Holdings (MARA): 36,303 BTC Bullish (BLSH): 24,300 BTC Strive (ASST): 19,921 BTC SpaceX (SPCX): 18,712 BTC Coinbase Global (COIN): 16,492 BTC Riot Platforms (RIOT): 15,680 BTC Cleanspark (CLSK): 13,924 BTC Strategy’s lead is not close. It is approximately 843,775 BTC, which works out to more than 19 times what second-place Twenty One Capital holds. Saylor started buying bitcoin for the former Microstrategy in 2020, back when the idea of a Nasdaq-listed software company converting its treasury into bitcoin sounded fringe.

Five years later, that decision defines the company. Strategy now trades largely as a leveraged bet on bitcoin’s price, which explains why the stock has fallen 40% in 2026 even as its bitcoin holdings kept growing. Strategy abandoned its long-held “never sell” approach this year, something that stood out immediately after years of insisting every bitcoin purchase was effectively permanent.

Strategy (MSTR) shares on July 24, 2026. The company first sold 32 BTC in late May to help fund preferred stock dividend payments, its first net bitcoin sale in years. A few weeks later, between late June and early July, it sold another 3,588 BTC for roughly $216 million to meet stock-related obligations and add cash to its balance sheet.

Even after those transactions, Strategy has remained the world’s largest corporate bitcoin holder by a wide margin, showing that the sales reflected capital management rather than a retreat from its long-term bitcoin strategy. Miners Are Winning the Stock Market Looking past the raw bitcoin totals, a clearer pattern shows up in the share prices. The companies that mine bitcoin are having a strong year.

The companies that simply hold it as a treasury asset are not. The reasons are straightforward. First, miners can accumulate bitcoin at a production cost that is often below the prevailing market price, giving them an advantage that most corporate buyers cannot match.

Second, many publicly traded miners have spent the past few years building out artificial intelligence (AI) infrastructure, creating a second line of business that helps diversify revenue beyond bitcoin mining alone. Riot Platforms, for instance, is up 73% year to date, the best performance among the top ten holders. Cleanspark has gained 39% as it builds out mining data centers and battery storage projects across North America.

Mara Holdings is up 31% on the strength of its own mining and treasury strategy, holding 36,303 BTC while continuing to expand its mining footprint. Cleanspark and Riot charts via tradingview.com.

Twenty One Capital (XXI) only launched in March 2025, but it moved quickly to become the second-largest corporate bitcoin holder. The Austin-based firm was backed by crypto interests, including Tether, and initially led by entrepreneur Jack Mallers, who departed the company last week. Its entire business model centers on giving stock market investors direct exposure to bitcoin’s price, without the software or mining operations that other companies on this list also run.

Metaplanet, the Tokyo-listed company that pivoted from hotel development to a bitcoin treasury strategy, is down 49% as of July 25, 2026. The company still holds 43,000 BTC, the third largest position on this list, but its stock has moved almost entirely in step with bitcoin’s price swings. As of Friday’s close, Twenty One Capital has dropped 48% year-to-date despite holding 43,514 BTC, the second largest reserve on the list.

Investors appear to be rewarding companies that produce bitcoin and offer AI infrastructure over companies that simply buy and hold BTC, especially when those holding companies rely on issuing new shares or debt to keep growing thei