Top 10 Publicly Traded Firms by BTC Holdings Reach Million-Bitcoin Milestone
Ten public companies now collectively hold over one million bitcoin, revealing a significant concentration of corporate power in the cryptocurrency market. The year 2026 has exposed a sharp divergence in stock performance between miners and pure treasury holders.
Key Takeaways:
- Strategy leads with 843,775 BTC, worth approximately $58 billion as of July 25, 2026.
- Riot Platforms stock gained 73% year-to-date, while Twenty One Capital’s shares fell 47.9%.
- SpaceX went public on June 12, 2026, with shares trading 15% below the IPO price.
The top 10 corporate bitcoin holders as of July 25, 2026, based on data from bitcointreasuries.net, include:
- Strategy: 843,775 BTC
- Twenty One Capital: 43,514 BTC
- Metaplanet: 43,000 BTC
- Mara Holdings: 36,303 BTC
- Bullish: 24,300 BTC
- Strive: 19,921 BTC
- SpaceX: 18,712 BTC
- Coinbase Global: 16,492 BTC
- Riot Platforms: 15,680 BTC
- Cleanspark: 10,614 BTC
Strategy, led by Michael Saylor, began accumulating bitcoin in 2020 and remains the largest corporate holder with over 19 times the amount of second-place Twenty One Capital. However, Strategy abandoned its long-held “never sell” approach in 2026, selling 32 BTC in late May and 3,588 BTC in late June to early July for $216 million to meet stock-related obligations. Despite these sales, Strategy retains its leading position.
Miners are outperforming treasury companies this year. Riot Platforms is up 73%, Cleanspark gained 39%, and Mara Holdings rose 31%, buoyed by low production costs and AI infrastructure investments. In contrast, Twenty One Capital dropped 48% and Metaplanet fell 49%, as investors reward production over passive holding.
SpaceX joined the list after its record IPO on June 12, 2026, raising $85.7 billion. It holds 18,712 BTC, but its stock has fallen 15% below the $135 IPO price due to market volatility.
The growing split between miners and treasury companies highlights a key investment thesis: miners control costs and diversify into AI, while treasury companies rely on capital markets. This trend is likely to shape bitcoin-linked stock performance for the rest of 2026.