More companies are holding Bitcoin as part of their balance sheet strategy, often to hedge against inflation or show alignment with digital innovation.
You can invest in Bitcoin treasury companies through publicly listed stocks, including some that trade OTC or have indirect exposure via ETFs.
While these companies can benefit from Bitcoin price surges, they also carry added volatility, so context and timing matter.
A treasury strategy is simply how companies manage their cash and assets, traditionally through cash, bonds and stocks.
With a Bitcoin treasury strategy, a company is basically buying Bitcoin and sticking it on its balance sheet, in the same way some companies hold other types of assets.
There are a few reasons a company might buy up BTC. Some companies see Bitcoin as a hedge against inflation, essentially offsetting the falling value of cash over time. Others see it as purely about speculative growth. In other words, they’re betting Bitcoin’s price might soar, leading to a boost in their balance sheet.
Balance sheet aside, some tech-forward companies buy Bitcoin to signal alignment with Web3, crypto culture and future digital trends, making it partly marketing, partly strategy.
If you’re also interested in how companies are approaching Ethereum, check out our guide to Ethereum treasury strategies.
Top 9 Bitcoin treasury companies
1. Strategy (MSTR: NASDAQ)
Strategy (previously known MicroStrategy) is a US-based enterprise software company headquartered in Virginia. Traditionally known for its business intelligence (BI) and analytics software, the firm generates revenue by selling platforms that help organizations visualize and manage data.
Since 2020, MicroStrategy has become synonymous with Bitcoin after adopting it as its primary treasury reserve asset. Under executive chairman Michael Saylor, the company has aggressively accumulated BTC, now holding over 600,000 coins.
Why it’s buying BTC:
Acquiring and holding Bitcoin is one of Strategy’s main corporate goals. The company believes Bitcoin is a superior store of value compared to fiat currency, particularly in a high-inflation environment. Saylor has publicly stated that Bitcoin provides “long-term appreciation potential” superior to cash or bonds. The strategy is also designed to attract like-minded investors and align with the growing interest in decentralized finance.
Based in Las Vegas, Nevada, MARA (formerly Marathon Digital Holdings) is one of the largest Bitcoin mining companies in North America. It operates massive mining farms primarily located in Texas and collaborates with energy providers to power its operations.
Marathon earns money by mining Bitcoin and occasionally selling portions of its holdings. It also strategically holds a portion of its mined BTC on its balance sheet, positioning itself as both a miner and long-term Bitcoin investor. Marathon’s revenues are largely tied to Bitcoin’s market price and network efficiency.
Why it’s buying BTC:
Marathon holds a significant portion of its mined BTC to hedge against price volatility and to signal its commitment to the Bitcoin network. Its holdings act as both a reserve asset and a strategic financial asset, enhancing investor confidence.
In a May 2025 letter to shareholders, CEO Fred Thiel affirmed their belief that Bitcoin would increasingly behave like a safe-haven asset for investors, similar to gold.
Riot Platforms is a US-based Bitcoin mining company headquartered in Colorado. It operates large-scale mining facilities in Texas, taking advantage of favorable energy contracts and renewable sources.
Riot’s business model revolves around mining Bitcoin at scale, holding a portion of its mined coins and occasionally selling BTC to fund operations. It also generates income through its infrastructure division, providing mining technology and hosting services to third parties. Riot’s financial performance is closely tied to Bitcoin’s price and the overall hash rate of the network.
Why it’s buying BTC:
Riot holds part of its mined Bitcoin as a long-term asset on its balance sheet, using it as a hedge and to demonstrate its commitment to the crypto ecosystem. The retained BTC also provides options for future financing or strategic moves, and it drives yield.
Metaplanet is a Japanese company listed on the Tokyo Stock Exchange that originally focused on hospitality and media services. In 2024, the company shifted direction, adopting a Bitcoin-focused treasury strategy.
Metaplanet today uses revenue from its traditional operations, such as hotel and property management, to acquire and hold Bitcoin on its balance sheet. It’s one of the first listed companies in Japan to take such an aggressive stance on Bitcoin, drawing comparisons to Strategy’s approach.
Why it’s buying BTC:
Metaplanet says its move into Bitcoin is a strategic response to Japan’s economic environment, including the weakness of the yen and concerns over inflation. It sees Bitcoin as a long-term store of value and a way to diversify its corporate treasury.
Galaxy Digital is a diversified financial services firm focused entirely on the digital asset, cryptocurrency and blockchain sector. Headquartered in New York and listed on the Nasdaq, it was founded by former hedge fund manager Mike Novogratz.
Galaxy provides trading, asset management, investment banking and mining services, and is considered one of the most institutional-facing crypto firms in the world. Its business model revolves around servicing both retail and institutional clients in the crypto space.
Why it’s buying BTC:
Galaxy holds Bitcoin as part of its overall crypto strategy and long-term vision of a digital financial system. The company treats BTC not just as an investment, but as core infrastructure for the future of money. Holding Bitcoin also aligns Galaxy’s balance sheet with its business model and investor base.
Tesla is a global electric vehicle (EV) and clean energy company headquartered in Austin, Texas. Led by Elon Musk, it manufactures electric cars, battery storage systems and solar energy products. Tesla earns most of its revenue from vehicle sales, but it also explores new technology investments and has a track record of entering emerging markets like autonomous driving, AI and crypto.
Why it’s buying BTC:
Tesla purchased $1.5 billion worth of Bitcoin in early 2021, citing it as a way to diversify and maximize returns on its cash holdings. The company also briefly accepted Bitcoin payments for cars before reversing the decision over environmental concerns. While Tesla has since sold some of its BTC, it still holds a portion and signals ongoing interest in digital assets.
Hut 8 Mining is a Canadian digital asset mining company focused on Bitcoin and high-performance computing infrastructure. Based in Toronto, it operates large-scale mining sites across Alberta.
The company mines Bitcoin and earns revenue by selling the mined coins, offering data centre hosting services and exploring AI infrastructure applications. Hut 8 has merged with American Bitcoin Corp to create a stronger North American mining footprint.
Why it’s buying BTC:
As a mining company, Hut 8 earns Bitcoin through its operations and chooses to hold a substantial portion of it as part of a long-term treasury strategy. This helps insulate it from short-term price fluctuations and gives the firm more optionality when BTC prices rise.
Coinbase is the largest publicly traded cryptocurrency exchange in the US. Based in San Francisco, the company earns revenue through trading fees, staking and crypto custody services. It offers a wide range of crypto assets to retail and institutional clients and plays a major role in shaping crypto regulation and adoption globally.
Why it’s buying BTC:
As a major player in the crypto space, it’s no surprise that Coinbase holds Bitcoin as part of its corporate treasury. The firm sees it as a foundational asset in the digital economy and uses it both as a reserve and a signaling mechanism for long-term confidence in the ecosystem.
Block Inc., formerly Square, is a US-based fintech company co-founded by Jack Dorsey. Its suite of services includes Square (for merchants), Cash App (a mobile payments platform) and TBD (a division focused on open-source financial systems).
Block earns money through transaction fees, lending and its Bitcoin-related services, including allowing Cash App users to buy, sell and store BTC. It’s known for being crypto-forward, especially through Dorsey’s vocal support of Bitcoin.
Why it’s buying BTC:
Block purchased Bitcoin as both a treasury asset and a long-term investment aligned with its mission to support a more inclusive financial system. The company believes Bitcoin is an instrument of economic empowerment and reflects this in both product development and corporate treasury decisions.
Investing in companies with Bitcoin treasuries can be a smart way to get exposure to crypto without directly buying Bitcoin yourself.
These companies offer an indirect route into the crypto market, letting you tap into Bitcoin’s growth potential while reducing the need to manage crypto wallets and exchanges.
It’s a simpler, regulated and more familiar way for everyday investors to benefit from crypto market movements.
Additionally, some active traders closely monitor these companies, taking advantage of short-term price movements driven by crypto market volatility.
Public vs. private companies: Who’s buying the dip?
Both public and private companies have been buying up Bitcoin and other cryptocurrencies for different strategic reasons.
Publicly traded companies: Companies like MicroStrategy and Tesla often make headlines when buying Bitcoin. These firms are transparent about their holdings due to regulatory requirements and typically announce Bitcoin purchases as part of their treasury management strategies, whether for inflation hedging, diversification or a show of confidence in the crypto ecosystem.
Private companies: Companies like Block.one or entities managing Bitcoin-related assets like the MTGOX Trust holdings tend to be less transparent about their crypto strategies. They don’t face the same disclosure rules, making them harder to track but potentially offering more agile investment decisions.
ETFs and trusts: Products such as Grayscale Bitcoin Trust and offerings by BlackRock provide indirect ways for both retail and institutional investors to gain Bitcoin exposure. These investment vehicles offer regulated, familiar structures similar to traditional funds or ETFs, making them attractive for cautious or regulated investors.
Canadian Bitcoin treasury firms
Compared to the US, relatively few Canadian companies hold Bitcoin directly on their balance sheets. Most exposure comes from publicly traded Bitcoin miners and Canada’s spot Bitcoin ETFs.
Hut 8 (TSX: HUT) – One of Canada’s largest Bitcoin miners, disclosing hundreds of BTC in monthly updates.
Bitfarms (TSX: BITF) – Another major Canadian Bitcoin miner with significant reserves.
Hive Digital Technologies (TSXV: HIVE) – A blockchain infrastructure company that mines and holds Bitcoin and other digital assets.
Cathedra Bitcoin (TSXV: CBIT) – A smaller mining firm that holds Bitcoin as part of its treasury.
"Investing in Bitcoin treasury companies gives you the best of both worlds by combining traditional equity investment with exposure to crypto’s exciting potential. Just remember, with higher rewards come higher risks, so always do your homework."
Comparing companies with Bitcoin treasuries isn’t just about who owns the most. It’s about context and strategy.
How much of their balance sheet is at risk? Are they making strategic plays, or speculative bets? Look at when they bought, how often they disclose, and whether they’re transparent about their crypto strategy.
BTC as a % of total assets: Look at the proportion of a company’s total assets invested in Bitcoin to gauge their risk exposure.
Time of entry: Check when the company bought Bitcoin and whether they got in early at lower prices or at the peak hype period?
Public disclosure & transparency: See if the company regularly discloses its Bitcoin holdings and clearly explains its crypto strategy.
Volatility impact on stock price: Consider how Bitcoin’s wild price swings could impact the company’s share price.
Strategic vs speculative rationale: Is the company’s Bitcoin holding part of a long-term strategic vision, or just a speculative gamble?
And remember, if a company’s press release sounds more like a tech cult than a balance sheet update… that’s your cue to dig deeper.
Comparing companies and saving your investments
Michael’s portfolio includes a few tech stocks, and he’s keen on exposure to crypto without buying Bitcoin directly. He compares two companies: one that added BTC as a hedge with 5% of its assets, and another that put 60% of its cash reserves into it just before the 2022 crash. A year later, one has outperformed the market. The other? Down 40% with shareholder lawsuits incoming. Michael steers clear of the second and saves $8,000 in losses.
What the 2025 crypto market means for Bitcoin treasuries
As of mid-2025, Bitcoin has surged 20% to reach record highs over C$130,000, driven by strong institutional inflows, ETF momentum and speculation ahead of US regulatory clarity.
Institutional interest continues to build, with spot Bitcoin ETFs trading in Canada since 2021 and now expanding globally. Regulators in Canada and abroad are also tightening frameworks around custody, transparency and investor protection.
This bullish environment is great news for Bitcoin treasury companies. Firms holding Bitcoin as part of their balance sheet are benefiting from substantial increases in asset values, directly boosting their overall financial health.
Increased regulatory clarity and institutional adoption provide further validation for their treasury strategies, likely attracting more conservative investors and enhancing overall market stability.
How do you invest in Bitcoin treasury companies?
Investing in Bitcoin treasury companies can be straightforward, but it depends on whether they’re private or publicly listed on a stock exchange:
Public companies: Many Bitcoin treasury companies are publicly listed, making it straightforward to buy shares through any standard share trading platform. Examples include Tesla, Strategy, and Block, all easily accessible on platforms like CMC Invest, Superhero or Stake.
OTC companies: Some smaller or newer Bitcoin treasury firms may trade on Over-The-Counter (OTC) markets. These are public marketplaces for stocks not listed on major exchanges like the ASX, NYSE, or NASDAQ. Companies traded OTC are still publicly traded but typically smaller or less regulated, and can be accessed through specialised brokers.
Private companies: Private Bitcoin treasury companies aren’t listed publicly, making them harder for everyday investors to access. They’re typically less regulated and carry higher risks, so they’re usually better suited for experienced investors. While there are some platforms that offer stocks in private companies, they’re limited in what they offer and may be expensive to join.
Should retail investors follow corporate BTC strategies?
Retail investors often look to big corporate moves for guidance, especially when it comes to emerging assets like Bitcoin. But before jumping in, it’s essential to weigh up both the potential advantages and the pitfalls involved:
Pros
Diversification into an institutional-friendly asset: Adding Bitcoin or Bitcoin-related stocks can diversify your investment portfolio, providing exposure to an emerging asset class that institutions are increasingly embracing.
Potential for high returns: Bitcoin’s history of significant price appreciation offers investors an opportunity for substantial gains, particularly during bullish market cycles.
Cons
High volatility risk: Bitcoin’s price can fluctuate dramatically, potentially leading to significant short-term losses and making it unsuitable for risk-averse investors.
Concentration risk: Investing heavily in Bitcoin or Bitcoin treasury companies can overly concentrate your portfolio in a single speculative asset, increasing overall investment risk.
Mixed company performance: Just because companies disclose Bitcoin holdings publicly doesn’t guarantee strong financial performance; some may experience significant losses if Bitcoin’s price drops significantly.
Ultimately, retail investors might be safer dollar-cost averaging (investing small, regular amounts over time) rather than betting big alongside corporations. It’s about balancing risk with potential rewards in a way that makes sense for your financial goals.
Frequently asked questions about Bitcoin treasury companies
A Bitcoin treasury refers to when a company buys and holds Bitcoin as part of its corporate balance sheet, like cash, gold, or other assets. It's a strategic move to diversify or grow company reserves.
Some see Bitcoin as a hedge against inflation, others as a speculative bet on future growth. For tech-focused companies, it can also be a way to show alignment with Web3 and digital innovation.
As of 2025, MicroStrategy remains the biggest corporate holder of Bitcoin, with more than 600,000 BTC on its books.
Yes, as Bitcoin is a volatile asset. While it can boost a balance sheet during bull markets, sharp price drops can lead to big paper losses and investor nerves.
Yes, but not as many companies as in the US. Several Canadian-listed Bitcoin miners, such as Hut 8 (TSX: HUT), Bitfarms (TSX: BITF) and Hive Digital Technologies (TSXV: HIVE), have disclosed their Bitcoin holdings.
Other Canadian firms, like Cathedra Bitcoin (TSXV: CBIT), also provide exposure through mining operations and reserves.
In addition, Canadian investors have indirect access to Bitcoin through regulated products such as the Purpose Bitcoin ETF (TSX: BTCC) and other spot Bitcoin ETFs available on Canadian exchanges.
It depends on your risk appetite. These companies can offer extra upside in bull markets but also carry higher volatility. It's worth digging into how much Bitcoin they actually hold and why.
A company's share price can rise or fall with the price of Bitcoin, especially if crypto makes up a big chunk of their assets. This can make them more volatile than peers.
You can track which companies have Bitcoin holdings through sites like CoinGecko's corporate tracker and Bitbo, which list publicly disclosed purchases. For Canadian companies, you can also review their treasury disclosures and financial reports filed with SEDAR+, Canada's system for public company filings. Public miners like Hut 8, Bitfarms and Hive Digital typically report their Bitcoin holdings in monthly or quarterly updates.
Sources
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Kylie Purcell is the senior investments editor at Finder. She has a background in business and finance news with previous roles at SBS, Your Money, TVNZ, Switzer Group and The Adviser magazine. Kylie has a Masters in International Journalism and a Graduate Diploma in Economics. When she's not writing about the markets you can find her bingeing on coffee.
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