| Stock | Icon | 1-year performance (to Dec. '25) | 5-year performance (to Dec. '25) | Link |
|---|---|---|---|---|
| Strategy Inc. (formerly MicroStrategy) (MSTR) |  |
-41.51% | 507.47% | Invest Capital at risk |
| Marathon Digital Holdings (MARA) |  |
-43.09% | 122.04% | Invest Capital at risk |
| Riot Blockchain (RIOT) |  |
12.77% | 39.50% | Invest Capital at risk |
| Trump Media & Technology Group Corp. (DJT) |  |
-60.60% | -48.22% (3 years – 2021 IPO) | Invest Capital at risk |
| Galaxy Digital Holdings Ltd (GLXY) |  |
37.17% | 476.57% | Invest Capital at risk |
| CleanSpark (CLSK) |  |
-1.29% | 24.91% | Invest Capital at risk |
| Tesla (TSLA) |  |
26.08% | 102.50% | Invest Capital at risk |
| Coinbase Global (COIN) |  |
-7.14% | 527.49% (3 years – 2021 IPO) | Invest Capital at risk |
| Hut 8 Corp. (HUT) |  |
48.06% | 515.69% | Invest Capital at risk |
| Block (XYZ) |  |
-38.22% | -70.64% | Invest Capital at risk |
| Next Technology Holding (NXTT) |  |
-98.44% | -99.98% (3 years) | Invest Capital at risk |
| Columbus Circle Capital Corp (CCCM) |  |
N/A (2025 IPO) | N/A | Invest Capital at risk |
| Semler Scientific (SMLR) |  |
-67.76% | -73.96% | Invest Capital at risk |
| GameStop Corp. (GME) |  |
-22.30% | 388.99% | Invest Capital at risk |
| Cango (CANG) |  |
63.30% | 213.97% | Invest Capital at risk |
| Empery Digital (EMPD) |  |
-84.69% | -10.73% (3 years) | Invest Capital at risk |
| Bitcoin Group SE (ADE) |  |
-36.72% | -20.88% | Invest Capital at risk |
| Boyaa Interactive International Limited (BOYAF) |  |
N/A | N/A | Invest Capital at risk |
All investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest. Past performance is no guarantee of future results. If you’re not sure which investments are right for you, please seek out a financial adviser. Capital at risk.
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 their 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.
If you're interested in investing in this industry, take a closer look at what companies in this industry do and how the stocks have historically performed. Keep in mind that positive past performance doesn't guarantee that a stock will continue to rise in the future.
Strategy has fully embraced Bitcoin as its core treasury asset, fundamentally transitioning from a software-centric business into the world’s largest publicly traded Bitcoin treasury company. The latest reported holdings for MSTR is a whopping 638,460 Bitcoin - that’s a serious crypto war chest.
MicroStrategy Incorporated is listed on the NASDAQ, has a trailing 12-month revenue of around 474.9 million and employs 1,546 staff.
Capital at risk
MARA operates as one of the largest Bitcoin miners in the US, focusing on accumulating Bitcoin through mining operations rather than selling off its rewards. The company’s strategy has been to hold a significant portion of mined BTC in its treasury while also leveraging lending arrangements to generate a yield. As of mid-2025, it held around 50,639 BTC, making it the second largest corporate holder of Bitcoin. While its focus is primarily Bitcoin, its diversification into mining other digital assets like Kaspa (KAS) is worth noting.
Marathon Digital is listed on the NASDAQ, has a trailing 12-month revenue of around $919.2 million and employs 228 staff.
Capital at risk
Riot Platforms is a large, vertically integrated Bitcoin mining company that generates BTC through its mining operations and manages energy and data-center infrastructure to scale production. Riot’s corporate crypto strategy centers on mining (holding a portion of mined BTC as treasury) rather than trading other tokens
Riot Blockchain is listed on the NASDAQ, has a trailing 12-month revenue of around $637.2 million and employs 783 staff.
Capital at risk
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 Bitcoin stance, drawing comparisons to Strategy’s approach. 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.
Metaplanet is listed on the PINK, has a trailing 12-month revenue of around $5.3 billion and employs 17 staff.
Capital at risk
Galaxy Digital is a diversified digital-assets financial services firm (asset management, trading, corporate investments, and crypto infrastructure). Galaxy’s balance sheet and investment arms hold Bitcoin and a broad basket of crypto and token exposures through funds and direct positions
Galaxy Digital is listed on the NASDAQ, has a trailing 12-month revenue of around $23.7 billion and employs 528 staff.
Capital at risk
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.
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.
"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.
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.
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 thousands in losses.
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 LSE, 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.
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:
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.
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