From MicroStrategy to Tesla: These 34 Public Companies Are Holding a Combined 699,387 BTC—Worth Over $72 Billion

TradFi's relationship with Bitcoin continues to evolve, with 34 public corporations now holding a combined 699387 BTC—worth over $72 billion. MicroStrategy remains the undisputed leader

TradFi’s dabbling in Bitcoin continues, with 34 public corporations now holding a combined 699,387 BTC—worth over $72 billion. MicroStrategy, the reigning queen of crypto treasury strategies, leads the pack with 555,450 BTC.

While some view these Bitcoin treasury strategies as bullish catalysts, the data tells a more nuanced story: adding BTC to a balance sheet isn’t a guaranteed stock booster.

Outliers like Metaplanet have seen incredible surges—over 3,000%—since their BTC entry, but many others have seen far more modest gains, or even declines, in the same period.

Metaplanet Inc.

Metaplanet, a Japanese public company, has quickly transformed from a traditional business—formerly involved in hotel operations—into one of Asia’s most aggressive Bitcoin-focused firms. Its transformation shows how some TradFi players are reshaping their models around digital assets.

Since launching its Bitcoin Income Generation strategy in late 2024 and pivoting sharply toward crypto, 88% of its Q1 FY2025 revenue—¥770 million ($5.2 million)—came from Bitcoin option premium harvesting.

The company first added Bitcoin to its balance sheet in April 2024 and currently holds 5,555 BTC, which is valued at approximately $576.8 million.

Since that initial move, the company’s stock has soared over 3,000%, with recent filings showing a 15x increase in share price year-to-date.

The firm’s aggressive BTC accumulation strategy—aiming for 10,000 BTC by year-end—has drawn growing investor interest, expanding its shareholder base by 500% in a year.

Despite short-term valuation losses due to Bitcoin price fluctuations, Metaplanet reported ¥13.5 billion in unrealized BTC gains as of May 12, signaling strong confidence in its long-term crypto positioning.