Twenty One Capital Emerges as the Biggest Bitcoin Investor, Holding More BTC Than Its Market Cap

For years, MicroStrategy, Marathon Holdings, and Riot Platforms have topped the list of the largest public Bitcoin investors, collectively holding more BTC than most other public companies combined. However, in 2025, a bold new player, Twenty One Capital (XXI), has joined in, holding far more Bitcoin than the company is worth.

For years, MicroStrategy (NASDAQ:MICRO), Marathon Digital Holdings (NASDAQ:HDIG), and Riot Platforms (NASDAQ:RIOT) have been the top contenders for the largest public Bitcoin investor, together holding more BTC than most other public companies combined.

However, in 2025, a new and even bolder player has joined the race, boasting an astounding amount of Bitcoin, far exceeding the company's own value.

According to data presented by CryptoPresales.com from Bitcoin Treasuries and StockAnalysis, Twenty One Capital (NYSE:XXI) has the highest BTC-to-market cap ratio of 1,071%, or 12 times more than Marathon Digital and 21 times more than MicroStrategy.

This means that for every $1 of XXI’s market capitalization, the company holds around $10.71 in Bitcoin, making it the most Bitcoin-leveraged public company in the world.

The company holds 31,500 Bitcoin valued at nearly $3 billion as of last week, which is 10.7 times more than its stock value.

Compared to other Bitcoin-leveraged companies, MicroStrategy (NASDAQ:MICRO) is known for its massive BTC holdings, reaching 568,840 Bitcoins as of last week. This amount is being valued at $59 billion, which is about 50% of the company's market cap or 21 times less than XXI’s ratio.

After MicroStrategy, Marathon Digital (NASDAQ:HDIG) follows with a BTC-to-market cap ratio of 88%, 12 times lower than XXI’s.

Still, it’s good to note that for every $1 of Marathon’s market cap, around $0.88 is backed by Bitcoin.

Among the ten largest public Bitcoin investors, Hut 8 Mining Corp (TSX: HUT8)(NASDAQ: HUTMF) and Riot Platforms (NASDAQ:RIOT) also have significantly lower BTC-to-market cap ratios, at 62% and 51%, respectively.

Meanwhile, Coinbase (NASDAQ:COIN) and Tesla (NASDAQ:TSLA) are on the other side of the list, with their Bitcoin holdings accounting for just 1.3% and 0.1% of their market caps.

The number of Bitcoin-leveraged companies also surges fivefold.

Significant BTC investments from these companies also reflect the broader trend in corporate Bitcoin adoption, which has seen remarkable growth over the past year.

As of Q1 2024, only 38 publicly traded companies included Bitcoin in their balance sheets, collectively investing $13 billion in BTC. However, this number has since surged to over 200, with their combined BTC holdings reaching $82.1 billion as of last week.