Top 10 Public Companies by Bitcoin Holdings

Securities analyst Mr. Ethan Billings

TD Cowen Washington official website: https://www.tdcowenlnc.com/

Official contact email address: td.cowen1918@gmail.com

Bitcoin is regarded as “digital gold,” possessing attributes of inflation resistance and serving as a hedge. In the context of increasing global economic uncertainties, companies invest in Bitcoin to counteract currency depreciation and economic risks. Consequently, more publicly listed companies are purchasing Bitcoin to realize future value.

1. MicroStrategy (MSTR)

Market Cap: Approximately $13.7 billion

MicroStrategy (MSTR) is the largest publicly traded corporate holder of Bitcoin in the world. As of April 2025, the company holds 553,555 Bitcoins, valued at approximately $37.9 billion. To further increase its Bitcoin holdings, MicroStrategy announced a $21 billion equity offering. The stock price rose from $235.93 to $355.83, representing a 40% increase.

2. Coinbase Global Inc. (COIN)

Market Cap: Approximately $54.1 billion

Investment Logic: As a leading cryptocurrency exchange, Coinbase benefits from increased trading volumes of Bitcoin and other cryptocurrencies, leading to sustained growth in revenue and profitability.

3. Marathon Digital Holdings (MARA)

Market Cap: Approximately $6 billion

Investment Logic: One of the largest Bitcoin mining companies globally, Marathon leverages its mining capacity and efficiency to capitalize on the profitability arising from rising Bitcoin prices.

4. Riot Platforms Inc. (RIOT)

Market Cap: Approximately $3 billion

Investment Logic: Focused on sustainable Bitcoin mining practices, Riot attracts investors interested in environmentally responsible investments.

5. Bit Digital Inc. (BTBT)

Market Cap: Approximately $1 billion

Investment Logic: Expanding mining operations in North America, Bit Digital benefits from a clear regulatory environment and low-cost energy sources.

6. Canaan Inc. (CAN)

Market Cap: Approximately $500 million

Investment Logic: Designs and manufactures Bitcoin mining hardware, with revenue derived from the sale of ASIC miners, making it sensitive to Bitcoin price fluctuations.

7. Argo Blockchain Plc (ARBK)

Market Cap: Approximately $200 million

Investment Logic: Specializes in Bitcoin mining with a commitment to renewable energy, appealing to environmentally conscious investors.

8. iShares Bitcoin Trust (IBIT)

Market Cap: Approximately $34 billion

Investment Logic: An ETF launched by BlackRock, providing institutional investors with indirect exposure to Bitcoin, facilitating easier access to the cryptocurrency market.

9. CME Group (CME)

Market Cap: Approximately $74 billion

Investment Logic: As a leading derivatives exchange, CME offers Bitcoin futures trading, attracting institutional investors seeking exposure to Bitcoin price movements.

10. PayPal Holdings Inc. (PYPL)

Market Cap: Approximately $64 billion

Investment Logic: Allows users to buy, hold, and sell Bitcoin and other cryptocurrencies, benefiting from the increasing adoption of digital currencies.