Corporate Bitcoin Treasuries: Which Companies Hold the Most BTC
Since 2020, a growing number of publicly traded companies have added Bitcoin to their balance sheets as a treasury reserve asset โ a strategy popularized by Strategy (formerly MicroStrategy) under Executive Chairman Michael Saylor, who began the practice in August 2020.
How the model works
Corporate Bitcoin treasury companies typically raise capital through stock offerings or convertible debt, then use the proceeds to purchase Bitcoin, holding it on the company balance sheet as a long-term reserve asset rather than converting it back to cash. The underlying thesis mirrors the individual investor case: Bitcoin as a hedge against currency debasement, with the added leverage of using debt or equity financing to acquire more BTC than cash reserves alone would allow.
| Concept | What It Means |
|---|---|
| BTC per share | A metric treasury companies use to show how much Bitcoin backs each outstanding share |
| mNAV (market Net Asset Value) | Compares a company's total market value to the value of its Bitcoin holdings; a reading below 1.0 means the market values the company below its BTC holdings alone |
| ATM offering | "At-the-market" stock sales, commonly used by treasury companies to raise cash for further BTC purchases |
The risk that's become visible in 2026
The model carries real structural risk: financing purchases with debt or dilutive stock offerings means a sustained Bitcoin price decline can push a company's total obligations above the value of its BTC holdings, limiting its ability to raise further capital on favorable terms. Several treasury companies have faced exactly this pressure during Bitcoin's 2025-2026 correction from its October 2025 high.
Not all treasury firms have behaved the same way
While some prominent treasury companies have paused purchases or, in rare cases, sold small amounts of BTC during the downturn, others have continued accumulating through the same period โ illustrating that "corporate treasury holder" isn't a single monolithic strategy, but a spectrum of risk tolerance and capital structure decisions.
This article is educational and does not constitute investment advice regarding any specific publicly traded company.