While companies like Strategy and Tesla made headlines, many others have discreetly added Bitcoin to their treasuries . Firms use Bitcoin to hedge against inflation, fiat devaluation, and macroeconomic shocks . Its fixed supply, digital scarcity, and 24/7 liquidity make it appealing . Firms like Arkham and Glassnode trace Bitcoin ownership through address clustering and timing correlation .
Bitcoin is making a significant shift. From a speculative investment, it has become a part of corporate treasuries . While companies like Strategy and Metaplanet gained attention for large Bitcoin purchases, others have quietly followed . Spanning diverse industries like technology and healthcare, these firms have strategically allocated portions of their balance sheets to Bitcoin reserves, often without public announcements . This low-profile approach shows a growing trend among businesses aiming to protect against inflation, diversify assets, or align with the digital economy .
An increasing number of companies are incorporating Bitcoin into their balance sheets, inspired by the success of Strategy, led by Michael Saylor . According to BitcoinTreasuries.Net, 26 companies started holding Bitcoin in June 2025, bringing the total number of companies holding Bitcoin to 250 as of July 4, 2025 . 26 companies started holding Bitcoin in June .
This article explores why companies are adopting Bitcoin as part of their corporate treasury and discusses 10 public companies that have quietly adopted Bitcoin as a financial strategy . It also sheds light on the role of blockchain analytics in revealing holdings, risks associated with a Bitcoin-heavy corporate strategy, and various outcomes of Bitcoin accumulation by companies .
Among the many listed companies in the world, Strategy (formerly known as MicroStrategy) (MSTR) is the largest corporate holder, holding a total of 576,000 BTC, and is therefore also known as a "Bitcoin shadow company" ; followed by mining company Marathon Digital (MARA), holding 46,000 BTC ; mining company Riot Platforms (RIOT) ranks third, holding more than 18,000 BTC .
Metaplanet, dubbed the "Asian Strategy," is a publicly listed company in Tokyo that made a dramatic shift into Bitcoin late in 2024 . Its Bitcoin holdings have risen from less than 400 BTC to more than 4,500 in a matter of months, and it aims to reach 10,000 BTC by 2025 . Among its goals is the development of a Bitcoin-themed hotel and the promotion of Bitcoin awareness across Asia—ranking it as one of the most rapidly expanding public companies that hold Bitcoin .