Top 5 Corporate Bitcoin Treasuries to Watch in 2025
These companies are not just holding BTC — they are shaping the future of corporate crypto adoption.
Bitcoin has steadily transformed from a fringe asset into a treasury strategy embraced by corporations around the world. As of mid-2025, 281 organizations hold BTC on their balance sheets, including 160 publicly traded companies, according to BitcoinTreasuries.net.
While the largest holders include MicroStrategy, MARA Holdings Inc, XXI (Twenty One), Bitcoin Standard Treasury Company, and Riot Platforms, Inc., raw numbers aren’t everything. The most important players to watch are those actively shaping adoption through bold strategies, policy influence, and capital deployment.
Below are five corporate treasuries worth watching closely in 2025 — not just because of how much BTC they hold, but because of what they plan to do next.
1. MicroStrategy
Still the dominant force.
MicroStrategy (rebranded to Strategy), led by executive chairman Michael Saylor, holds over 600,000 BTC as of mid-2025, acquired systematically since 2020 at an average price of ~$71,756 per coin. The company continues to raise capital to buy even more BTC, using convertible notes and stock offerings.
- No plans to sell any BTC
- Viewed by many as a “proxy Bitcoin ETF”
- Saylor remains a key figure in institutional Bitcoin adoption
→ Why watch? MicroStrategy’s accumulation is relentless, and its influence extends far beyond its balance sheet. It continues to set the standard for how corporations can integrate Bitcoin into a long-term strategy.
2. MARA Holdings
From miner to Bitcoin treasury powerhouse.
MARA, formerly known as Marathon Digital Holdings, has evolved its model beyond mining. In 2025, the company has become the second-largest corporate BTC holder. MARA recently announced plans to raise additional $850 million to strengthen its balance sheet.
- Holds over 50,000 BTC
- Rebranding reflects broader treasury ambitions
- Combining mining operations with direct BTC accumulation
→ Why watch? MARA is shifting from being a miner to a “Bitcoin-native” treasury company, with aggressive expansion plans and investor buy-in.
3. Metaplanet
Asia’s answer to MicroStrategy.
Tokyo-based Metaplanet has become one of the most talked-about Bitcoin treasuries in Asia. Although it holds only 17,132 BTC currently, the company has publicly committed to accumulating up to 210,000 BTC by 2027, mirroring MicroStrategy’s playbook.
- Became Japan’s first major corporate BTC holder in 2024
- Rapidly gaining popularity among Asian investors
- Actively expanding its treasury each quarter through convertible note offerings
→ Why watch? Metaplanet has bold goals, regional influence, and strong public support — all key ingredients for a treasury strategy that could shake up the Asian corporate space.
4. Trump Media & Technology Group (TMTG)
A political player with Bitcoin on the books.
Parent company of Truth Social, TMTG is backed by U.S. President Donald Trump and is becoming a notable BTC holder. It now holds over $2B in Bitcoin and Bitcoin-related securities, with plans to expand its crypto assets under a “freedom tech” strategy.
- Aligns with pro-Bitcoin political narrative
- Could benefit from favorable policy under Trump administration
- BTC holdings now disclosed in SEC filings
→ Why watch? TMTG brings politics, media, and Bitcoin together. Its treasury actions could influence sentiment and regulation in the U.S. like no other company on this list.
5. ProCap
A new institutional investment vehicle with Bitcoin at its core.
Launched in 2025 by crypto advocate and investor Anthony Pompliano, ProCap (ProCap BTC, LLC) is a venture fund and asset management firm focused on Bitcoin-first strategies. While its BTC holdings are still modest, the company is gaining attention for positioning itself as a “Bitcoin-native BlackRock.”
- Focuses on BTC accumulation, education, and advisory
- Attracting institutional LPs and family offices
- Publishes transparent BTC treasury reports quarterly
→ Why watch? ProCap is blending traditional fund structures with Bitcoin ideology, giving institutions a new gateway into BTC-backed capital deployment. Pompliano’s media reach and institutional ties make it an influential player.
Honorable Mentions
These companies may not be in the spotlight yet, but they’re quietly making moves worth watching:
- Bitcoin Standard Treasury Company (BSTC): A stealthy, BTC-only financial firm with over 30,000 BTC in long-term cold storage.
- Block Inc: Jack Dorsey’s firm continues to buy BTC through its Cash App and is expected to expand its BTC-focused product suite.
- Tesla Inc: Still holding over 11,500 BTC as of 2025, though no recent accumulation. Elon Musk’s unpredictable BTC stance keeps markets guessing.
- Coinbase: Holds BTC on its balance sheet and plays a pivotal role in institutional adoption through custodial and ETF services.
- Hive Digital Technologies: Mining company with treasury-like BTC accumulation goals in 2025.
Final Thoughts
The Bitcoin treasury landscape is evolving quickly. While companies like MicroStrategy continue to dominate the space, 2025 is seeing new entrants with fresh strategies and regional impact. Whether it’s Metaplanet’s aggressive goals in Japan or TMTG’s politically charged narrative, these companies reflect the many faces of institutional Bitcoin adoption.
By watching these corporate treasuries closely, we gain a front-row seat to how Bitcoin is being integrated into the financial fabric of the modern world.
