Corporate Bitcoin Accumulators Reach New Scales
Publicly traded companies are accumulating significant amounts of Bitcoin, with a total of 1,268,146 BTC held in their treasuries. MicroStrategy stands out as the largest holder, with an impressive 845,050 BTC, accounting for over 60% of all Bitcoin held by public companies.
Other notable holders include Metaplanet, a Japan-based hotel operator, with 43,000 BTC; Strive, which acquired Semler Scientific and now holds 12,797.9 BTC after adding 5,048.1 BTC to its existing treasury; MARA Holdings with 35,577 BTC; SpaceX with 18,712 BTC; Coinbase Global with 17,311 BTC; Tesla with 11,509 BTC; Hut 8 Mining Corp with 10,278 BTC; Block, Inc. with 9,117 BTC; and American Bitcoin Corp with 8,300 BTC.
Some companies are using creative financing methods to acquire more Bitcoin, such as Strive's $225 million SATA preferred stock offering to reduce leverage and purchase additional Bitcoin at an average price of $89,851. Metaplanet plans to raise ¥116bn ($750mn) in new shares to increase its holdings.
However, these acquisitions have caused significant volatility in stock prices, with Strive's shares falling 12% on the Tuesday following its acquisition news and Metaplanet's shares dropping from $1,781 to $528. The sustainability of these companies' Bitcoin accumulation strategies is uncertain, particularly if market prices drop significantly.
Accounting updates and custody protocols are also being implemented, with FASB rules allowing corporations to report crypto assets at fair value. Most large holders use institutional providers such as Coinbase Custody Trust, BitGo Trust, Fidelity Digital Assets, or Gemini Custody, which provide crime insurance and documented audit trails for the assets.