Author: Jamie Redman, Bitcoin.com
Compiled by: White Paper Blockchain
In 2026, Saylor's strategy remains significantly ahead.
Strategy, the world’s largest corporate Bitcoin holder built by Michael Saylor, still leads with 843,775 Bitcoin on its balance sheet. At current prices, this amounts to approximately $58 billion, spread across the company’s operations, which are now almost entirely funded through debt and equity issuances to acquire more Bitcoin.
However, in 2026, the scale of a company’s Bitcoin holdings has diverged into two entirely different narratives regarding its stock performance: mining companies are rebounding, while treasury-held companies are being penalized.
The top ten list below, compiled by bitcointreasuries.net, ranks the ten largest corporate Bitcoin holders by holdings as of July 25, 2026.
Top 10 Corporate Bitcoin Holders
- Strategy (MSTR): 843,775 BTC
- Twenty One Capital (XXI): 43,514 BTC
- Metaplanet (MPJPY): 43,000 BTC
- Mara Holdings (MARA): 36,303 BTC
- Bullish (BLSH): 24,300 BTC
- Strive (ASST): 19,921 BTC
- SpaceX (SPCX): 18,712 BTC
- Coinbase Global (COIN): 16,492 BTC
- Riot Platforms (RIOT): 15,680 BTC
- Cleanspark (CLSK): 13,924 BTC
Strategy holds an unmatched lead, with its holdings totaling approximately 843,775 BTC—more than 19 times that of second-place Twenty One Capital. Saylor began purchasing Bitcoin in 2020 for the company that was then known as MicroStrategy, a move that seemed unconventional at the time for a Nasdaq-listed software firm to convert its treasury assets into Bitcoin.
Five years later, this decision reshaped the company. Strategy’s current trading performance is largely a highly leveraged bet on Bitcoin’s price, which explains why its stock still fell 40% in 2026 despite continuously increasing its Bitcoin holdings. This year, Strategy abandoned its long-standing “never sell” strategy—a shift that stands out after years of insisting that every Bitcoin purchase be held permanently.
Stock performance of Strategy (MSTR) on July 24, 2026
In late May, the company sold 32 BTC for the first time to fund preferred dividend payments, marking its first net sale of Bitcoin in years. Weeks later, between late June and early July, it sold an additional 3,588 BTC, generating approximately $216 million to fulfill stock-related obligations and bolster cash on its balance sheet. Even after these transactions, Strategy remains the world’s largest corporate Bitcoin holder by a significant margin, indicating that these sales reflect capital management rather than a departure from its long-term Bitcoin strategy.
Mining companies win in the stock market
Setting aside the original total supply of Bitcoin, clearer patterns emerge from stock prices: mining companies have performed strongly, while companies that hold Bitcoin only as treasury assets have not.
The reason is simple. First, mining companies can accumulate Bitcoin at production costs often below the current market price, giving them an advantage that most other corporate buyers cannot match. Second, many publicly traded mining companies have spent the past several years building artificial intelligence (AI) infrastructure, creating a second revenue stream that helps diversify income beyond Bitcoin mining.
For example, Riot Platforms has risen 73% year-to-date, performing best among the top ten holders. Cleanspark’s stock has increased by 39% amid its expansion of mining data centers and battery storage projects in North America. Mara Holdings has gained 31% through its mining and treasury strategy, continuing to expand its mining operations while maintaining a holding of 36,303 BTC.
Charts for CleanSpark and Riot, data from tradingview.com
Twenty One Capital (XXI), although founded in March 2025, quickly moved to become the second-largest corporate Bitcoin holder. This Austin-based company has received support from crypto powerhouses including Tether and was initially led by entrepreneur Jack Mallers, who stepped down last week. Its entire business model centers on providing stock market investors with direct exposure to Bitcoin’s price, without the software or mining operations found in other listed companies.
Metaplanet, a Tokyo-listed company that transitioned from hotel development, has seen its stock price decline by 49% as of July 25, 2026. The company still holds 43,000 BTC, ranking third on this list, but its stock movement has closely mirrored Bitcoin’s price fluctuations. As of Friday’s close, Twenty One Capital, despite holding the second-largest reserve on this list (43,514 BTC), has declined by 48% year-to-date.
Investors appear to be rewarding companies that can produce Bitcoin and provide AI infrastructure, rather than those that simply buy and hold BTC—especially when these holding companies rely on issuing new shares or debt to continue increasing their reserves. Mining companies have years of experience, and some can control their own production costs. In contrast, reserve-focused companies depend on capital markets remaining open and willing to fund their additional purchases.
The two names in the middle of the ranking illustrate just how severe the divergence has been this year. Bullish, a Cayman Islands platform operator that went public via a SPAC agreement in August 2025, holds 24,300 BTC, but its stock price has dropped 37% due to sluggish cryptocurrency trading volumes and losses tied to negative equity.
Strive, a Dallas-based asset management company built around a Bitcoin treasury, holds 19,921 BTC and has seen a relatively mild decline of 24% since the beginning of this year. These two companies demonstrate that even within the group of reserve-oriented entities, the extent of price declines largely depends on how each company finances its Bitcoin purchases and the level of debt underlying its strategy.
Coinbase and Riot Platforms are adjacent on the holding leaderboard, but their stock price charts tell vastly different stories. Coinbase, the San Francisco exchange founded by Brian Armstrong, holds 16,492 BTC, yet its stock has fallen 31% this year as trading volume across the industry cools. Riot Platforms holds slightly fewer bitcoins at 15,680 BTC, but because its core business is mining new coins rather than simply holding them on its balance sheet, its stock has surged 83.4%.
SpaceX joins the list after its historic IPO
SpaceX's position on this list is very different from when it completed its initial public offering (IPO). The company finalized its IPO on June 12, 2026, with an offering price of $135, raising approximately $85.7 billion and setting a record for the largest IPO in history, surpassing Saudi Aramco's 2019 listing. Shares began trading on Nasdaq under the ticker SPCX, opening at $150 and briefly pushing SpaceX's market capitalization above $2.6 trillion as the price peaked at $225.64 on June 16. However, this surge did not last.
The stock price fell below its IPO offering price in mid-July, and by the close of trading on Friday, July 24, it was trading at approximately $115, about 15% below the offering price and 45% to 50% below its June high. In its IPO filing, SpaceX disclosed that it holds 18,712 BTC, which was valued at approximately $1.45 billion at the time; even after its stock has significantly cooled since its debut, this holding still places it ahead of Coinbase, Riot Platforms, and Cleanspark on the list of Bitcoin holdings.
A Tokyo hotel company transitions to a Bitcoin treasury.
Metaplanet’s story is the most distinctive on this list. Founded in 1999, the company spent most of its history developing and operating hotels in Japan. Only recently did it begin accumulating Bitcoin and announce its plan to hold the asset long-term on the Tokyo Stock Exchange. This transformation has made Metaplanet the third-largest corporate Bitcoin holder globally, with 43,000 BTC, though its stock has also struggled amid broader Bitcoin price volatility in 2026. Its Bitcoin treasury has reached a scale unmatched by any other Japanese publicly traded company.
How does this scheme spread?
The strategy did not remain unique for long. Once Sullivan demonstrated that publicly traded companies could raise capital specifically to purchase Bitcoin and achieve a stock price premium relative to these holdings, other companies quickly followed suit. Some companies (such as Metaplanet and Twenty One Capital) built their entire business models around this exact concept. Others (such as the mining companies on the list) added Bitcoin purchases to businesses that already produced the asset. This initial difference helps explain why, despite all companies on the list being exposed to the same underlying Bitcoin price risk, the group has split into stark winners and losers this year.
What does the future mean?
This divide between mining companies and reserve-type firms may continue to shape how investors view Bitcoin-related stocks for the remainder of 2026. Companies that mine themselves can control production costs and expand capacity when conditions are favorable, while companies that simply buy Bitcoin rely on capital markets remaining open to them—this source of financing can tighten rapidly when share prices fall and dilution risks rise.
For now, the ten companies on this list collectively hold more Bitcoin than most national governments. Their collective decisions on whether to continue buying, start selling, or shift strategy will continue to influence the cryptocurrency market and their own stock prices well beyond July 2026. For everyday market observers watching Bitcoin from the sidelines, these Digital Asset Treasury (DAT) company stocks offer a window into how public companies manage large Bitcoin treasuries and how the market responds to these strategies.
Whether this risk can yield returns ultimately comes down to the same line that divides today’s ranking: the distinction between companies that produce Bitcoin and those that simply buy it.