Public Companies Holding Bitcoin: A Dated 2026 Treasury List and Verification Guide

Short answer: Strategy was the largest verified public-company Bitcoin holder in the sources reviewed for this page, reporting 843,775 BTC as of July 5, 2026. A useful corporate Bitcoin list must show an as-of date, primary source, ownership status, and diluted share count. Headline balances are not directly comparable when one company holds unrestricted BTC, another lends or pledges coins, a miner treats BTC as operating liquidity, and a treasury company funds purchases with senior securities.

This page was researched on July 11, 2026. It does not claim that every row is current to the same day. Public companies disclose at different intervals, and a later filing or operating update supersedes the figure shown here. The table is a verified screening set, not an estimate of all corporate Bitcoin worldwide.

The previous version attached a July 2026 label to stale balances, including Strategy's December 2025 holding count. It also totalled an inconsistent local dataset as though every observation shared one cutoff. This revision removes that false precision and makes the evidence date part of every record.

Verified Public-Company Bitcoin Holdings

The list below includes companies for which we located a primary issuer or regulatory disclosure. It excludes private companies, governments, exchange-traded funds, trusts, and holdings attributed only by blockchain analytics or third-party aggregators.

These six observations total 964,570 BTC, but that sum should not be called “current public-company holdings.” It combines four different cutoff dates and different ownership states. The total is included only to show the scale of the verified subset.

The table also demonstrates why a ranked list can mislead. Strategy's July balance reflects recent sales used for preferred distributions and reserve funding. MARA's March balance includes receivables and collateral. CleanSpark's June total includes derivative-related positions. Tesla's disclosure is quarterly. A single BTC column hides these distinctions unless the reader opens the source.

What Counts as a Public Company Holding Bitcoin?

Use a written inclusion policy before adding rows. Our working definition is:

A listed operating or treasury company that reports a beneficial or balance-sheet interest in identifiable Bitcoin units through a regulatory filing or first-party investor disclosure.

That definition requires judgment. Consider the following edge cases:

The ownership question matters more than a wallet screenshot. A company can control keys as custodian for customers without owning the coins. It can retain economic exposure while lending BTC and holding a receivable. It can pledge coins while keeping them on its balance sheet. The accounting and legal claim must be read together.

Source Hierarchy for Corporate Bitcoin Data

Use the strongest available evidence and preserve the document date.

Tier 1: Regulatory filings

Forms 10-K, 10-Q, 8-K, 6-K, annual reports, and equivalent exchange filings are the preferred sources. Look for:

Regulatory filings are not perfectly synchronous. A quarterly balance can be months old by publication, while an 8-K may update holdings without a complete balance sheet. Use both and keep their dates visible.

Tier 2: First-party operating updates

Miners often publish monthly production releases before the next financial statement. These can be the freshest source for production, sales, holdings, hashrate, and fleet efficiency. They are commonly unaudited and may define metrics differently from GAAP filings.

CleanSpark's June 2026 release is a good example. It reconciles opening holdings, production, spot sales, option exercises, derivative activity, and ending holdings. That bridge is more useful than a single ending number.

Tier 3: Company dashboards and purchase notices

Treasury companies may publish transaction-by-transaction dashboards or notices. These are useful when they include execution dates, purchase price, holdings, shares, and KPI definitions. Save a copy because dashboards can overwrite historical states.

Tier 4: Aggregators and blockchain attribution

Aggregators are discovery tools, not final evidence. They can lag filings, duplicate subsidiaries, count customer assets, miss sales, or apply inconsistent cutoffs. Blockchain attribution can support custody analysis but rarely proves the public company's beneficial ownership by itself.

Our local treasury export illustrated this risk: it carried Strategy at 672,497 BTC under a July 10 observation date, even though Strategy's July 6 filing reported 843,775 as of July 5. A timestamp showing when a scraper ran is not the source's economic as-of date.

Company-by-Company Research Notes

Strategy: the largest balance and the most complex claims stack

Strategy's July 6 Form 8-K reported 843,775 BTC with aggregate purchase price of $63.69 billion and average cost of $75,476, including fees and expenses. It also reported a $2.55 billion USD Reserve.

The ending balance followed sales of 1,363 BTC through June 30 and 2,225 BTC from July 1 through July 5. Net proceeds funded preferred distributions and replenished the reserve. This means the largest holder should not be modeled as a static vault.

At May 25, Strategy had reported $6.7 billion principal of convertibles and $15.5 billion notional preferred stock. Those figures are not synchronized with the July holdings date, so they should not be combined into a supposedly current mNAV without updating every instrument. They do show why gross BTC value is not common-share NAV.

Key checks:

Read the <a href="/insights/microstrategy-bitcoin-strategy">Strategy company deep dive</a> for the current capital-structure analysis.

Metaplanet: rapid growth with a fast-moving denominator

Metaplanet's April 2 purchase notice reported 40,177 BTC as of March 31, 2026, up from 35,102 at December 30, 2025 and 4,046 one year earlier. The same document reported effective diluted shares of roughly 1.624 billion at March 31, compared with about 574.8 million at March 31, 2025.

Holdings rose almost tenfold across that year, while the effective diluted denominator also rose sharply. Metaplanet reported quarterly BTC Yield of 2.8% for Q1 2026, compared with much larger percentages in earlier accumulation periods. The deceleration is not surprising: each incremental purchase has less effect as the BTC base grows, and financing terms determine whether holdings outpace dilution.

Key checks:

MARA: treasury, receivable, collateral, and operating inventory

MARA's March 31 Form 10-Q reported 35,303 BTC, down from 53,822 at December 31, 2025. The March total consisted of:

MARA sold approximately 20,880 BTC for $1.5 billion during Q1 and expanded its policy to allow sales of balance-sheet BTC. It generated $6.4 million of interest income from loaned Bitcoin during the quarter, while 4,253 BTC supported a $150 million line of credit carrying 7% annual interest.

This is why “MARA holds 35,303 BTC” is incomplete. Roughly 28% was activated through lending or collateral arrangements. The economic analysis must include counterparty credit, collateral terms, trading risk, borrowing cost, and recall rights.

MARA is also a miner. Holdings can be funded by production, purchases, or financing and consumed by power, infrastructure, acquisitions, and operations. Compare retained BTC with fully diluted shares and all-in production economics.

Strive: treasury growth plus preferred exposure

Strive's July 6 Form 8-K reported 19,882 BTC as of July 2 after purchasing 17.76 BTC. It also reported $153.4 million cash, 505,000 shares of Strategy's STRC preferred stock with disclosed fair value of $44.4 million, and multiple classes of its own equity.

The company therefore has both direct BTC and an investment in another Bitcoin treasury company's preferred security. An analyst should not add STRC's underlying exposure to Strive's BTC count. The security is a claim on Strategy under its terms, not Bitcoin owned by Strive.

Key checks:

CleanSpark: production plus derivatives and collateral

CleanSpark's July 7 operating update reported 13,924 BTC at June 30. The monthly bridge was:

The company said 1,719 BTC, or about 12.3% of holdings, was posted as collateral or recorded as receivable, all related to derivative transactions. It also reported 50 EH/s operational hashrate, 42.6 EH/s average operating hashrate, and 16.07 J/TH peak deployed fleet efficiency.

That disclosure makes a better analytical record than a static ranking. The holdings change reflects mining, sales, and derivatives. Review direct power, hosting, fleet capex, derivatives, collateral, dilution, and HPC spending before treating the BTC reserve as surplus value.

Tesla: material in Bitcoin units, small beside corporate liquidity

Tesla's March 31 Form 10-Q said the majority of digital assets consisted of 11,509 BTC acquired for $386 million. The filing showed digital assets at $786 million fair value, while cash, cash equivalents, and short-term investments totalled approximately $44.74 billion.

Bitcoin is therefore visible but not the primary determinant of Tesla's enterprise value or liquidity. A holdings list can overstate relevance by ranking coins without scaling them against market capitalization, cash, debt, operations, and free cash flow.

For Tesla, monitor unit count and accounting changes, but value automotive, energy, services, capital spending, margins, and financing separately. A pure treasury-company framework is inappropriate.

Four Categories of Corporate Bitcoin Holder

1. Treasury-led financing companies

These companies make Bitcoin accumulation and BTC per share central to capital allocation. Financing execution, dilution, mNAV, and senior claims dominate the analysis. Strategy and Metaplanet fit this category.

2. Bitcoin miners

Miners create BTC through operations and may retain, sell, lend, pledge, hedge, or purchase it. Production cost, network difficulty, fleet efficiency, power contracts, and capex determine whether treasury growth creates value. MARA and CleanSpark fit here.

3. Operating companies with a treasury allocation

Bitcoin is one asset among much larger operations. The right denominator is enterprise value and cash flow, not a treasury-stock premium. Tesla is the clearest example in this verified set.

4. Hybrid financial and asset-management companies

These companies may own direct BTC and securities or operating businesses tied to digital assets. Strive's direct BTC plus STRC holding illustrates the need to separate asset layers.

Do not rank these categories as though one BTC has the same common-share significance everywhere. It is the same underlying asset, but the shareholder's legal and economic claim differs.

The Seven Metrics That Matter More Than BTC Count

1. Unrestricted BTC

Subtract or separately identify loaned, pledged, customer, restricted, pending, and derivative-related units. Unrestricted BTC is a better starting point for liquidity and residual NAV.

2. BTC per fully diluted share

BPS = company BTC / stress-diluted shares

Track the change over time. A company can double holdings while more than doubling potential shares.

3. Residual common NAV

Common NAV = BTC value + cash + operating value + other net assets - debt - preferred claims - tax adjustments

Gross BTC value is not available solely to common shareholders when senior claims exist.

4. mNAV under a stated formula

Some services divide market capitalization by gross BTC. Others use enterprise value or subtract senior claims. Publish the formula and input dates. The <a href="/tools/mnav-calculator">mNAV calculator</a> supports scenario testing.

5. Fixed-charge coverage

Measure cash and conservative operating inflow against interest, preferred distributions, maturities, payroll, power, taxes, and committed capex. Positive BPS does not fund a cash obligation.

6. Source age

Calculate days since the economic as-of date, not the scraper timestamp. A 90-day-old quarterly figure can be valid but must not be labeled live.

7. Disclosure completeness

Score whether the company provides holdings, cost, additions, sales, encumbrances, diluted shares, financing terms, custody, and a reconciliation. A bare press release deserves less confidence than a filed roll-forward.

CryptosEyes Treasury Record Quality Score

Use this 10-point framework to grade a row before publishing it:

Interpretation:

This score assesses evidence, not investment quality. A highly leveraged company can disclose perfectly. A financially strong company may disclose BTC only quarterly.

How to Maintain a Corporate Bitcoin Dataset

Step 1: Separate observation time from source time

Store at least three dates:

Never substitute the review timestamp for the holdings date.

Step 2: Store units by legal status

Use fields for unrestricted, pledged, loaned, receivable, restricted, customer-owned, and pending BTC. Calculate headline total from explicit components rather than overwriting the distinctions.

Step 3: Preserve the source document

Store the filing URL, form type, accession or document identifier, relevant page, and a snapshot where permitted. Investor pages and dashboards can change.

Step 4: Reconcile sequential reports

Ending BTC = opening BTC + purchases + mining + other receipts - sales - fees - other transfers

Flag unexplained differences. A company may change scope, consolidate an entity, reclassify a receivable, or revise a prior metric.

Step 5: Update claims and shares with holdings

A current BTC balance paired with stale debt and share data produces a misleading mNAV. Version the capital structure on the same timeline.

Step 6: Run contradiction tests

Automatically flag:

Step 7: Publish revision notes

When a source corrects a number or the methodology changes, retain the old record with superseded status. Silent replacement makes historical analysis impossible.

Common List Errors

Frequently Asked Questions

Which public company holds the most Bitcoin?

Strategy was the largest in the primary sources reviewed here, reporting 843,775 BTC as of July 5, 2026. Check its later 8-K filings because holdings can change weekly.

How much Bitcoin do public companies hold in total?

There is no single durable answer without a cutoff, company universe, and ownership policy. The six verified observations in this guide total 964,570 BTC, but their dates and asset statuses differ, so that sum is not presented as a current market total.

Why is an aggregator's number different from a filing?

The aggregator may use an older source, a different subsidiary scope, a wallet estimate, or a later scrape timestamp. The latest primary filing with a clear economic as-of date should normally control.

Does pledged Bitcoin still count as company holdings?

It may remain on the balance sheet, but it is encumbered and supports another obligation. Show it separately rather than treating it as unrestricted treasury liquidity.

Does loaned Bitcoin belong in the total?

The company may retain economic ownership through a receivable, but it has counterparty and recovery risk. Report the receivable separately and read the lending agreement disclosures.

Are miner holdings comparable with Strategy's holdings?

Not directly. A miner earns BTC through operations and may sell it for power and capex. Strategy primarily obtains BTC through capital allocation and financing. Normalize for dilution, senior claims, cash needs, and operating economics.

Is BTC per share enough to value a treasury company?

No. It measures concentration under a chosen denominator. Residual NAV, financing cost, fixed-charge coverage, operating value, taxes, and the market premium are also required.

Why is Tesla on the list if Bitcoin is small relative to its business?

Tesla reports a material BTC unit count and qualifies under the ownership definition. Its presence does not mean BTC is the primary driver of Tesla's valuation.

How often should the list be refreshed?

Monitor event-driven treasury companies and miners at least weekly for filings and operating updates. Quarterly holders can be checked on each 10-Q or equivalent filing. Every published row should retain its own as-of date even after the page is refreshed.

Conclusion

A corporate Bitcoin list is useful only when readers can audit it. The BTC number, date, source, legal status, share denominator, and senior claims belong together. Remove any one of those fields and a ranking can create more confidence than information.

The strongest insight from the 2026 disclosures is that corporate BTC is increasingly active. Strategy sold coins to fund preferred distributions and reserves. MARA loaned, pledged, and sold substantial balances. CleanSpark used derivatives alongside mining and spot sales. Treasury strategy now includes liability management, collateral, and cash-flow decisions, not just accumulation.

Use the table as an entry point. Then open the filing, reconcile the units, calculate sats per diluted share, subtract senior claims, and stress liquidity. That is the difference between a list and research.

What to Read Next

Read <a href="/insights/crypto-stocks-analysis">the crypto-stock analysis framework</a> next to turn a verified holding record into miner, exchange, and treasury-company valuation models.

CryptosEyes publishes general educational research, not individualized investment, accounting, legal, or tax advice. Company holdings, asset restrictions, security terms, and share counts can change after the cited disclosures.