1. Strategy (formerly MicroStrategy) – US company
Strategy
Holdings: about 670,000 BTC
Value: roughly $60 billion
Key point: The world's largest corporate Bitcoin holder. It has not retreated from its strategy once since 2020, and through convertible bonds and share issuance it maintains a net-accumulation strategy of steadily adding to its holdings.
2. United States – country
US government
Holdings: about 326,000 BTC
Value: about $29 billion
Key point: Most of it was obtained through seizures of criminal assets. Recently, rather than selling, there has been a strengthening policy stance of keeping it as a strategic reserve asset.
3. China – country
Chinese government
Holdings: about 190,000 BTC
Value: about $17 billion
Key point: Obtained during crackdowns on illegal trading. For the past several years, holdings have effectively been frozen with no change.
4. Bitcoin Standard Treasury Company (CEPO) – US company
Bitcoin Standard Treasury Company
Holdings: 30,021 BTC
Value: about $2.7 billion
Key point: A company specializing in running Bitcoin as its core treasury asset. Rather than short-term selling, it focuses on a long-term holding strategy.
5. MARA Holdings – US company
MARA Holdings
Holdings: about 53,000 BTC
Value: about $4.7 billion
Key point: One of the largest listed mining companies in the US. It does not sell its mined coins, following a strategy of accumulating them as holdings.
6. Twenty One Capital (XXI) – US company
Twenty One Capital
Holdings: about 43,500 BTC
Value: about $3.9 billion
Key point: A Bitcoin treasury company that rose rapidly in 2024–2025. Regarded as the case that grew its holdings the fastest.
7. United Kingdom – country
UK government
Holdings: about 61,000 BTC
Value: about $5.5 billion
Key point: Mainly seized criminal assets. Recently, it has kept its current level without further sales.
8. Ukraine – country
Ukrainian government
Holdings: about 46,000 BTC
Value: about $4.1 billion
Key point: Includes donations and inflows to state wallets since the war. Holdings are relatively stable.
9. Bullish – US company
Bullish
Holdings: about 24,400 BTC
Value: about $2.2 billion
Key point: Operates an exchange and financial platform. Recently, it has kept holdings without major changes.
10. Riot Platforms – US company
Riot Platforms
Holdings: about 19,300 BTC
Value: about $1.7 billion
Key point: A large mining company. Along with its mining expansion, a gradual upward trend.
11. Galaxy Digital – US company
Galaxy Digital
Holdings: about 18,400 BTC
Value: about $1.6 billion
Key point: Given its financial and asset-management nature, its holdings are relatively volatile.
12. Coinbase Global – US company
Coinbase
Holdings: about 14,500 BTC
Value: about $1.3 billion
Key point: Its own holdings, separate from customer assets. Recently, closer to a strategy of maintaining holdings.
13. Hut 8 Mining – Canadian/US company
Hut 8 Mining
Holdings: about 13,700 BTC
Value: about $1.2 billion
Key point: A mining company that minimizes selling, with a strong long-term holding tendency.
14. CleanSpark – US company
CleanSpark
Holdings: about 13,000 BTC
Value: about $1.1 billion
Key point: A mining company that rapidly grew its holdings in 2024–2025.
15. Bhutan – country
Bhutan
Holdings: about 11,000 BTC
Value: about $1 billion
Key point: Mining powered by state-owned hydropower is the main source. A national long-term holding strategy.
16. El Salvador – country
El Salvador
Holdings: about 7,400 BTC
Value: about $650 million
Key point: A policy of regular small purchases. A gradual but steady upward trend.
17. United Arab Emirates – country
United Arab Emirates
Holdings: about 6,400 BTC
Value: about $570 million
Key point: Information on sovereign wealth fund and government holdings is limited, and holdings have not changed much.
18. North Korea – country (estimated)
North Korea
Holdings: estimated at several hundred BTC
Value: in the tens of millions of dollars
Key point: Believed to come from cyber activity, and exact figures are uncertain.
19. Venezuela – country
Venezuela
Holdings: less than several hundred BTC
Value: tens of millions of dollars or less
Key point: After past attempts at asset diversification, effectively stagnant.
20. Finland – country
Finland
Holdings: several dozen BTC
Value: several million dollars
Key point: Mainly seized criminal assets, a symbolic holding.
