10 Public Companies You Didn’t Know Are Stacking Bitcoin

Key takeaways

• While companies like Strategy and Tesla made headlines, many others have discreetly added Bitcoin to their treasuries. 

• Firms use Bitcoin to hedge against inflation, fiat devaluation and macroeconomic shocks. Its fixed supply, digital scarcity and 24/7 liquidity make it appealing. 

• Firms like Arkham and Glassnode trace Bitcoin ownership through address clustering and timing correlation. 

Bitcoin is making a significant shift. From a speculative investment, it has become a part of corporate treasuries. While companies like Strategy and Metaplanet gained attention for large Bitcoin (BTC) purchases, others have quietly followed. Spanning diverse industries like technology and healthcare, these firms have strategically allocated portions of their balance sheets to Bitcoin reserves, often without public announcements. 

This low-profile approach shows a growing trend among businesses aiming to protect against inflation, diversify assets or align with the digital economy. An increasing number of companies are incorporating Bitcoin into their balance sheets, inspired by the success of Strategy, led by Michael Saylor. According to BitcoinTreasuries.Net, 26 companies started holding Bitcoin in June 2025, bringing the total number of companies holding Bitcoin to 250 as of July 4, 2025.

This article explores why companies are adopting Bitcoin as part of their corporate treasury and discusses 10 public companies that have quietly adopted Bitcoin as a financial strategy. It also sheds light on the role of blockchain analytics in revealing holdings, risks associated with a Bitcoin-heavy corporate strategy and various outcomes of Bitcoin accumulation by companies.

Why companies are turning to Bitcoin

Companies are increasingly incorporating Bitcoin into their treasury strategies for several compelling reasons. These factors collectively drive the growing inclusion of digital assets in corporate treasury strategies:

• Protection against inflation and currency devaluation: Bitcoin serves as a potential hedge against inflation and the devaluation of fiat currencies. Unlike traditional money, which can lose value due to monetary expansion, Bitcoin’s fixed supply of 21 million coins makes it an attractive store of value during inflationary periods.

• Digital scarcity and liquidity: Bitcoin offers a unique combination of digital scarcity and 24/7 liquidity, providing the growth potential of long-term investments while maintaining the accessibility of short-term assets.

• Influence of early adopters: Pioneering corporate Bitcoin investors like Strategy and Tesla have significantly influenced this trend. Since 2020, Strategy has accumulated substantial Bitcoin reserves using stock and debt, inspiring other companies to adopt similar strategies.

• Governance and portfolio diversification: Treasurers view Bitcoin as a non-correlated asset that enhances portfolio resilience against macroeconomic shocks, supporting governance and diversification goals.

Did you know? Strategy was the first public company to adopt a Bitcoin-first treasury strategy. Since 2020, it has acquired over 200,000 BTC, using both company funds and debt. 

10 public companies you didn’t know are holding Bitcoin on their balance sheets

Several public companies have discreetly added Bitcoin to their balance sheets, opting for minimal publicity. Below is a list of such companies, their approaches and BTC holdings as of early July 2025:

BitFuFu

• Profile: Singapore-based Bitcoin mining firm listed on Nasdaq (FUFU).

• Holdings: 1,709 BTC ($185.85 million), 40% of its market cap.

• Objective: Focus on scaling mining operations via owned and cloud-based infrastructure. Plans include boosting hashrates, expanding globally and using treasury reserves to fund low-cost energy access and innovation. Aims for steady BTC accumulation as both mining yield and store of value.

Cipher Mining

• Profile: US-listed Bitcoin miner (CIFR) with a strong renewable-energy focus.

• Holdings: 1,063 BTC ($115.49 million), 40% of its market cap.

• Objective: Build a crypto treasury through mining facilities powered by renewable sources. Intend to stabilize revenue using BTC, reinvest in green energy projects and offer ESG-aligned shareholder value through sustainable crypto yield.

KULR Technology Group

• Profile: US thermal and battery safety tech firm (KULR).

• Holdings: 920 BTC ($100.04 million), 40% of its market cap.

• Objective: Diversifying reserves through Bitcoin, reflecting its tech-centric treasury strategy. By allocating part of its balance sheet to BTC, KULR mitigates fiat risk, aligns with its innovative image and showcases confidence in crypto’s long-term security value.

Aker ASA

• Profile: Norway’s industrial investment company (AKER.OL).

• Holdings: 754 BTC ($82 million), 1.7% of its market cap.

• Objective: Seek balanced capital allocation through BTC exposure while pursuing sustainability-investment themes. BTC acts as a hedge against inflation/currency fluctuations and underpins the firm’s…