Which Public Companies Are Benefiting from Their Bitcoin Holdings?

Public companies now possess over 1 million Bitcoin valued at approximately $110 billion on their balance sheets, yet only a few pioneering firms with strategic approaches enjoy significant returns.

Key Takeaways:

Innovative Bitcoin strategies employed by early adopters yield an average outperformance of 286% over peers.
Merely holding Bitcoin doesn’t equate to stock market successes; operational robustness plays a critical role.
New market entrants demonstrate promise but their long-term achievements remain to be seen.

These companies, collectively managing 1,045,887 BTC, are redefining how corporations approach treasury management. Despite their common goal of using Bitcoin as a hedge against economic instability, their stock market performances reveal that only a select few are truly capitalizing on the “Bitcoin standard.”

Bitcoin in Treasuries. Source: BitcoinTresuries.net

Analyzing the major public corporations holding more than 5,000 BTC, we see participation from various sectors including mining, fintech, and media.

Outperformers: Profitable Bitcoin Strategies

Strategy Inc. (MSTR) has positioned itself as a leader with 640,250 BTC, having initiated its accumulation process in August 2020 when shares were priced at $13.49. The current trading price of $284 represents a staggering 2,000% increase, outpacing Bitcoin’s own 900% gain.
Riot Platforms (RIOT) accumulated 19,287 BTC starting circa early 2020 at $3.20 per share, which now trades at $19.50—an impressive 510% increase reflecting their effective mining operations.

Companies gaining over 100% in stock value since BTC accumulation. Source: BitcoinTresuries.net/Cointelegraph

CleanSpark (CLSK) began BTC purchases in June 2023 at $5.20, now traded around $20, marking a gain of 285%.
Marathon Digital (MARA), with 53,250 BTC on hand, transitioned from $8.50 at the end of 2020 to $20 presently, achieving 135% gains.
Hut 8 Mining (HUT) kicked off BTC accumulation in March 2018 when shares were at $17.60, with recent trading prices reaching $48, a 173% increase.
Bullish (BLSH) conducted its initial public offering on August 12, 2025, starting at $37 and subsequently rising to $57.55, a 55% gain attributed to exchange synergies.
Coinbase (COIN) manages 11,776 BTC, realizing a modest gain of 22% as it climbs from $271 to $330 due to favorable trading conditions and regulatory shifts.

Underperformers: Struggling Amid Market Fluctuations

Metaplanet (MTPLF) holds 30,823 BTC, but its shares have plummeted from $13 to $2.8—a staggering decline of 78%.
Trump Media & Technology Group (DJT), which begun its accumulation of 15,000 BTC in May 2025, encountered a drop from $21.33 to $15.78 (-26%).
Block Inc. (XYZ) holds 8,692 BTC and has fallen to $75 from $170 due to broader payment sector issues.

BTC treasury companies with negative returns. Source: BitcoinTreasuries.net/Cointelegraph

GD Culture Group (GDC) started its BTC accumulation on September 17, 2025, but has since seen a 37% value reduction post a speculative rise. Twenty-One (XXI), with holdings of 43,514 BTC, displays a modest 22% uptick.

Overall Overview on Treasury Companies

Among the top 20 public BTC holders, 11 companies show consistent performance driven by their Bitcoin holdings, achieving an average of 286% gains since their adoption compared to a modest 45% among competitors reliant on traditional business models. The 2025 framework highlights that simply acquiring Bitcoin is not enough to guarantee success; rather, those entities that blend Bitcoin accumulation with disciplined operational practices will likely reap greater rewards.