A Bitcoin treasury company is a listed business that holds part or all of its corporate reserves in BTC with the intention of keeping them — the corporate face of the Bitcoin treasury. As of September 13, 2026 there are 179 listed companies across 30 countries that meet that test, and their combined balance sheets hold 1,288,519 BTC: around 6.1% of all the Bitcoin that will ever exist, worth $99 billion. This pillar gathers the full list, sorts it by business model and geography, and sets out criteria for judging which names are worth following.
The figures in this article come from the dataset SatsIntel refreshes daily and reconciles against company filings, so they do not go stale: when the dataset moves, the text moves with it. The live list, with holdings and mNAVmNAVMultiple on Net Asset Value: how a treasury company trades relative to its BTC.View term → at each session's close, sits in the Bitcoin treasury directory. To set them against each other one by one, see the Bitcoin treasury comparisons (MSTR against Metaplanet, Twenty One and the spot ETFs). This article is the editorial complement: the landscape, an annotated ranking and analysis by category.
How many Bitcoin treasury companies there are
179 listed companies now report Bitcoin on the balance sheet, spread across 30 countries. Alongside them sit private firms that publish no metrics — in Spain, Standard 21 — and sovereign states running their own reserves, such as El Salvador and Bhutan, which do not trade but do count towards the Bitcoin removed from effective circulation.
The census keeps growing; the balance does not spread. 1,288,519 BTC sounds like a great deal until you look at the distribution. Strategy alone holds 65.6% of the total. The five largest, 77.4%. The remaining hundred and seventy-odd divide up what is left. That asymmetry is the most important number in the sector, and it is worth carrying into any ranking: there is one treasury companyCorporate TreasuryA company that adopts Bitcoin as a primary or significant balance-sheet asset.View term →, there is a handful of mid-sized ones, and there is a very long tail of firms with token positions.
The concentration has a practical explanation: the model scales better the earlier you enter. Strategy has been accumulating since August 2020 with every capital-raising tool available. Metaplanet opened the Asian offensive in 2024 from close to zero. Twenty One was born a Bitcoin-native SPAC in 2025. Every new treasury enters a market where the first mover already enjoys a balance-sheet lead the second can rarely close.
Top 10 by BTC holdings
Holdings as of September 13, 2026. The order shifts with every purchase: the live ranking, with mNAV and share price for each name, sits in the directory.
1. Strategy (MSTR) — 845,050 BTC. The pioneer and the largest. Its balance sheet equals roughly 4% of total Bitcoin supply and 65.6% of all corporate Bitcoin. It runs four preferred series (STRK, STRF, STRC, STRD) alongside convertible debtConvertible DebtA bond that can be converted into common shares under certain conditions.View term → and common-equity raises. Full detail in how many bitcoin Strategy holds.
2. Twenty One (XXI) — 43,514 BTC. A SPAC founded in 2025 for the sole purpose of accumulating BTC. Clean capital structureCapital StructureThe mix of debt, preferred stock and common equity that funds a company.View term →, no inherited liabilities, dedicated governance.
3. Metaplanet (3350.T) — 43,000 BTC. Asia's leader, listed on the Tokyo Stock Exchange. A pure Japanese treasury raising capital in yen.
4. MARA Holdings (MARA) — 35,303 BTC. A Bitcoin miner that retains a significant share of production on the balance sheet. Exposed on two vectors at once: the BTC price and the operating margin of mining.
5. Bitcoin Standard Treasury (BSTR) — 30,021 BTC. A pure Bitcoin-native treasury led by Adam Back (Blockstream Capital). It launched with more than 30,000 BTC, entering the top five by holdings on day one.
6. Galaxy Digital (GLXY) — 25,723 BTC. A crypto-native asset manager with a BTC balance of its own. Combines exposure to the underlying with services and trading revenue.
7. Bullish (BLSH) — 23,300 BTC. An institutional exchange operator carrying a BTC treasury balance.
8. Strive (ASST) — 24,530 BTC. A pure treasury following the 2025 merger with Asset Entities, backed by Vivek Ramaswamy's asset manager. It also issues its SATA preferred.
9. Riot Platforms (RIOT) — 15,680 BTC. A US miner with a declared HODL policy.
10. Hut 8 (HUT) — 13,696 BTC. A Canadian miner with one of the highest BTC-retained-versus-sold ratios in the sector.
Just below the cut sit CleanSpark (13,470 BTC), Tesla (11,509 BTC) and Trump Media (9,542 BTC), along with Coinbase, which keeps a treasury position of its own quite apart from the Bitcoin it custodies for clients.
The distance between first and second place — more than twentyfold — captures the shape of the sector: there is one treasury company, and then there are the rest.
Three treasury models
The companies on the list run on different logics. At SatsIntel we separate three models, each with a risk profile of its own.
Pure treasuries. Companies whose primary business is accumulating and custodying BTC: Strategy, Twenty One, Metaplanet, Bitcoin Standard Treasury, Strive. Equity value depends almost entirely on the Bitcoin held and on the ability to issue new capital at a premium to NAVNAVNet Asset Value: the net value of the assets of a fund, ETF or treasury company. In Bitcoin terms, the BTC on the balance sheet multiplied by its market price.View term →. They amplify moves in BTC in both directions: as Bitcoin approaches its all-time high, the NAV of the reserve jumps and the market tends to pay a higher mNAV; in drawdowns, the mechanism runs in reverse. Key indicators to watch: mNAV and BTC YieldBTC YieldTreasury performance metric: the change in BTC per fully diluted share.View term →.
Miners with retained BTC. MARA, Riot, Hut 8, CleanSpark, Cipher, Bitfarms. The BTC balance grows with every block mined, but the company also carries significant operating costs — electricity, hardware, maintenance — that can force selling in bear markets. Key indicator: the ratio of BTC retained to BTC sold each quarter, alongside energy efficiency in J/TH.
Operating businesses with BTC on the balance sheet. Tesla, Block (XYZ), Coinbase, Trump Media, Nexon. The core business is something else — cars, payments, an exchange, media, video games — but part of the balance sheet is held in BTC. Cash flows from the core business cushion the exposure. BTC here is usually a tactical position rather than a strategic one.
To those three add an emerging category: sovereign treasuries. El Salvador was the pioneer in 2021; Bhutan accumulates from its hydro-powered mining. They do not list, but they count in the global tally of supply in institutional hands.
Bitcoin treasury companies by country
The geographic split explains why this is not a US category with a few exceptions, but a global phenomenon with a very pronounced centre of gravity.
United States — 59 companies, 1,118,510 BTC (86.8% of the total). It dominates without argument, and not only because of Strategy: MARA, Bitcoin Standard Treasury, Riot, CleanSpark, Coinbase, Strive, Trump Media, Tesla, Block, Empery Digital, Cipher Mining and a couple of dozen more. The accounting framework (FASBFASB (Bitcoin Accounting)The U.S. accounting standard requiring Bitcoin to be measured at fair value, with gains and losses recognized in earnings.View term → 350-60, which has allowed BTC to be carried at fair valueFair ValueAccounting valuation of an asset at real-time market price.View term → since 2025) and regulatory clarity explain much of the advantage.
Japan — 14 companies, 48,943 BTC. Metaplanet at the front, Nexon as the second familiar name, and a dozen small listed firms that have copied the model since 2025. It is the world's second market for corporate Bitcoin.
Canada — 25 companies, 46,562 BTC. Galaxy Digital, Hut 8, HIVE, Bitfarms, DeFi Technologies. A permissive TSX and TSXV framework and a long-standing mining ecosystem.
China and Hong Kong — 11 and 6 companies. Boyaa Interactive and DDC Enterprise are the reference names, joined by a cluster of listed firms that entered in 2026.
Europe — 34 companies, 10,786 BTC. The continent already contributes a fifth of the census by company count but only 0.8% of the Bitcoin: many treasuries, all of them small. The United Kingdom (10), Sweden (7), Norway (4), Germany (3) and France (3) hold the bulk, with Capital B and Aker/Seetee the names carrying their own directory pages.
Spain — 1 listed company, 223 BTC. Vanadi Coffee (VANA.MC, BME Growth) is the only Spanish listed company with Bitcoin declared on the balance sheet. On the private side, Standard 21 is the first Spanish-born treasury company, though it publishes no metrics. For investors buying foreign treasuries from Spain, the guide to investing in Bitcoin treasury stocks covers the PRIIPs regime and the brokers that provide access.
Latin America. OranjeBTC (Brazil), Meliuz, Mercado Libre and Murano (Mexico) make up a map that has been redrawn entirely in eighteen months. The full picture is in the analysis of Bitcoin treasuries in Latin America.
Geographic diversification reduces idiosyncratic regulatory risk: a tax change in one country does not destroy the global category. But census should not be confused with balance: 86.8% of corporate Bitcoin still sits with US companies.
Emerging treasuries to watch
Below the top 10, several companies have switched on accumulation policies that within twelve to eighteen months could carry them into the middle of the list.
Capital B (ALCPB.PA, France) — 3,145 BTC. A pure European treasury, growing quarter after quarter since its 2024 pivot. The first Paris-listed case with capital raised specifically for BTC.
Boyaa Interactive (2340.HK) — 4,091 BTC. A gaming company that pivoted to a BTC treasury in 2024. The first meaningful Chinese listed treasury.
Empery Digital (EMPD) — 2,914 BTC. A pure US treasury from the newer cohort.
DDC Enterprise (DDC) — 2,899 BTC. An Asian food business turned treasury company, listed in New York.
Nexon (3659.T, Japan) — 1,717 BTC. Japanese gaming with a BTC balance that complements Metaplanet's within the same market.
Aker ASA / Seetee (AKER.OL, Norway) — 754 BTC. An industrial conglomerate with a dedicated BTC arm. A modest balance, but backed by a solvent parent.
The test for what to watch is not the quantity of BTC alone: communication discipline (regular holdings reports, a stated capital-raising policy) and governance structure matter as much. Small numbers with discipline are a better signal than large numbers with no declared policy.
How to evaluate a treasury company before investing
Before taking exposure to any single treasury, cross-check at least four variables.
1. Current mNAV against the company's own mNAV history. A treasury trading at a high mNAV can issue equity accretively. One below 1 trades at a discount to its own BTC. Always read it against the company's own time series, not against other companies. Full detail in the mNAV pillar.
2. Trailing-twelve-month BTC Yield. It measures the real ability to grow BTC per fully diluted share. A treasury with negative BTC Yield destroys value per share even while its BTC balance grows. Deep dive in the BTC Yield pillar.
3. Capital structure and maturities. Leveraged treasuries — convertible debt, fixed-dividend preferreds — live or die by refinancing. Check the maturity calendar and the sensitivity to a capital market that closes. The stress test computes the BTC price at which each treasury runs out of room, and the analysis of whether a treasury can be forced to sell shows where the real line sits.
4. Communication discipline. Treasuries that report holdings every quarter, announce purchases with an average price and publish their own metrics build credibility. Those that report late, or only in aggregate, erode the premium the market is willing to pay.
Combining the four filters out the noise. Treasuries with a healthy mNAV but negative BTC Yield, or a large balance but fragile refinancing, are the common traps.
Conclusion
The Bitcoin treasury sector is no longer a speculative category. As of September 13, 2026, 179 listed companies across 30 countries manage 1,288,519 BTC on corporate balance sheets. Strategy dominates on scale — 65.6% of the total on its own — but the ecosystem has diversified across models (pure, miners, operating) and across geographies. For an investor seeking Bitcoin exposure through listed equity, the menu is broad and the accounting frameworks are clear enough.
The next step depends on where you are starting. To begin, the directory of companies holding BTC carries the full list with live holdings and mNAV. To go deeper on valuation, the mNAV and BTC Yield pillars explain the two metrics that define the sector. To assess a specific name, the mNAV calculator and the stress test offer actionable tools. And if you already hold positions in one or several treasuries, the SatsIntel Portfolio consolidates your total Bitcoin exposure with weighted mNAV and BTC Yield.
Holdings, aggregates and the country split as of September 13, 2026, from the dataset SatsIntel refreshes daily and reconciles against company filings. This is educational content, not investment advice.
