A Bitcoin treasury company is a listed business that holds part or all of its corporate reserves in BTC with the intent to keep them — the corporate face of corporate Bitcoin treasury. In 2026 there are more than fifty companies listed across fifteen countries that meet that test, and their aggregate balance exceeds 1.1 million BTC: around 5.5% of total supply. This pillar gathers the full list, categorises it by business model and geography, and proposes criteria for judging which are worth following.
The live list, with holdings and mNAV updated at each session's close, lives in the treasuries directory. To pit them against each other one by one, see the treasury comparisons (MSTR versus Metaplanet, Twenty One and the spot ETFs). This article is the editorial complement: the panorama, an annotated ranking and analysis by category.
The state of the market in 2026
The number of Bitcoin treasuries keeps growing, though most corporate holdings concentrate in a handful of companies. Strategy (formerly MicroStrategy) alone exceeds 818,000 BTC. The next four — Twenty One, Metaplanet, MARA Holdings and Bitcoin Standard Treasury — together hold close to 149,000 BTC. The following sixteen add roughly 120,000 BTC more. The rest of the list, thirty-odd small companies, contributes under 30,000 BTC to the total.
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 almost zero. Twenty One was born as 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.
Geography has diversified too. The United States still dominates by market cap, but Japanese treasuries (Metaplanet, Nexon, Boyaa) have gone from curiosity to recognised category. Europe enters with Capital B from France and Aker/Seetee from Norway. Australia, Singapore and Canada complete the map.
Top 10 by BTC holdings
Figures as of mid-2026. The live number for each treasury updates on its directory page.
1. Strategy (MSTR) — 818,869 BTC. The pioneer and the largest. Its balance equals roughly 4% of total Bitcoin supply. It runs four preferred series (STRK, STRF, STRC, STRD) plus convertible debt and common-equity raises.
2. Twenty One (XXI) — 43,514 BTC. A SPAC founded in 2025 with the sole purpose of accumulating BTC. Clean capital structure, no inherited liabilities, dedicated governance.
3. Metaplanet (3350.T) — 40,177 BTC. Asia's leader. Listed on the Tokyo Stock Exchange. A pure Japanese treasury raising capital in JPY.
4. MARA Holdings (MARA) — 35,303 BTC. A Bitcoin miner that retains a significant share of production on the balance sheet. Exposed to a double vector: BTC price and mining operating margin.
5. Bitcoin Standard Treasury (BSTR) — 30,021 BTC. A pure Bitcoin-native treasury led by Adam Back (Blockstream Capital), going public via merger with Cantor Equity Partners. It launched with over 30,000 BTC, entering the top five by holdings directly.
6. Galaxy Digital (GLXY) — 25,723 BTC. A crypto-native asset manager with its own BTC balance. Combines asset-price exposure with services and trading revenue.
7. Bullish (BLSH) — 23,300 BTC. An institutional exchange operator with a BTC treasury balance.
8. Riot Platforms (RIOT) — 15,680 BTC. A US miner with a declared HODL policy.
9. Strive (ASST) — 14,557 BTC. A pure treasury after the 2025 merger with Asset Entities, backed by Vivek Ramaswamy's asset manager. It also issues its SATA preferred share, with a reference yield around 13%.
10. Hut 8 (HUT) — 13,696 BTC. A Canadian miner with one of the highest BTC-retained-vs-sold ratios in the sector.
Strategy concentrates around 77% of the combined balance of the top ten. The gap between first and second place (more than twentyfold) captures the sector's asymmetry: there is one treasury, and then there are the others.
Three treasury models
The companies on the list operate with different logics. At SatsIntel we distinguish three models, each with its own risk profile.
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 the ability to issue new capital at a premium to NAV. They amplify BTC moves in both directions. Key indicators to watch: mNAV and BTC Yield.
Miners with retained BTC. MARA, Riot, Hut 8, CleanSpark, Iris Energy, Bitfarms. The BTC balance grows with each block mined, but the company also has significant operating costs (electricity, hardware, maintenance) that can force sales in bear markets. Key indicator: the BTC-retained vs BTC-sold ratio per quarter, plus energy efficiency in J/TH.
Operating businesses with BTC on the balance sheet. Tesla, Block, Coinbase, Trump Media, Semler Scientific. The core business is something else — cars, payments, an exchange, media, medical devices — but part of the balance sheet is reserved in BTC. The exposure is cushioned by the core business cash flows. BTC tends to be a tactical position rather than a strategic one.
To these three add an emerging category: sovereign treasuries. El Salvador was the pioneer in 2021; other states have followed with quieter programmes. They do not list, but they count in the global tally of institutionally held supply.
Emerging treasuries to watch in 2026
Below the top 10, several companies have activated accumulation policies that within 12–18 months could move them into the mid-range of the list. Worth watching: Capital B (France), DeFi Technologies (Canada), Aker ASA / Seetee (Norway), Boyaa Interactive (Hong Kong), Nexon (Japan) and Phoenix Group Holdings (UAE).
The criterion to watch is not just the amount of BTC: communication discipline (regular holdings reports, capital-raising policy) and governance structure matter. Small figures with discipline are a better signal than large figures with no declared policy.
How to evaluate a treasury to invest
Before taking exposure to a specific treasury, cross at least four variables.
1. Current mNAV vs the company's own historical mNAV. A high-mNAV treasury can issue capital accretively; one below 1 trades at a discount to its BTC. Always compare against the company's own history, not across different companies. Full detail in the mNAV pillar.
2. Trailing-12-month BTC Yield. Measures the real ability to grow BTC per diluted share. A treasury with negative BTC Yield destroys value per share even if 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 sensitivity to a closed capital market. The stress test computes the BTC price at which each treasury would run out of room.
4. Communication discipline. Treasuries that report holdings every quarter, announce purchases with average price and publish native metrics build credibility. Those that report late or in aggregate erode the premium the market can pay.
Combining the four filters the noise. Treasuries with good mNAV but negative BTC Yield, or a large balance but fragile refinancing, are common traps.
Conclusion
The Bitcoin treasury sector is no longer a speculative category. In 2026, fifty companies across fifteen countries manage more than 1.1 million BTC on corporate balance sheets. Strategy dominates by scale, but the ecosystem has diversified across models (pure, miners, operating) and geographies. For the investor seeking Bitcoin exposure through listed equity, the menu is reasonably broad and the accounting frameworks are clear enough.
The next step depends on your entry level. To start, the directory of companies holding BTC offers 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 evaluate a specific treasury, the mNAV calculator and the stress test offer actionable tools.
