Publicly listed companies continue to reshape corporate treasury management through large-scale Bitcoin reserves, collectively holding 1,045,887 BTC valued at roughly $110 billion as of Oct. 17. The approach, first introduced by Strategy Inc. (formerly MicroStrategy), uses corporate balance sheets to accumulate Bitcoin as a hedge against inflation and fiat currency risks. However, despite adopting similar philosophies, company performances have varied significantly, revealing who truly gained from embracing the “Bitcoin standard.”

Bitcoin as a treasury asset

An analysis of the top 20 public companies holding over 5,000 BTC each found that these firms together control 4.9% of Bitcoin’s circulating supply, spanning industries such as mining, fintech, and media.

Strategy Inc. remains the largest holder with 640,250 BTC, having started its purchases on Aug. 11, 2020, when shares traded at $13.49. Now priced at $284, its stock has surged more than 2,000%, far exceeding Bitcoin’s 900% gain over the same period. The company has evolved into a de facto “Bitcoin proxy,” with a market capitalization of $83 billion, even after retreating 45% from its 2024 peak.

Riot Platforms follows with 19,287 BTC, seeing a 510% share increase since early 2020, while CleanSpark gained 285% since June 2023, driven by strong mining efficiency. Marathon Digital’s 53,250 BTC position helped boost its shares 135%, underpinned by solid 2024 revenues of $376.7 million. Similarly, Hut 8 Mining has seen steady growth of 173%, and newcomers like Bullish (+55%) and Coinbase (+22%) benefited from improved market sentiment and broader adoption.

Mixed outcomes among new entrants

Other participants such as Cango Inc. and Semler Scientific showed smaller gains or remained near breakeven, suggesting that the timing and integration of Bitcoin into business operations play a key role in performance. Semler’s merger with Strive in 2025 reinforced its position as a BTC-aligned health-tech company, despite minimal short-term price movement.

Conversely, Metaplanet, sometimes referred to as “Asia’s Strategy,” has seen its shares fall 78%, now trading below its $3.4 billion Bitcoin net asset value. Trump Media & Technology Group, holding 15,000 BTC, dropped 26%, while Block Inc., with 8,692 BTC, has fallen 55% due to weakness in the payments sector. Other companies like GD Culture Group also posted double-digit losses after initial speculative rallies.

Bitcoin holdings alone don’t guarantee success

Out of the top 20 firms analyzed, 11 demonstrated Bitcoin-driven growth, averaging 286% returns since their accumulation began, compared to 45% among those whose valuations remain tied to traditional operations. Miners and early adopters with strong operational models have clearly outperformed.

The broader takeaway is that simply holding Bitcoin is not enough to ensure profitability. Sustainable success lies with companies that combine strategic accumulation with operational efficiency and disciplined risk management — transforming Bitcoin exposure into a long-term advantage rather than a speculative gamble.

Sources:

https://cointelegraph.com/news/public-companies-hold-dollar110b-btc-but-which-are-profiting-from-the-bitcoin-standard

https://bitcointreasuries.net/