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Bitcoin

April

<p>If the goal is to identify the Bitcoin treasury companies most worth watching in 2026, the shortlist starts with Strategy, Metaplanet, MARA, Semler Scientific, and Nakamoto.</p>
<p>They are not interchangeable. Some are pure treasury stories. Some are miners with treasury exposure. Some are trying to turn Bitcoin holdings into a broader operating model. The more useful question is not only who holds the most BTC, but also what kind of treasury risk each company is taking to build that position.</p>
<figure class="wp-block-image aligncenter size-large"><img src="https://coincu.com/wp-content/uploads/2026/07/top-bitcoin-treasury-company-1024x575.png" alt="Top Bitcoin Treasury Companies in 2026: 5 Public Firms With the Biggest BTC Reserves">
 <figcaption>
  Top Bitcoin Treasury Companies in 2026: 5 Public Firms With the Biggest BTC Reserves
 </figcaption>
</figure>
<h2 class="wp-block-heading" id="methodology">Methodology</h2>
<p>This list is based on the latest public Bitcoin holdings we could verify directly from company disclosures, investor-relations releases, or filing-linked materials available as of July 2, 2026.</p>
<p>Three points matter before reading the table:</p>
<ul>
 <li>BTC holdings can change quickly, so this is a latest-verified list, not a live dashboard</li>
 <li>this is not a ranking of the best stock to buy</li>
 <li>holdings alone do not tell the whole story, because capital structure, dilution, mining exposure, and treasury strategy all affect risk</li>
</ul>
<p>For readers comparing public-company Bitcoin exposure with fund-based exposure, Coincu's explainer on <a href="https://coincu.com/bitcoin-spot-etf-vs-futures-etf/" rel="noopener noreferrer nofollow">Bitcoin Spot ETF vs Futures ETF</a> is a useful companion.</p>
<h2 class="wp-block-heading" id="quick-comparison">Quick Comparison</h2>
<figure class="wp-block-table">
 <table>
  <thead>
   <tr>
    <th>Company</th>
    <th>Ticker</th>
    <th>Latest verified BTC holdings</th>
    <th>Verified as of</th>
    <th>Why readers watch it</th>
    <th>Main risk</th>
   </tr>
  </thead>
  <tbody>
   <tr>
    <td>Strategy</td>
    <td>MSTR</td>
    <td>847,363 BTC</td>
    <td>June 22, 2026</td>
    <td>Largest corporate BTC reserve by far</td>
    <td>capital structure complexity and proxy-premium risk</td>
   </tr>
   <tr>
    <td>Metaplanet</td>
    <td>3350.T / MTPLF</td>
    <td>40,177 BTC</td>
    <td>March 31, 2026</td>
    <td>Fastest high-profile treasury build in Japan</td>
    <td>funding, dilution, and treasury execution risk</td>
   </tr>
   <tr>
    <td>MARA</td>
    <td>MARA</td>
    <td>35,303 BTC</td>
    <td>March 31, 2026</td>
    <td>Large miner with major BTC balance sheet</td>
    <td>mining cyclicality and active treasury management risk</td>
   </tr>
   <tr>
    <td>Semler Scientific</td>
    <td>SMLR</td>
    <td>5,021 BTC</td>
    <td>June 30, 2025</td>
    <td>Public company using BTC as primary treasury reserve asset</td>
    <td>smaller operating base relative to treasury ambition</td>
   </tr>
   <tr>
    <td>Nakamoto</td>
    <td>NAKA</td>
    <td>about 4,467 BTC</td>
    <td>June 2026</td>
    <td>Bitcoin operating company model, not just treasury accumulation</td>
    <td>leverage, refinancing, and execution risk</td>
   </tr>
  </tbody>
 </table>
</figure>
<h2 class="wp-block-heading" id="why-these-five-matter">Why These Five Matter</h2>
<p>The interesting part of this category is not just who owns Bitcoin. It is how they own it.</p>
<p>Some companies are effectively high-beta public proxies for BTC. Others combine treasury accumulation with operating businesses, capital markets activity, or mining economics. That makes "top Bitcoin treasury companies" a much better search and analysis topic than a simplistic "best Bitcoin stocks" list.</p>
<p>Coincu has already mapped the broader concentration picture in <a href="https://coincu.com/who-owns-the-most-bitcoin-updated-dec-2024/" rel="noopener noreferrer nofollow">Who Owns The Most Bitcoin?</a>. This article narrows the focus to public-company treasury exposure specifically.</p>
<h2 class="wp-block-heading" id="1-strategy">1. Strategy</h2>
<p>Strategy remains the clear leader in the category.</p>
<p>On June 22, 2026, the company said it had increased its BTC reserve to 847,363 BTC and its USD reserve to $1.4 billion. That scale makes Strategy more than a company with Bitcoin on the balance sheet. For many market participants, it is the category-defining Bitcoin treasury company.</p>
<p>Why it made the list:</p>
<ul>
 <li>largest verified BTC treasury in the public markets</li>
 <li>strongest brand association with the Bitcoin treasury model</li>
 <li>central to the public debate around leverage, proxy exposure, and corporate BTC concentration</li>
</ul>
<p>What still looks credible:</p>
<ul>
 <li>the company continues to disclose treasury activity and reserve updates in detail</li>
 <li>it has built a recognizable playbook around BTC reserve growth and capital-market structuring</li>
</ul>
<p>What remains unproven or risky:</p>
<ul>
 <li>the bigger the treasury gets, the more attention shifts toward debt, preferred securities, dilution, and balance-sheet stress scenarios</li>
 <li>Strategy is not the same thing as holding spot BTC directly</li>
</ul>
<p>For readers trying to understand why that distinction matters, Coincu's article on <a href="https://coincu.com/popular-bitcoin-etfs-exploring-the-pros-and-cons/" rel="noopener noreferrer nofollow">popular Bitcoin ETFs</a> helps frame the difference between asset exposure and wrapper risk.</p>
<p>Readers who want a broader view of how public-market Bitcoin access expanded after the ETF era can also review Coincu's overview of <a href="https://coincu.com/bitcoin-spot-etf-applications/" rel="noopener noreferrer nofollow">Bitcoin spot ETF applications</a>.</p>
<figure class="wp-block-image aligncenter size-large"><img src="https://image.thum.io/get/width/1400/https://www.strategy.com/press/strategy-increases-its-usd-reserve-to-1-4-billion-and-btc-reserve-to-847363_06-22-2026" alt="Strategy press release showing the company's BTC reserve update">
 <figcaption>
  Strategy said on June 22, 2026 that its BTC reserve had reached 847,363 BTC. Source: <a href="https://www.strategy.com/press/strategy-increases-its-usd-reserve-to-1-4-billion-and-btc-reserve-to-847363_06-22-2026" rel="noopener noreferrer nofollow">Strategy</a>.
 </figcaption>
</figure>
<h2 class="wp-block-heading" id="2-metaplanet">2. Metaplanet</h2>
<p>Metaplanet has become one of the most closely watched Bitcoin treasury stories outside the United States.</p>
<p>In a disclosure dated April 2, 2026 covering the quarter ended March 31, 2026, the company said total Bitcoin holdings had reached 40,177 BTC. That is a remarkable jump when compared with the much smaller base it held only a year earlier.</p>
<p>Why it made the list:</p>
<ul>
 <li>one of the fastest high-visibility BTC treasury expansions in the market</li>
 <li>a clear example of how the Bitcoin treasury model is spreading internationally</li>
 <li>active effort to frame Bitcoin acquisition as an integrated treasury business rather than a passive reserve</li>
</ul>
<p>What still looks credible:</p>
<ul>
 <li>the company provides unusually detailed disclosure around holdings, cost basis, BTC yield, and treasury economics</li>
</ul>
<p>What remains unproven or risky:</p>
<ul>
 <li>rapid treasury growth raises obvious questions around capital raising, dilution, and long-term sustainability</li>
 <li>the operating and financing model is more complex than a simple "buy and hold Bitcoin" story</li>
</ul>
<figure class="wp-block-image aligncenter size-large"><img src="https://image.thum.io/get/width/1400/https://metaplanet.jp/" alt="Metaplanet corporate page used as a visual placeholder for its Bitcoin treasury expansion">
 <figcaption>
  Metaplanet's March-quarter disclosure showed total Bitcoin holdings of 40,177 BTC. Source document: <a href="https://metaplanet.jp/disclosure/en/20260402T160721Z-_4_2_2026__-_Notice_of_Additional_Purchase_of_Bitcoin___2_.pdf" rel="noopener noreferrer nofollow">Metaplanet disclosure, April 2, 2026</a>.
 </figcaption>
</figure>
<h2 class="wp-block-heading" id="3-mara">3. MARA</h2>
<p>MARA remains important because it sits at the intersection of mining and treasury exposure.</p>
<p>In its May 11, 2026 quarterly filing, the company said it held approximately 35,303 BTC as of March 31, 2026, including Bitcoin under its digital asset management strategy. But the treasury story did not stop there. On March 26, 2026, MARA also said it had sold 15,133 BTC between March 4 and March 25, 2026 to help fund note repurchases.</p>
<p>That makes MARA different from a pure treasury accumulator.</p>
<p>Why it made the list:</p>
<ul>
 <li>one of the largest publicly disclosed corporate BTC positions</li>
 <li>combines mining operations with active treasury decisions</li>
 <li>offers readers a different model from Strategy-style treasury concentration</li>
</ul>
<p>What still looks credible:</p>
<ul>
 <li>large BTC holdings remain central to its public positioning</li>
 <li>the company has shown willingness to actively manage liabilities and treasury assets</li>
</ul>
<p>What remains unproven or risky:</p>
<ul>
 <li>the miner model introduces operating exposure that treasury-only companies do not carry</li>
 <li>active BTC sales can strengthen the balance sheet, but they also complicate the "never sell" narrative some investors assume</li>
</ul>
<figure class="wp-block-image aligncenter size-large"><img src="https://image.thum.io/get/width/1400/https://ir.mara.com/news-events/press-releases/detail/1418/mara-holdings-inc-announces-1-0-billion-repurchase-of-0-00-convertible-senior-notes-due-2030-and-2031-and-sale-of-15133-bitcoin" alt="MARA investor-relations page used as a visual placeholder for treasury management activity">
 <figcaption>
  MARA stands out because it combines mining exposure with active treasury management, including a disclosed sale of 15,133 BTC in March 2026 tied to note repurchases. Sources: <a href="https://ir.mara.com/sec-filings/all-sec-filings/content/0001507605-26-000016/mara-20260331.htm" rel="noopener noreferrer nofollow">MARA 10-Q</a> and <a href="https://ir.mara.com/news-events/press-releases/detail/1418/mara-holdings-inc-announces-1-0-billion-repurchase-of-0-00-convertible-senior-notes-due-2030-and-2031-and-sale-of-15133-bitcoin" rel="noopener noreferrer nofollow">MARA treasury update</a>.
 </figcaption>
</figure>
<h2 class="wp-block-heading" id="4-semler-scientific">4. Semler Scientific</h2>
<p>Semler Scientific stays on this list because it was one of the early public companies to make Bitcoin its primary treasury reserve asset in a more explicit way than many small-cap copycats.</p>
<p>In its second-quarter 2025 results, the company said it held 5,021 BTC as of June 30, 2025. Semler later said it intended to hold at least 42,000 BTC by year-end 2026, which keeps it relevant in 2026 even though the latest holdings figure we verified directly is older than some of the other names on this list.</p>
<p>Why it made the list:</p>
<ul>
 <li>one of the clearer treasury-first adoption stories among smaller public companies</li>
 <li>BTC reserve strategy sits close to the center of the company narrative</li>
</ul>
<p>What still looks credible:</p>
<ul>
 <li>management has been unusually direct about making Bitcoin part of the capital-allocation story</li>
</ul>
<p>What remains unproven or risky:</p>
<ul>
 <li>latest verified public holdings figure lags newer disclosures from some peers</li>
 <li>scaling treasury ambition faster than business scale can increase execution pressure</li>
</ul>
<h2 class="wp-block-heading" id="5-nakamoto">5. Nakamoto</h2>
<p>Nakamoto is interesting because it is trying to position itself as a Bitcoin operating company, not just a treasury headline.</p>
<p>On June 11, 2026, the company said it maintained a Bitcoin treasury position of approximately 4,467 BTC following debt reduction and refinancing transactions. That is smaller than the reserves held by Strategy, Metaplanet, or MARA, but the structure matters.</p>
<p>Why it made the list:</p>
<ul>
 <li>treasury exposure is tied to a broader Bitcoin-native operating-company identity</li>
 <li>offers a different template from both miners and classic treasury adopters</li>
</ul>
<p>What still looks credible:</p>
<ul>
 <li>management is clearly trying to build an integrated Bitcoin business model across media, asset management, and treasury activities</li>
</ul>
<p>What remains unproven or risky:</p>
<ul>
 <li>refinancing, leverage, and strategic complexity matter as much here as the BTC count itself</li>
 <li>investors are not just underwriting Bitcoin, but also execution across multiple operating lines</li>
</ul>
<h2 class="wp-block-heading" id="what-readers-should-compare-before-calling-one-best">What Readers Should Compare Before Calling One "Best"</h2>
<p>The weakest way to use a list like this is to treat it as a buy ranking.</p>
<p>The stronger way is to compare the companies across a shared frame:</p>
<ul>
 <li>how much BTC they hold</li>
 <li>how recent and transparent the disclosure is</li>
 <li>whether they are a pure treasury story or a hybrid operating model</li>
 <li>how much capital-structure risk sits underneath the treasury</li>
 <li>whether the stock is mainly a Bitcoin proxy or something more complicated</li>
</ul>
<p>This matters because treasury size alone can hide meaningful differences in risk.</p>
<h2 class="wp-block-heading" id="which-type-of-reader-each-company-may-interest">Which Type of Reader Each Company May Interest</h2>
<ul>
 <li>Strategy may interest readers looking for the most direct and most systemically important public Bitcoin treasury proxy</li>
 <li>Metaplanet may interest readers tracking fast international adoption of the treasury model</li>
 <li>MARA may interest readers who want exposure to both mining economics and BTC holdings</li>
 <li>Semler may interest readers watching smaller companies use Bitcoin as a primary reserve strategy</li>
 <li>Nakamoto may interest readers looking at companies trying to build a broader Bitcoin-native operating structure</li>
</ul>
<h2 class="wp-block-heading" id="final-takeaway">Final Takeaway</h2>
<p>If the question is simply who holds the most BTC, Strategy remains the dominant name by a huge margin.</p>
<p>But if the question is which Bitcoin treasury companies matter most to watch in 2026, the better list is broader: Strategy, Metaplanet, MARA, Semler Scientific, and Nakamoto each represent a different version of the public-market Bitcoin treasury story.</p>
<p>That is what makes this category worth following. It is no longer just about accumulation. It is about which treasury models prove durable when Bitcoin, capital markets, and corporate balance-sheet risk all begin interacting at the same time.</p>
<h2 class="wp-block-heading" id="faq">FAQ</h2>
<h3 class="wp-block-heading" id="what-is-a-bitcoin-treasury-company">What is a Bitcoin treasury company?</h3>
<p>A Bitcoin treasury company is a business that holds Bitcoin as a meaningful reserve asset on its balance sheet, often as part of a broader capital-allocation strategy.</p>
<h3 class="wp-block-heading" id="which-company-holds-the-most-bitcoin-in-2026">Which company holds the most Bitcoin in 2026?</h3>
<p>Based on the latest public disclosure we verified for this article, Strategy holds the most Bitcoin, with 847,363 BTC as of June 22, 2026.</p>
<h3 class="wp-block-heading" id="is-a-bitcoin-treasury-stock-the-same-as-owning-btc-directly">Is a Bitcoin treasury stock the same as owning BTC directly?</h3>
<p>No. Treasury stocks add company-specific risks such as dilution, debt, management execution, and operating-business exposure on top of Bitcoin price exposure.</p>
<h3 class="wp-block-heading" id="why-is-mara-different-from-strategy">Why is MARA different from Strategy?</h3>
<p>MARA combines mining operations with Bitcoin treasury exposure, while Strategy is much more closely associated with a treasury-and-capital-markets model centered on BTC accumulation.</p>
<h2 class="wp-block-heading" id="sources">Sources</h2>
<ul>
 <li>Strategy, June 22, 2026: https://www.strategy.com/press/strategy-increases-its-usd-reserve-to-1-4-billion-and-btc-reserve-to-847363_06-22-2026</li>
 <li>Metaplanet, April 2, 2026: https://metaplanet.jp/disclosure/en/20260402T160721Z-<em>4_2_2026__-_Notice_of_Additional_Purchase_of_Bitcoin___2</em>.pdf</li>
 <li>MARA 10-Q, May 11, 2026: https://ir.mara.com/sec-filings/all-sec-filings/content/0001507605-26-000016/mara-20260331.htm</li>
 <li>MARA treasury update, March 26, 2026: https://ir.mara.com/news-events/press-releases/detail/1418/mara-holdings-inc-announces-1-0-billion-repurchase-of-0-00-convertible-senior-notes-due-2030-and-2031-and-sale-of-15133-bitcoin</li>
 <li>Semler Scientific Q2 2025 results: https://ir.semlerscientific.com/node/11081/pdf</li>
 <li>Semler Scientific BTC strategy target update: https://ir.semlerscientific.com/node/10991/pdf</li>
 <li>Nakamoto capital structure update: https://nakamoto.com/updates/nakamoto-strengthens-capital-structure-through-debt-reduction-refinancing-and-share-repurchase-authorization</li>
 <li>Nakamoto dashboard: https://nakamoto.com/dashboard</li>
</ul>
<h2 class="wp-block-heading" id="disclosure">Disclosure</h2>
<p>This article is for informational purposes only and does not constitute investment advice. BTC holdings and capital structure can change quickly, so readers should verify the latest company disclosures before making any decision.</p>
<p>The post <a href="https://coincu.com/top-bitcoin-treasury-companies-2026-2/" rel="noopener noreferrer nofollow">Top Bitcoin Treasury Companies in 2026: 5 Public Firms With the Biggest BTC Reserves</a> was initially published on <a href="https://coincu.com/" rel="noopener noreferrer nofollow">Coincu</a>.</p>

Top Bitcoin Treasury Companies in 2026: 5 Public Firms With the Biggest BTC Reserves

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