Public Companies Now Hold Over 688K BTC, Signaling Record Institutional Bitcoin Adoption

Bitcoin adoption by public companies has reached an all-time high, according to a new report from Bitwise. In Q1 2025, publicly traded firms now hold a combined over 688,000 BTC, up 16.11% quarter over quarter, representing 3.28% of Bitcoin’s fixed 21 million supply.

This corporate treasure trove is valued at over $57 billion, based on a Bitcoin price of $82,445, reflecting a 2.15% increase in total value from the previous quarter. The number of public companies with Bitcoin on their balance sheets has also grown to 79, a 17.91% quarterly increase, with 12 new companies joining the list.

Bitwise attributes the uptick in adoption to several key developments, most notably the Financial Accounting Standards Board (FASB) rule allowing companies to report Bitcoin at fair market value. This accounting shift has eliminated a major friction point for CFOs and boards, paving the way for more companies to easily adopt BTC as a reserve asset.

MicroStrategy—now rebranded as Strategy—continues to lead the charge, purchasing $7.7 billion worth of Bitcoin in Q1 and increasing its total holdings to 531,644 BTC after an buy of 3,459 BTC worth $285.8 million earlier this week.

Other notable top Bitcoin holders include MARA Holdings (47,531 BTC), Riot Platforms (19,223 BTC), CleanSpark (11,869 BTC), and Tesla (11,509 BTC).

Japanese firm Metaplanet announced plans to acquire 10,000 BTC by the end of 2025, while Semler Scientific added 1,100+ BTC to its balance sheet and filed this week to raise $500 million to buy more. “We have reached a settlement in principle, EXCITED TO BUY MORE BTC!” Chairman Eric Semler on X. In a recent with Bitcoin Magazine, he added: “We own a lot of #Bitcoin and that Bitcoin appreciates. What matters most is that we create shareholder value… We’re early in accumulating Bitcoin, and we’re gonna continue to do that.”

Meanwhile, GameStop is holding $1.5 billion in newly funds under the codename Project Rocket to invest in Bitcoin, adding to its $4.75 billion cash reserves. Though they have yet to deploy the funds, their participation may further fuel corporate demand in coming quarters.

With 95,431 BTC purchased in Q1 alone, the report suggests this momentum is only building.