Bitcoin Treasury Holdings: Top 100 Public Companies Control 1.13M BTC

• Top 100 public firms hold 1,133,469 BTC, representing 5.4% of Bitcoin’s 21M max supply.
• Strategy (MSTR) dominates with 713,502 BTC, accounting for 62.9% of all BTC held by the top 100.
• Other major holders include MARA (53,250 BTC), Twenty One Capital (43,514 BTC), Metaplanet (35,102 BTC), and Bitcoin Standard Treasury Co. (30,021 BTC).
• Top 10 companies control 85.5% of total public-company BTC holdings, highlighting heavy concentration risk.
• Mining companies (MARA, Riot, Hut 8, CleanSpark) feature prominently, often holding mined BTC long-term.
• The US dominates with 71 of the top 100 companies, followed by Canada and Asia (Japan, Hong Kong).
• Holdings outside the top 100 total just 2,740 BTC, showing adoption is still limited to large firms.

Takeaway: Corporate Bitcoin adoption is real, but highly concentrated, decisions by a few players can materially impact the market.