A public company holding crypto is exactly what it sounds like. It’s a publicly owned company, which means anyone can buy shares of the company, holding some form of cryptocurrency in a wallet.
Right now, we’re in an interesting time where cryptocurrency is going through a prolonged and dramatic bear run, which is giving corporate crypto treasuries the test they have waited for. Now, the question is whether they work long-term or whether they’re just attractive during a bull run.
But in terms of why public companies hold crypto, it’s a multi-faceted approach centered on having a treasury asset, an investor-access product which they can use to send crypto to investors and shareholders, and a strategic signal.
Read on to find out more.
Why Do Public Companies Hold Crypto?
We can split the reasoning behind public companies holding crypto into three main reasons.
To use Bitcoin as a treasury reserve asset
Bitcoin is priced at $61,209, down around 53% since the record-breaking high of October 2025. Despite the bear market having a massive hit on Bitcoin, it’s still the leading cryptocurrency.
According to Bitcointreasuries.net, 198 public companies hold Bitcoin, equating to 1.268 million coins and $77.58 billion in value. That sets the asset dominance at 94.8%, proving that many public companies still see Bitcoin as a long-term store of value rather than just a speculative trade.
The main reason is simple: some companies see Bitcoin as a long-term store of value rather than just a speculative trade.
Bitcoin’s fixed supply also makes it attractive to public companies wanting exposure to a strong digital asset, with companies like Strategy, formerly MicroStrategy, describing themselves as the world’s first and largest Bitcoin treasury companies. They say it uses equity, debt financing, and operating cash flow to accumulate Bitcoin as its primary treasury reserve asset.
To create shareholder exposure to crypto
Public companies like to hold crypto to give investors and shareholders indirect exposure to cryptocurrencies such as Bitcoin or Ethereum through a listed stock.
Some investors or institutions might prefer buying shares in a regulated company with exposure to crypto rather than the direct crypto investment route through wallets, exchanges, or direct crypto custody.
According to Strategy, its treasury strategy is designed to give investors numerous levels of economic exposure to Bitcoin through equity and fixed-income instruments, so it’s evidence of a public company holding crypto exactly for the reason of shareholder exposure.
To support business operations or industry positioning
Crypto-native public companies heavily rely on holding crypto because, as you can imagine, it’s directly connected to their operations. For example, mining companies, exchanges, payment firms, or blockchain infrastructure businesses all hold crypto.
MARA, for example, one of the world’s biggest corporate Bitcoin miners, reported 53,822 BTC as of December 31, 2025. That includes BTC held under its digital asset management strategy. It said the holdings strengthened liquidity and supported long-term growth.
The Benefits of Public Companies Holding Crypto
- Potential capital appreciation: It might be a bear market now, but when (or if) Bitcoin or Ethereum rises, a company’s balance sheet can grow without relying only on its core business.
- Inflation/debasement hedge narrative: Companies say Bitcoin protects against long-term fiat currency weakness.
- Investor attraction: Crypto holdings can attract more shareholders wanting digital-asset exposure through traditional stock markets.
- Liquidity options
- Brand positioning: Holding crypto can make a company look innovative.
- Treasury diversification: Crypto gives exposure to a non-traditional asset class.
- Better accounting clarity: Fair-value accounting gives investors a more current view of crypto holdings.
The Most Common Crypto Public Companies Hold
There are over 17,700 cryptocurrencies globally (Omni Calculator), but only a few are actually held by public companies.
- Bitcoin: Of course, Bitcoin is first. Despite its current struggles, it has the strongest institutional narrative. It also has the deepest liquidity, the largest market cap, and the clearest treasury reserve story. Some of the biggest holders of Bitcoin are Strategy, Twenty One Capital, Metaplanet, MARA, and Bitcoin Standard Treasury Company.
- Ethereum: Ethereum is probably always going to be second, even if it is struggling as much as Bitcoin is. CoinGecko tracks 32 institutions holding Ethereum, with total ETH treasury holdings of about 7.7 million ETH, worth around $12.7 billion. The numbers are miles off Bitcoin, but the interest is still there.
- Stablecoins: These are more common for operations than for long-term treasury. Companies use USDC, USDT, or other stablecoins for payments, settlement, liquidity, cross-border transfers, or exchange operations.
- Other tokens are usually sector-specific: Solana, BNB, XRP, or project-related tokens.
Public companies hold cryptocurrency because it benefits them. It’s as simple as that. It provides access to a digital asset for themselves and for investors/shareholders, without posing as much risk to shareholders, so it makes sense to include it as part of an asset portfolio.
If things go towards a bull run market, public companies have an excellent way to potentially generate higher long-term financial returns than traditional cash reserves.
