The number of publicly traded companies holding Bitcoin amongst their corporate treasury reserves has grown to 148, according to research by TechGaged.
Collectively, those firms hold 1.16 billion Bitcoin, worth US$85.8bn as of mid-March. The rapid adoption demonstrates that more corporate executives have confidence that cryptocurrency is a vital complement to traditional cash reserves.
“Once viewed primarily as a speculative asset, Bitcoin is increasingly being considered by some firms as a long-term treasury reserve and macro hedge,” TechGaged’s report notes.
The researchers tallied the data using the most recent publicly available figures as of 9th March. They point out there remains a great imbalance amongst the world’s corporations in terms of who holds what proportion of Bitcoin. Nine of the ten largest holders are based in the United States. The top accumulator is still Strategy, formerly known as Microstrategy, with about 739,000 Bitcoin, a whopping 63.6% of all Bitcoin domiciled in corporate treasuries.
A distant second is MARA Holdings, at 54,000 Bitcoin. Third is XXI, with 44,000. The fourth-largest holder, Japan’s Metaplanet, carried 35,000 Bitcoin as of this month.
In the evolving treasury risk-management mix, Bitcoin is sometimes cited as a resilient holding during periods of uncertainty and global tension. That theory has been tested in the first quarter of 2026. Even in the run-up to the Iran crisis, Bitcoin slumped to as low as US$63,000, losing almost half its value in four months. It later recovered to around US$75,000, again displaying resilience. On 23rd March Bitcoin traded around US$70,400.
In recent days, some corporate holders have made it a point to trumpet the fact they are accumulating Bitcoin as a treasury holding. Others are eager to demonstrate they are not.
DDC Enterprise on 19th March announced it acquired 200 additional Bitcoin, “reflecting the company’s decision to use BTC as its primary reserve asset. DDC views Bitcoin as a long-term store of value that complements the expansion of its consumer food operations and supports its capital strategy.” The New York-based Asian cooking company says it now has 2,383 Bitcoin, with a goal of becoming a top three treasury holder.
While reporting fourth-quarter earnings on 17th March, Fold Holdings Chairman and CEO Will Reeves highlighted a refinancing, playing down any idea that Fold is focused on Bitcoin as an underlying strategy. The Arizona-based financial services company reduced its Bitcoin holding to 827, from 1,527 at the end of 2025.
“It’s a clear directive that Fold’s focus is on supporting and expanding our operations and that the company is not a digital asset treasury vehicle,” Reeves explained.
TechGaged notes Bitcoin treasury accumulation “remains heavily concentrated among a small group of companies” led by Strategy, which began its effort in 2020. The ten largest holders comprise more than 85% of the Bitcoin in corporate treasuries.
“Whether future adoption leads to a more diversified corporate ownership base, or whether a handful of conviction-driven firms continue to control the majority of corporate BTC reserves, may become one of the defining questions of Bitcoin’s next phase of institutional evolution,” TechGage predicts.
The remainder of the top ten holders include Bitcoin Standard Treasury Company, Bullish, Galaxy Digital, Riot Platforms, Coinbase Global and Hut 8 Mining.
In its own report last year, the crypto native venture fund Breed drew a distinction between firms whose original intention was to become directly involved in the blockchain ecosystem and companies that evolved from another purpose. One example is Metaplanet, which was in the hotel business in Japan. Another is Semler Scientific, which still produces medical devices but has taken the leap into a parallel crypto asset strategy.
Newcomers to the latest list of 148 demonstrate that a “long tail” of corporate adopters is forming, TechGaged notes. For smaller holders, a limited digital strategy “often represents an experimental allocation or diversification strategy rather than a core treasury asset.”
