Crypto Stocks: Top Public Companies With High Exposure to Bitcoin & Blockchain

Traditional investors have been debating the best approach to get exposure to Bitcoin for decades. While some prefer indirect exposure through publicly traded companies whose business strategies or balance sheets are linked to the cryptocurrency, others prefer direct ownership, holding Bitcoin altogether in a wallet.

Owning Bitcoin directly entails possessing the asset itself. Price growth obviously benefits investors, but they also have to deal with custody, security, and legal issues. Crypto stocks, on the other hand, represent equity ownership in businesses whose valuations often significantly impact Bitcoin. These companies might mine Bitcoin as part of their business, hold it as a treasury asset, or make money through trading, custody, or blockchain infrastructure.

Bitcoin is currently held in large quantities by an increasing number of publicly traded enterprises in the domains of technology, mining, financial services, and exchange infrastructure.

Currently, investors seeking exposure to digital assets in regulated equity markets have discovered Bitcoin-related equities, also referred to as “crypto stocks,” as an alternative avenue.

Bitcoin, blockchain technology, or the broader cryptocurrency ecosystem profoundly influence the valuations of cryptocurrency stocks, which are publicly traded entities. This influence can arise through several models:

• Bitcoin treasury strategies, where companies hold large amounts of BTC on their balance sheets
• Mining operations, where firms generate Bitcoin through proof-of-work infrastructure
• Exchange and infrastructure businesses, where revenue is linked to trading activities, custody, or blockchain services.

Compared to direct Bitcoin ownership, these equities incorporate operational, regulatory, and execution risks, as well as exposure to Bitcoin price fluctuations. Nonetheless, they provide liquidity, familiarity, and regulatory transparency for conventional market participants.

The article provides a comprehensive analysis of the 10 publicly traded corporations with the most significant exposure to Bitcoin, based on their disclosed holdings and market indicators.

Top 10 Public Companies With High Bitcoin Exposure

1. Strategy (MSTR)- U.S

Bitcoin Held: 709,715 BTC

Bitcoin Value: ~$62.18 billion

Strategy (Nasdaq: MSTR) is widely recognized as the world's first and largest Bitcoin treasury company. 

Before its most recent acquisition, Strategy held 687,410 BTC. Despite a nearly 60% decline from prior highs, the company proceeded with a $2 billion Bitcoin purchase on January 20, increasing its holdings to 709,715 BTC. This move reinforced Strategy's long-standing conviction that Bitcoin represents a superior long-term store of value compared to traditional cash reserves.

2. MARA Holdings, Inc. (MARA)-  U.S

Bitcoin Held: 53,250 BTC

Bitcoin Value: ~$4.68 billion

mNAV: 1.06

MARA Holdings is the largest Bitcoin holder among publicly traded mining companies. Mining output primarily drives MARA's Bitcoin accumulation, unlike treasury-focused firms. Over time, the company has shifted toward retaining a greater portion of its mined Bitcoin rather than liquidating it to fund operations.

MARA has held Bitcoin since December 31, 2020, steadily building one of the most significant BTC balances in the mining sector.

3. Twenty One Capital (XXI)-U.S

Bitcoin Held: 43,514 BTC

Bitcoin Value: ~$3.82 billion

mNAV: 0.76

Twenty One Capital is a Bitcoin-centric treasury firm established to acquire and retain Bitcoin. In contrast to miners, the corporation does not depend on operational production to expand its assets. Instead, its strategy focuses on capital allocation and the long-term accumulation of BTC.

With an mNAV well below 1, Twenty One Capital trades at a discount to the value of its Bitcoin reserves. This implies that the market currently values the company below the net worth of its BTC holdings.

The company has held Bitcoin since May 9, 2025.

4. Metaplanet Inc. (MTPLF) – Japan

Bitcoin Held: 35,102 BTC

Bitcoin Value: ~$3.07 billion

mNAV: 1.51

Metaplanet stands out as one of the most prominent non-U.S. Bitcoin treasury companies. Based in Japan, the firm has positioned Bitcoin as a core strategic asset rather than a speculative investment.

Metaplanet has held Bitcoin since April 23, 2024. With an mNAV above 1, the market assigns a premium to its Bitcoin holdings, potentially reflecting optimism about its management strategy, geographic positioning, or regulatory environment.

5. Bitcoin Standard Treasury Company (CEPO)- U.S

Bitcoin Held: 30,021 BTC

Bitcoin Value: ~$2.70 billion

mNAV: 0.10

CEPO is among the most extreme valuation cases among Bitcoin-linked equities. An mNAV of 0.10 indicates that the market values the company at only 10% of the net worth of its Bitcoin holdings.

The firm began holding Bitcoin on July 22, 2025. Such a deep discount may reflect concerns about corporate structure, liquidity constraints, governance, or investor confidence. Nonetheless, CEPO illustrates how market sentiment can diverge sharply from an asset's underlying value.

6. Bullish (BLSH) – U.S

Bitcoin Held: 24,300 BTC

Bitcoin Value: ~$2.17 billion

mNAV: 2.35

Bullish is a publicly listed global cryptocurrency exchange that combines Bitcoin holdings with active trading and infrastructure services. Unlike pure treasury companies, Bullish derives value from multiple revenue streams, including liquidity provision, platform growth, and transaction processing.

The company has held Bitcoin since August 13, 2025. Its elevated mNAV suggests that investors are pricing in future growth expectations, operational leverage, and the strategic value of its exchange infrastructure alongside its Bitcoin reserves.

7. Riot Platforms, Inc. (RIOT) — United States

Bitcoin Held: 18,005 BTC

Bitcoin Value: ~$1.60 billion

mNAV: 4.87

Riot Platforms is one of the largest publicly traded Bitcoin mining companies in the United States. Riot Platforms centers its business model on industrial-scale mining operations, bolstered by significant energy and infrastructure investments.

Riot has held Bitcoin since January 1, 2020. Its high mNAV reflects strong investor confidence in its operational scale, efficiency, and long-term mining economics, rather than a simple valuation of its BTC holdings alone.

8. Coinbase Global, Inc. (COIN) -U.S

Bitcoin Held: 14,548 BTC

Bitcoin Value: ~$1.30 billion

mNAV: 49.49

Founded in 2012, Coinbase has grown into one of the world's leading digital asset exchanges. The company provides services for buying, selling, storing, and securing cryptocurrencies for both retail and institutional clients.

Coinbase generates revenue primarily through transaction fees, subscriptions, and custody solutions. While it holds Bitcoin on its balance sheet, its valuation is driven far more by platform adoption, regulatory positioning, and market activity than by BTC reserves alone.

Since December 31, 2020, Coinbase has been holding Bitcoin.

9. Hut 8 Mining Corp (HUT)- U.S

Bitcoin Held: 13,696 BTC

Bitcoin Value: ~$1.22 billion

mNAV: 5.74

Hut 8 merges high-performance computing and data center services with Bitcoin mining. To maximize production efficiency, the company uses smart energy agreements and cutting-edge mining technologies.

Hut 8 has held Bitcoin since December 31, 2017, making it one of the earliest publicly traded miners to adopt Bitcoin. Its valuation reflects both Bitcoin exposure and diversification into digital infrastructure services.

10. CleanSpark, Inc. (CLSK) – United States

Bitcoin Held: 13,099 BTC

Bitcoin Value: ~$1.17 billion

mNAV: 3.59

CleanSpark focuses on energy-efficient Bitcoin mining and grid optimization. The company emphasizes sustainability and operational efficiency, positioning itself as a long-term participant in the mining ecosystem.

CleanSpark began holding Bitcoin on September 14, 2022. Its valuation reflects optimism around disciplined capital deployment, energy strategy, and scalability in a competitive mining landscape.

 

As institutional acceptance of Bitcoin grows, the number of Bitcoin-linked shares in conventional portfolios is expected to increase. Investors assessing these prospects within regulated marketplaces need to understand how each company integrates Bitcoin into its plan.