Ten public companies now hold more than 1 million bitcoin between them, and the gap between the winners and losers on Wall Street has never been wider.
Key Takeaways
Strategy leads all public companies with 843,775 BTC, worth about $58 billion as of July 25, 2026.Riot Platforms stock gained 73% YTD in 2026 while Twenty One Capital’s shares fell 47.9%.SpaceX went public on Nasdaq June 12, 2026, and SPCX shares have fallen 15% below the $135 IPO price.But the size of a company’s bitcoin stack and the direction of its stock price have split into two very different stories in 2026. Miners are rallying. Treasury companies are getting punished.
The Top 10 Corporate Bitcoin Holders Strategy (MSTR): 843,775 BTC Twenty One Capital (XXI): 43,514 BTC Metaplanet (MPJPY): 43,000 BTC Mara Holdings (MARA): 36,303 BTC Bullish (BLSH): 24,300 BTC Strive (ASST): 19,921 BTC SpaceX (SPCX): 18,712 BTC Coinbase Global (COIN): 16,492 BTC Riot Platforms (RIOT): 15,680 BTC Cleanspark (CLSK): 13,924 BTCLooking past the raw bitcoin totals, a clearer pattern shows up in the share prices. The companies that mine bitcoin are having a strong year. The companies that simply hold it as a treasury asset are not.
The reasons are straightforward. First, miners can accumulate bitcoin at a production cost that is often below the prevailing market price, giving them an advantage that most corporate buyers cannot match. Second, many publicly traded miners have spent the past few years building out artificial intelligence (AI) infrastructure, creating a second line of business that helps diversify revenue beyond bitcoin mining alone.
Investors appear to be rewarding companies that produce bitcoin and offer AI infrastructure over companies that simply buy and hold BTC, especially when those holding companies rely on issuing new shares or debt to keep growing their reserves. Mining companies have years of experience, and some control their own production costs. Treasury companies depend on capital markets staying open and willing to fund more purchases.
SpaceX Joins the List After a Record IPOShares fell below the IPO price by mid-July and were trading at $115 by Friday’s close on July 24, roughly 15% below the offering price and 45% to 50% off the June peak. SpaceX disclosed in its IPO filing that it held 18,712 BTC, worth about $1.45 billion at the time, a position that still ranks ahead of Coinbase, Riot Platforms and Cleanspark on the bitcoin holdings list even as the stock itself has cooled sharply since its debut.
A Tokyo Hotel Company Turned Bitcoin Treasury How the Playbook SpreadStrategy’s approach did not stay unique for long. Once Saylor showed that a public company could raise capital specifically to buy bitcoin and watch its stock trade at a premium to those holdings, other companies followed. Some, like Metaplanet and Twenty One Capital, built entire business models around the same idea. Others, like the mining companies on this list, added bitcoin purchases on top of businesses that already produced the asset. That difference in starting point helps explain why the group has split so sharply into winners and losers this year, even though every company on the list is exposed to the same underlying bitcoin price.
What This Means Going ForwardThe split between miners and treasury companies is likely to keep shaping how investors approach bitcoin-linked stocks for the rest of 2026. A company that mines its own bitcoin controls its production costs and can expand capacity when conditions favor it. A company that only buys bitcoin depends on capital markets staying open to it, and that access can tighten quickly when a stock price falls and dilution risk grows.
Whether that risk pays off will keep coming down to the same divide separating this list today, between companies that make bitcoin and companies that just buy it.
