A handful of familiar tickers now shape how equity investors
gain exposure to Bitcoin, with fresh data from BitcoinTreasuries.net showing
Strategy at the top of the public-company rankings and other well-known crypto
names clustering inside the top 10.
As a result, instead of investors spreading exposure across multiple crypto-linked stocks, Strategy is starting to function like a dominant, leveraged proxy for Bitcoin on its own, effectively turning what was once a multi-stock trade into one centered on a single ticker.
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While dozens of listed firms hold some BTC, trading flows
and market attention increasingly focus on a small group of recognizable brands
that combine liquidity, name recognition, and large on-balance-sheet positions.
BitcoinTreasuries data show Strategy in first place with
815,061 BTC, far ahead of the rest of the public cohort. Below Strategy, the
top 10 list features several brands that are already central to the crypto
story for different reasons.
Twenty One Capital and Japan’s Metaplanet appear as pure Bitcoin treasury names, with 43,514 BTC and 40,177 BTC respectively,
positioning themselves as specialized balance‑sheet vehicles for the asset.
MARA
Holdings and Riot Platforms, both large miners, continue to convert a growing
share of production into long-term reserves rather than selling output
immediately, using BTC balances as a form of self-hedging.
Strategy Doubles Down on Bitcoin
Coinbase stands out in this group because it combines a
prominent role as a trading venue with a meaningful corporate BTC position. Its
15,000‑plus
coins place it inside the upper tier of public holders, but its earnings still
depend more on trading and custody fees than mark‑to‑market gains on Bitcoin. That mix
makes Coinbase’s stock less of a pure BTC tracker and more of a broader bet on
crypto market activity.
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This week, Strategy has taken another big step in its Bitcoin
strategy, adding 34,164 BTC in a single week and lifting its total holdings to
815,061 BTC. The company spent about 2.54 billion dollars on the new coins at
an average price of 74,395 dollars per bitcoin, pushing its multiyear
accumulation program to a new scale.
At press time, Bitcoin was changing hands around $75,700, leaving its market capitalization just above 1.5 trillion dollars and extending a period of relatively muted, range‑bound trading.
The latest buying round confirms that MicroStrategy
continues to treat Bitcoin as its primary treasury asset. The company has now
spent roughly 61.56 billion dollars on BTC at an average cost of 75,527 dollars
per coin. It started building this position in 2020 and has turned the strategy
into a central part of how it presents itself to investors.
Strategy Funds Fresh Bitcoin Buys
MicroStrategy did not rely on existing cash to finance the
new purchases. Instead, it raised capital in the market and converted it into Bitcoin. According to the recent filing, the company generated about 2.2
billion dollars from issuing perpetual preferred shares under the STRC ticker.
It raised an additional 366 million dollars from common stock sales.
Strategy Adds $2.54B in BTC, Holdings Exceed 815K CoinsStrategy announced it has acquired 34,164 BTC for approximately $2.54 billion at an average price of $74,395 per bitcoin, bringing its total holdings to 815,061 BTC. The total acquisition cost reaching about $61.56 billion… pic.twitter.com/ztArphu1Bs
— Wu Blockchain (@WuBlockchain) April 20, 2026
This approach increases MicroStrategy’s Bitcoin exposure but
dilutes existing shareholders, who now own a company more closely tied to the
price of a single asset.
The strategy also makes the stock behave like a leveraged
way to gain Bitcoin exposure. When bitcoin rises, the scale of the holdings can
amplify gains. When bitcoin falls, the same leverage works in reverse.
Market reaction to the latest announcement was cautious.
MicroStrategy shares traded more than 2.5 percent lower in pre‑market
dealing after the disclosure. Investors continue to weigh the potential upside
of such a large Bitcoin position against the risks of heavy dependence on a
volatile asset.
This article was written by Jared Kirui at www.financemagnates.com.
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