In this article, we discuss the 10 companies hoarding bitcoin like there is no tomorrow along with the current environment around the cryptocurrency market.
Cryptocurrencies have been surging since the beginning of the year. After a small drop in January, Bitcoin has been on an upward trajectory and hasn’t looked back since. The asset is up over 141% year-to-date as of December 17 as it reached its record highs of over $108K before dropping down to nearly $107K today. President-elect Donald Trump’s win has also been significantly impactful on the asset’s price as Trump has been crypto-friendly so far, including his proposal for a “national Bitcoin stockpile.”
The New York Times reported that Eric Trump attended the Bitcoin MENA 2024 conference in Abu Dhabi, where he emphasized his family’s strong backing of cryptocurrency, alongside his father’s presidency, which he claimed would be the most “pro-crypto” in U.S. history.
The Quiet Revolution: Bitcoin’s Shift to Mainstream Finance
As Bitcoin gains traction as a reserve asset for governments and central banks, its adoption continues to grow, with institutions and corporations playing a key role in this transformation. The collaboration between traditional financial entities and established crypto companies signals a significant shift in the market.
In a CNBC interview, Alessio Quaglini, CEO and co-founder of Hex Trust, discussed the next phase of Bitcoin adoption, which will begin when governments and central banks start using Bitcoin as a reserve asset. This shift, once unthinkable, is becoming a reality as some governments already hold crypto assets, often due to enforcement actions. Quaglini believes that when governments proactively purchase Bitcoin, which has a limited supply, it will significantly transform the crypto market, surpassing the current institutional adoption phase.
He also addressed the growing competition in the crypto space, particularly from traditional financial institutions. Quaglini emphasized that while these institutions are entering the market, many prefer to collaborate with established digital asset companies rather than operate independently. This partnership trend is beneficial, as it leverages the expertise and infrastructure of digital asset firms to offer crypto services to clients.
Looking ahead to 2025, Quaglini foresees a structural shift in supply and demand driving Bitcoin’s price trend, estimating a 5-10% quarterly appreciation. Key drivers for this growth will include institutional adoption, with companies like MicroStrategy continuing to buy Bitcoin, and the addition of the company to the Nasdaq-100, which will integrate Bitcoin more deeply into mainstream finance. Quaglini views this as a major event that will open the door for digital assets to gain even broader acceptance, especially as part of corporate asset allocations.
10 Companies Buying Bitcoin Like There’s No Tomorrow
Our Methodology
For this article, we scoured the internet to find companies listed on NYSE and NASDAQ holding Bitcoin and found their total holdings through different sources, including press releases, 10-Q, 10-K, and 8-K filings. We chose 10 companies that hold the largest sum of Bitcoin and listed the stocks in ascending order of their holdings. We also mentioned the hedge fund sentiment around each stock.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
10 Companies Hoarding Bitcoin Like There’s No Tomorrow
10. Semler Scientific, Inc. (NASDAQ:SMLR)
Bitcoin Holdings: 2,084
Number of Hedge Fund Holders: 7
Semler Scientific, Inc. (NASDAQ:SMLR) develops technology solutions aimed at improving healthcare providers’ clinical efficiency and effectiveness in the U.S. The company’s offerings cater to various healthcare professionals, including cardiologists and endocrinologists, as well as insurance plans, physician groups, and other healthcare organizations.
Semler Scientific (NASDAQ:SMLR) recently announced its bitcoin (BTC) activities and holdings as of December 15, 2024. The company acquired 211 BTC for $21.5 million between December 5 and December 15, 2024, at an average price of $101,890 per bitcoin. This brings its total holdings to 2,084 BTC, acquired for $168.6 million at an average price of $80,916 per bitcoin. Additionally, Semler Scientific reported a BTC Yield of 67% from October 1 to December 15, 2024, and 92.8% from July 1 to December 15, 2024. This yield is used as a key performance indicator to assess the effectiveness of their bitcoin strategy.
9. HIVE Digital Technologies Ltd. (NASDAQ:HIVE)
Bitcoin Holdings: 2,604
Number of Hedge Fund Holders: 7
HIVE Digital Technologies Ltd. (NASDAQ:HIVE) operates in the mining and sale of digital currencies across Canada, Sweden, and Iceland. The company runs data centers for cryptocurrency mining, including Bitcoin, and offers infrastructure solutions and computational capacity to blockchain networks.
HIVE Digital (NASDAQ:HIVE) has seen significant growth, with its HODL (hold on for dear life) value increasing substantially due to the recent Bitcoin price surge. As of September 30, 2024, HIVE’s Bitcoin holdings were valued at $165 million, and by November 11, the value had risen to $226 million, reflecting a 37% increase in just six weeks. The company maintains a strong strategy of holding Bitcoin mined with green energy, which supports shareholder exposure to Bitcoin as an asset. HIVE’s continued success is also linked to its efficient operations, with plans to scale its hash rate to 12.5 exahash by mid-2025, further improving its position in the Bitcoin mining sector.
For the six months ending September 30, 2024, the company mined 789 Bitcoin, compared to 1,635 in the same period in 2023. According to the company’s FQ2 2025 report, it holds 2,604 Bitcoin, 5,746 Ethereum Classic, and $204,000 worth of other digital currencies.
8. Block, Inc. (NYSE:SQ)
Bitcoin Holdings: 8,363
Number of Hedge Fund Holders: 64
Block, Inc. (NYSE:SQ) develops platforms for commerce and financial services globally, operating through Square and Cash App. Cash App provides mobile financial tools, including peer-to-peer payments, bitcoin, stock investments, tax services, and buy now, pay later options. It also owns TBD for decentralized finance, Bitkey for Bitcoin wallets, and Spiral for open-source Bitcoin projects.
In the nine months ending September 30, Block (NYSE:SQ) generated Bitcoin revenue of $7.77 billion. Moreover, the company was safeguarding assets related to Bitcoin held for other parties worth $1.143 billion. Block holds bitcoin for two purposes: as a long-term investment and for facilitating customer transactions on Cash App. As of September 30, 2024, the company owned approximately 8,363 bitcoins, which had a total cost basis of $241.1 million. This was an increase from 8,038 bitcoins, with a total cost basis of $220.0 million, held on December 30, 2023.
7. Hut 8 Corp. (NASDAQ:HUT)
Bitcoin Holdings: 9,122
Number of Hedge Fund Holders: 22
Hut 8 Corp. (NASDAQ:HUT) is a North American company involved in energy infrastructure and Bitcoin mining. It operates through four main segments: Digital Assets Mining, Managed Services, High-Performance Computing (Colocation and Cloud), and Other. The company specializes in Bitcoin mining and offers a range of managed services, including energy infrastructure development, site design, procurement, software automation, and personnel training. It also provides services related to utilities contracts, hosting operations, energy portfolio management, and financial and safety services for digital asset mining site owners, governments, and data center developers.
In the third quarter, Hut 8 (NASDAQ:HUT) reduced its energy cost per megawatt-hour (MWh) to $28.83, marking a 33% decrease from $42.73 in the same period last year. It mined 234 Bitcoin at an average revenue of $61,025 per Bitcoin, while the cost of mining each Bitcoin was $31,482. According to its latest operational update for November 2024, the company had 9,122 BTC on its balance sheet.
6. CleanSpark, Inc. (NASDAQ:CLSK)
Bitcoin Holdings: 9,297
Number of Hedge Fund Holders: 16
CleanSpark, Inc. (NASDAQ:CLSK) is a Bitcoin mining company based in Henderson, Nevada, that operates data centers powered primarily by low-carbon energy. The company supports Bitcoin as a digital commodity and a means of financial independence.
In November 2024, CleanSpark mined 622 bitcoins, bringing its total for the year to 6,356. As of November 30, the company held 9,297 bitcoins, with 803 of them posted as collateral. The company sold 26.11 bitcoins in November at an average price of $84,356 each. Its deployed fleet totaled 195,059 miners, with a month-end operating hashrate of 33.7 exahashes per second (EH/s) and an average fleet efficiency of 19.05 joules per terahash. CleanSpark (NASDAQ:CLSK) also reported progress on new mining sites: two facilities in Clinton, Mississippi, began operations in December, and two immersion-cooled data centers are under construction in Cheyenne, Wyoming, set to add 5 EH/s.
5. Coinbase Global, Inc. (NASDAQ:COIN)
Bitcoin Holdings: 9,363
Number of Hedge Fund Holders: 42
Coinbase Global, Inc. (NASDAQ:COIN) offers financial infrastructure and technology for the global crypto economy. It provides a primary account for consumers, a marketplace for institutional crypto transactions, and tools for developers to create crypto products and securely process payments. As of September 30, the company recorded $185 billion in volume traded and $273 billion in safeguarded assets.
According to the company’s CEO, Coinbase (NASDAQ:COIN) has supported pro-crypto legislation, notably the FIT 21 bill, and is investing in advocacy efforts like FairShake and Standwithcrypto.org, which aims to mobilize millions of crypto advocates. Coinbase plans to continue supporting these initiatives and expand its efforts, with a $25 million commitment to FairShake ahead of the 2026 midterms. This ongoing push for regulatory clarity is seen as essential to unlocking new sources of capital and innovation in the crypto space.
It is also focused on expanding crypto’s role in people’s daily lives beyond just trading. Key initiatives include the adoption of stablecoins for faster, cheaper global payments, smart wallets for easier onboarding, and the Base Layer 2 solution for efficient, low-cost transactions. These efforts aim to increase crypto’s accessibility and functionality, with the goal of reaching 1 billion users worldwide. As of September 30, the company holds 9,363 Bitcoin, 119,696 Ethereum, and other crypto assets valued at $341.259 million.
4. Tesla, Inc. (NASDAQ:TSLA)
Bitcoin Holdings: ~11,500
Number of Hedge Fund Holders: 99
Tesla, Inc. (NASDAQ:TSLA) manufactures, and sells electric vehicles, along with energy generation and storage systems globally. It operates in two segments: Automotive and Energy Generation and Storage.
The company’s CEO Elon Musk is a major endorser of cryptocurrencies and according to different sources, holds significant amounts of Bitcoin, Ethereum, and DogeCoin. Tesla initially invested $1.5 billion in Bitcoin in early 2021, purchasing about 39,474 BTC at an average price of $38,000. In July 2022, Tesla sold 75% of its holdings, leaving it with roughly 9,868 BTC. The company’s sale occurred when Bitcoin’s price was much lower, around $18,900, resulting in a loss compared to its initial investment. The company had temporarily started accepting Bitcoin back then but later decided to stop accepting it, citing environmental concerns. According to the company’s FAQ page, Tesla only accepts Dogecoin for payments.
In December 2023, the FASB issued ASU No. 2023-08, which changes the accounting and reporting of crypto assets, effective December 15, 2024, with early adoption permitted. Under this update, certain crypto assets must be measured at fair value on the balance sheet, with any changes reported in the statement of operations each period. While the company is currently assessing how this change might affect the value of its crypto assets and related financial results, CoinGecko suggests that Tesla (NASDAQ:TSLA) currently holds somewhere around 11,500 BTC.
3. Riot Platforms, Inc. (NASDAQ:RIOT)
Bitcoin Holdings: 17,429
Number of Hedge Fund Holders: 19
Riot Platforms, Inc. (NASDAQ:RIOT) focuses on Bitcoin mining across North America. The company offers co-location services and infrastructure for large-scale Bitcoin mining operations, providing support for miner deployment and operations. Riot also manages data centers and maintains computing capacities.
According to the company’s recent 8-K filings, it purchased about 667 Bitcoin for approximately $67.5 million, with an average cost of $101,135 per Bitcoin, including fees and expenses between December 12 and December 13, 2024. By December 13, its total Bitcoin holdings had grown to 17,429. These acquisitions were funded using part of the proceeds from the issuance and sale of the 2030 Notes, along with existing cash reserves. Riot Platforms, Inc. reported a Bitcoin yield of 36.7% for the period between October 1, 2024, and December 13, 2024. For the timeframe spanning January 1, 2024, to December 13, 2024, the Bitcoin yield was 37.2%.
2. MARA Holdings, Inc. (NASDAQ:MARA)
Bitcoin Holdings: 40,435
Number of Hedge Fund Holders: 12
MARA Holdings, Inc. (NASDAQ:MARA), headquartered in Fort Lauderdale, Florida, is a major digital asset technology company focused on cryptocurrency mining and blockchain. Originally Marathon Patent Group, it rebranded to Marathon Digital Holdings in 2021 and later to MARA Holdings in August 2024. It is known as one of the largest Bitcoin miners and corporate Bitcoin holders globally.
MARA’s (NASDAQ:MARA) mining operations reached record production in November, with 254 blocks mined, a 27% increase from October. The company produced 907 BTC, up 26% month-over-month, and its hash rate rose by 15% to 46.1 EH/s. MARA also acquired 12,965 BTC at an average cost of $77,692 and mined 8,563 BTC, resulting in a BTC yield per share of 37.2%.
Later on December 10, MARA announced that it holds 40,435 BTC. The company said the following in a post on the social media platform X (formerly Twitter):
“Using the proceeds from its zero-coupon convertible notes offerings, MARA has acquired 11,774 BTC for ~$1.1 billion at ~$96,000 per #bitcoin and has achieved BTC Yield of 12.3% QTD and 47.6% YTD. As of 12/9/2024, we hold 40,435 BTC, currently valued at $3.9 billion based on a spot BTC price of $96,500.”
1. MicroStrategy Incorporated (NASDAQ:MSTR)
Bitcoin Holdings: 439,000
Number of Hedge Fund Holders: 25
MicroStrategy Incorporated (NASDAQ:MSTR) provides AI-driven enterprise analytics software and services globally. Its offerings include MicroStrategy ONE for user-friendly insights, MicroStrategy Cloud for Government with advanced threat monitoring, and support services for system optimization.
The company also provides consulting, training, and bitcoin-related development. On December 14, Nasdaq announced that MicroStrategy along with two other companies will be added to the Nasdaq-100 Index, effective before the market opens on December 23, 2024.
After the Nasdaq inclusion news, on December 16, Benchmark analyst Mark Palmer reiterated its Buy rating for MicroStrategy (NASDAQ: MSTR) with a $650 price target, based on a valuation considering its projected bitcoin holdings, FY26 Bitcoin Yield, and software business value by 2026. The firm noted that inclusion in the Nasdaq-100 could boost the stock in the short term, while S&P 500 inclusion presents a larger medium-term opportunity. Although MicroStrategy meets S&P 500 market cap and trading volume criteria, it lacks the required earnings record. However, adopting new FASB accounting rules in early 2025 may enable it to report positive earnings. Palmer added:
“The addition of the first bitcoin-focused company to the Nasdaq-100 will give indirect exposure to Bitcoin to millions of investors.”
MicroStrategy (NASDAQ:MSTR) became the first public company to adopt Bitcoin as its primary treasury reserve, setting an example later followed by firms in August 2020. On December 16, 2024, the company reported purchasing around 15,350 bitcoins between December 9 and December 15, 2024, for approximately $1.5 billion, averaging $100,386 per bitcoin, including fees. By December 15, 2024, the company and its subsidiaries held approximately 439,000 bitcoins, acquired for a total of $27.1 billion at an average cost of $61,725 per bitcoin, including expenses.
While we acknowledge the potential of MicroStrategy Incorporated (NASDAQ:MSTR) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than MSTR but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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