Bitcoin Investments by Public Companies in 2024

The year 2024 has marked a record in Bitcoin investments from public companies, with 2025 already showing promising signs for further growth. This observation comes from Ryan Rasmussen, Head of Research at Bitwise Asset Management.

Investments in Bitcoin by Public Companies

According to a Bitwise chart, the annual total of BTC purchased by public companies has significantly increased over the years. In 2019, the purchases were almost negligible, and in 2020, when MicroStrategy (now Strategy) began acquiring Bitcoin, the total did not even reach 100,000 BTC. During this period, the price was under $20,000.

In 2021, the total surpassed 200,000 BTC due to a bullish market. However, in 2022, the total dipped below this number during a bearish phase, despite lower prices. By 2023, just over 250,000 BTC were purchased. The most significant leap occurred in 2024, where public companies collectively bought nearly 600,000 BTC—a figure that doubled all previous years combined.

Rasmussen highlighted:
> “In 2024, public companies purchased twice as many bitcoins as in all previous years combined.”

Already in 2025, purchases over 600,000 BTC have been exceeded within just a few months, with around 70 companies monitored by Bitwise collectively holding $52 billion in Bitcoin—about 3% of the total supply.

Understanding Public Companies

A public company is one that allows share trading on stock exchanges, typically not having a single majority owner. While termed ‘public,’ these companies are in fact privately owned, yet are legally required to disclose financial statements, enabling tracking of Bitcoin transactions.

Major companies like Apple, Microsoft, and Nvidia fall into this category.

Public vs. Private and Bitcoin Holdings

The first public company to invest significantly in Bitcoin was MicroStrategy in 2020. Now rebranded as Strategy, it owns nearly 500,000 BTC. Of the $52 billion owned collectively, $41.5 billion belongs to Strategy, granting it around 79% market dominance.

While no other public firm appears to hold as much BTC, Block.one, a private company behind the EOS project, reportedly holds approximately 164,000 BTC. The total BTC held by public companies is about 658,000 BTC, while private entities hold 424,000 BTC. State institutions like the USA Department of Justice also possess around 526,000 BTC.

The Impact of Bitcoin ETFs

However, these figures are minor compared to the nearly 1.3 million BTC held by ETPs, including ETFs and ETNs. Unlike private and public companies, which own their BTC outright, ETFs do not own the bites they manage. The assets belong to the shareholders, and fund managers must adjust their holdings based on market demands. Consequently, the quantity of BTC held in ETFs changes daily, while companies frequently retain their holdings unchanged for extended periods.