As Bitcoin continues to dominate headlines—especially following the U.S. SEC’s approval of spot Bitcoin ETFs—investor interest has surged. Many anticipate strong price appreciation driven by sustained bullish sentiment and growing institutional adoption. While individuals want to participate in Bitcoin’s growth story, direct ownership comes with challenges: securing digital wallets, navigating volatility, understanding blockchain technology, and managing tax implications.
For those hesitant to hold Bitcoin directly, there's a compelling alternative: investing in publicly traded companies with substantial Bitcoin holdings on their balance sheets. These firms offer indirect exposure to Bitcoin’s upside while operating within traditional financial frameworks.
This article explores five such companies that allow investors to gain Bitcoin exposure without the complexities of self-custody.
1. MicroStrategy: The Corporate Bitcoin Champion
MicroStrategy (Nasdaq: MSTR) has become synonymous with corporate Bitcoin adoption. Over the past five years, its stock price has surged nearly 250%, rising from around $139 in January 2019 to over $481 by April 2024.
The company, originally a business intelligence software provider, shifted its strategy in 2020 to adopt Bitcoin as its primary treasury reserve asset. This bold move has redefined its market identity and attracted significant investor attention.
As of Q3 2023, MicroStrategy held 158,400 Bitcoin, acquired at an average price of $30,469 per BTC. The total investment cost stood at approximately $4.69 billion. During the third quarter alone, the company purchased an additional 6,067 BTC for $167 million.
“Our commitment to acquiring and holding Bitcoin remains unwavering, especially amid rising institutional adoption,” said Andrew Kang, CFO of MicroStrategy.
Bitcoin is now central to MicroStrategy’s dual corporate strategy: building enterprise analytics solutions and accumulating Bitcoin as a long-term store of value. The company views Bitcoin as a decentralized, censorship-resistant asset underpinned by a robust, open-source network—free from sovereign monetary policies.
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2. Coinbase: Gateway to Crypto—and Bitcoin Holdings
Coinbase Global (Nasdaq: COIN) is one of the most recognized cryptocurrency exchanges globally. Since its founding in 2012, it has grown into a regulated platform serving millions of users across more than 100 countries.
While Coinbase generates revenue through trading fees and financial services, it also holds a significant amount of Bitcoin on its balance sheet. According to its Q3 2023 earnings report, Coinbase owned **$1.27 billion worth of Bitcoin** as a long-term investment—an increase from $1.115 billion at the end of 2022.
Additionally, the company holds over 115,000 BTC in operational reserves across its cold and hot wallets. This positions Coinbase not just as a service provider but also as a major holder of Bitcoin itself.
With nearly 5% of all existing Bitcoin circulating supply under its control—and serving as custodian for over 36 million user wallets—Coinbase offers investors dual exposure: to crypto adoption trends and direct price appreciation of Bitcoin.
3. Riot Platforms: Mining Power Meets Strategic Holdings
Riot Platforms (Nasdaq: RIOT) operates one of North America’s largest Bitcoin mining facilities by developed capacity. Unlike traditional tech firms dabbling in crypto, Riot is deeply embedded in the Bitcoin ecosystem.
Since going public, RIOT’s stock has seen strong performance, climbing from $6.20 in January 2023 to over $10.29 by April 2024—a reflection of both operational growth and market confidence.
In its Q3 2023 update, Riot reported holding 7,327 Bitcoin, valued at approximately $800 million based on market prices at the time. This represented a year-over-year increase of 198%.
The company emphasizes sustainable mining practices powered largely by renewable energy and continues to expand its infrastructure in Texas. As Bitcoin’s network hash rate grows, Riot’s ability to mine efficiently strengthens its long-term position.
Holding self-mined Bitcoin reinforces Riot’s alignment with the asset’s fundamentals—making it an attractive proxy for investors seeking pure-play exposure.
4. Marathon Digital Holdings: Scaling Mining and Accumulation
Marathon Digital Holdings (Nasdaq: MARA) positions itself as one of the largest and most technologically advanced Bitcoin mining companies in North America. It also ranks among the top publicly traded companies holding self-mined Bitcoin.
Year-to-date in 2024, MARA’s stock more than doubled, rising from $8.02 in January 2023 to $16.43 by early 2024.
According to its Q3 2023 financial results, Marathon generated $97.8 million in revenue**, up sharply from $12.7 million in the same period the prior year. This surge was fueled by a 467% increase in average Bitcoin price and a 32% rise in production volume**.
By year-end 2023, Marathon held over 15,000 Bitcoin in its treasury. Notably, the company reduced long-term debt by 97.8% and achieved a milestone where cash and Bitcoin holdings exceeded liabilities—marking improved financial health.
This combination of operational efficiency and strategic accumulation makes Marathon a compelling option for indirect Bitcoin investment.
5. Hut 8 Corporation: Canadian Innovator in Compute Infrastructure
Hut 8 Corporation (NYSE: HUT) stands out as Canada’s first NASDAQ-listed data mining company and a leader in integrated Bitcoin mining and digital infrastructure solutions.
The company not only mines Bitcoin but also provides cloud and hosting services using its high-performance computing infrastructure. This dual business model enhances scalability and diversifies revenue streams.
As of Q3 2023, Hut 8 reported holding digital assets valued at nearly CAD 265 million, primarily in Bitcoin. While the number of BTC decreased slightly—from 9,086 at the end of 2022 to 7,269 by September 30, 2023—this was due to strategic sales to fund operations and reduce debt.
Despite this reduction, Hut 8 remains a key player in the North American mining landscape and offers investors access to both technological innovation and Bitcoin price exposure.
Upcoming Opportunity: Circle’s Potential IPO
Beyond existing public companies, a major upcoming development could offer new avenues for indirect Bitcoin exposure: Circle’s planned IPO.
Circle is the issuer of USDC, the world’s largest dollar-pegged stablecoin. With partners including Visa, BlackRock, Mastercard, and Coinbase, USDC plays a critical role in global payments and blockchain-based finance.
In January 2024, Circle confidentially filed for an IPO with the SEC. Although timing depends on regulatory review and market conditions, this listing could mark a pivotal moment for crypto-native firms entering traditional capital markets.
Notably, Circle’s S-4 filing from October 2022 revealed it held **$319 million in Bitcoin** as of June 30, 2022—up from $195 million at the end of 2021. While USDC is fully backed by cash and equivalents, Circle’s balance sheet includes strategic crypto holdings that may grow investor interest.
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Why Invest Through Companies Instead of Direct BTC?
Investing in companies with large Bitcoin holdings allows individuals to:
- Avoid technical complexities of wallet management
- Benefit from professional custody solutions
- Gain exposure through familiar brokerage accounts
- Access diversified business models beyond pure speculation
Moreover, these companies often reinvest profits into expanding operations or acquiring more BTC—amplifying potential returns.
Frequently Asked Questions (FAQ)
Q: Can I gain exposure to Bitcoin without buying it directly?
A: Yes. Investing in publicly traded companies like MicroStrategy, Coinbase, or Marathon Digital Holdings provides indirect exposure through their balance sheet holdings.
Q: Are stocks with Bitcoin holdings risky?
A: They carry both equity market risks and crypto volatility. However, strong financials and transparent reporting can mitigate some concerns.
Q: How do I verify a company’s Bitcoin holdings?
A: Check official quarterly reports (10-Q/10-K filings), investor presentations, or blockchain analytics platforms like Arkham or Glassnode.
Q: What happens if a company sells its Bitcoin?
A: A sale may signal strategic realignment or profit-taking. Monitor press releases and SEC filings for updates on treasury decisions.
Q: Is indirect exposure as profitable as owning Bitcoin directly?
A: Historically, some companies have outperformed BTC due to operational leverage—but others may lag during bull runs due to overhead costs.
Q: Will more companies add Bitcoin to their balance sheets?
A: Likely. Following the success of early adopters and ETF approvals, increasing institutional confidence may drive broader corporate adoption.
The convergence of traditional finance and digital assets is accelerating. With Bitcoin now entrenched in corporate treasuries and ETFs opening doors for mainstream investors, opportunities abound—even for those who prefer not to hold BTC directly.
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