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"NO LEVERS LEFT TO PULL" | A Former Credit Suisse Risk Officer on Bitcoin, Debt, and Digital Credit

Mark Connors spent 40 years in finance, from Salomon Brothers in 1986 to Global Head of Portfolio and Risk at Credit Suisse. Today through Risk Dimensions, he helps TradFi allocators think through Bitcoin. His conclusion after four decades: the debt treadmill never stops, and Bitcoin is the only terra firma left.

United States: Publicly Traded Bitcoin Treasury Companies

Track publicly traded companies holding Bitcoin on their balance sheets, ranked by BTC holdings.

BTC Held by Public Companies

1.115M

$88.60B

Number of Public Companies

BTC Price

$79,468

Asset Dominance

95.4%

BTC 95.4% ETH 3.9% SOL .43% BNB .12% XRP .16%

United States: Public Companies Ranked by Bitcoin Holdings

#	Name
1	🇺🇸	Strategy MSTR	₿ 818,869	$65,073M	$62,807M	$,*M	.*******	$,*M	.*x	.**	**.%	3.899%
2	🇺🇸	Twenty One Capital XXI	₿ 43,514	$3,458M	$2,785M	$,**M	.*******	—	—	.**	**.%	0.207%
3	🇺🇸	MARA Holdings, Inc. MARA	₿ 35,303	$2,805M	$4,799M	$,**M	.*******	—	—	.**	*.%	0.168%
4	🇺🇸	Bitcoin Standard Treasury Company BSTR	₿ 30,021	$2,386M	—	—	—	—	—			0.143%
5	🇺🇸	Bullish BLSH	₿ 24,300	$1,931M	$4,761M	$,**M	.*******	—	—	.**	*.%	0.116%
6	🇺🇸	Coinbase Global, Inc. COIN	₿ 16,492	$1,311M	$54,746M	$,*M	.*******	$*M	**.x	.*	.%	0.079%
7	🇺🇸	Riot Platforms, Inc. RIOT	₿ 15,680	$1,246M	$9,313M	$,**M	.*******	—	—	.**	*.%	0.075%
8	🇺🇸	Strive ASST	₿ 15,000	$1,192M	$1,056M	$,**M	.*******	—	—	.**	**.%	0.071%
9	🇺🇸	Hut 8 Mining Corp HUT	₿ 13,696	$1,088M	$11,764M	$,*M	.*******	—	—	.*	.%	0.065%
10	🇺🇸	CleanSpark, Inc. CLSK	₿ 13,561	$1,078M	$3,712M	$,**M	.*******	—	—	.**	*.%	0.065%
11	🇺🇸	Tesla, Inc. TSLA 🥬 🙌	₿ 11,509	$915M	$1,480,738M	$,,*M	.*******	$***M	.*x	**.*	.%	0.055%
12	🇺🇸	Trump Media & Technology Group Corp. DJT	₿ 9,542	$758M	$2,519M	$,**M	.*******	—	—	.**	*.%	0.045%
13	🇺🇸	Block, Inc. XYZ	₿ 9,032	$718M	$42,871M	$,*M	.*******	$***M	.*x	.*	.%	0.043%
14	🇺🇸	GD Culture Group GDC	₿ 7,500	$596M	$8M	$*M	.*******	$***M	.*x	.**	***.%	0.036%
15	🇺🇸	American Bitcoin Corp ABTC	₿ 7,300	$580M	$1,036M	$,**M	.*******	—	—	.**	*.%	0.035%
16	🇺🇸	Galaxy Digital Holdings Ltd GLXY	₿ 6,894	$548M	$12,113M	$,*M	.*******	—	—	.*	.%	0.033%
17	🇺🇸	ProCap Financial BRR	₿ 5,457	$434M	$66M	$***M	—	—	—		**.%	0.026%
18	🇺🇸	Nakamoto Inc NAKA	₿ 5,058	$402M	$76M	$**M	.*******	—	—	.**	**.%	0.024%
19	🇺🇸	Gemini Space Station Inc GEMI	₿ 4,619	$367M	$216M	$***M	—	$***M	.*x	.**	**.%	0.022%
20	🇺🇸	Empery Digital EMPD	₿ 2,914	$232M	$211M	$***M	.*******	—	—	.**	**.%	0.014%
21	🇺🇸	Core Scientific CORZ	₿ 2,537	$202M	$7,704M	$,**M	.*******	$***M	.*x	.*	.%	0.012%
22	🇺🇸	DDC Enterprise Limited DDC	₿ 2,383	$189M	$30M	$*M	.*******	—	—	.**	**.%	0.011%
23	🇺🇸	BitGo Holdings, Inc. BTGO	₿ 1,673	$133M	$1,275M	$,**M	—	—	—	.*	*.%	0.008%
24	🇺🇸	Cipher Mining CIFR	₿ 1,500	$119M	$7,957M	$,**M	.*******	$***M	.*x	.*	.%	0.007%
25	🇺🇸	Cango Inc CANG	₿ 1,026	$82M	$93M	$***M	.*******	—	—	.**	*.%	0.005%
26	🇺🇸	KULR Technology Group KULR	₿ 1,021	$81M	$148M	$***M	.*******	—	—	.**	*.%	0.005%
27	🇺🇸	USBC, Inc. USBC	₿ 1,000	$79M	$5M	$*M	.*******	—	—	.**	***.%	0.005%
28	🇺🇸	Apimeds Pharmaceuticals US, Inc. APUS	₿ 1,000	$79M	$16M	—	—	—	—	.**	**.%	0.005%
29	🇺🇸	Fold Holdings Inc. FLD	₿ 826	$66M	$68M	$***M	.*******	—	—	.**	*.%	0.004%
30	🇺🇸	Figma Inc FIG	₿ 767	$61M	$9,431M	$,**M	.*******	$**M	.*x	.*	.%	0.004%
31	🇺🇸	Hyperscale Data GPUS	₿ 675	$54M	$24M	$***M	—	—	—		**.%	0.003%
32	🇺🇸	Exodus Movement, Inc EXOD	₿ 628	$50M	$213M	$***M	.*******	—	—	.**	*.%	0.003%
33	🇺🇸	Alliance Resource Partners, L.P. ARLP	₿ 618	$49M	$3,180M	$,**M	—	—	—	.*	.%	0.003%
34	🇺🇸	Figure Technology Solutions, Inc FIGR	₿ 527	$42M	$7,264M	$,**M	—	—	—	*.*	.%	0.003%
35	🇺🇸	Virtu Financial, Inc. VIRT	₿ 410	$33M	$8,188M	$,*M	—	$**M	.*x		.%	0.002%
36	🇺🇸	Consensus Mining & Seigniorage CMSG	₿ 350	$28M	$62M	$*M	.*******	$**M	.*x	.**	*.%	0.002%
37	🇺🇸	LM Funding America LMFA	₿ 341	$27M	$1M	$*M	.*******	—	—	.**	***.%	0.002%
38	🇺🇸	Angel Studios, Inc. ANGX	₿ 303	$24M	$371M	$***M	—	—	—	.*	.%	0.001%
39	🇺🇸	BitMine BMNR	₿ 199	$16M	$92M	$**M	—	—	—		*.%	0.001%
40	🇺🇸	FRMO Corp. FRMO	₿ 159	$13M	$294M	$***M	.*******	$*M	.*x	.*	.%	0.001%
41	🇺🇸	Horizon Kinetics Holding Corp HKHC	₿ 132	$10M	$524M	$***M	—	$*M	.*x		.%	0.001%
42	🇺🇸	Bitcoin Depot BTM	₿ 108	$9M	$93M	$***M	—	$**M	.*x		.%	0.001%
43	🇺🇸	K Wave Media KWM	₿ 88	$7M	$19M	$,*M	—	—	—	.**	*.%	0.000%
44	🇺🇸	Winland Holdings Corporation WELX	₿ 83	$7M	$13M	$*M	—	$*M	.*x	.**	*.%	0.000%
45	🇺🇸	Circle Internet Group, Inc. CRCL	₿ 73	$6M	$29,652M	$,*M	—	$*M	.*x	**.*	.%	0.000%
46	🇺🇸	Robin Energy RBNE	₿ 44	$3M	$10M	$**M	—	$*M	.*x	.**	*.%	0.000%
47	🇺🇸	LiveOne Inc LVO	₿ 43	$3M	$75M	$**M	—	—	—	.*	.%	0.000%
48	🇺🇸	Sphere 3D ANY	₿ 23	$2M	$8M	$*M	—	—	—	.**	*.%	0.000%
49	🇺🇸	Investview, Inc. INVU	₿ 20	$2M	$48M	$**M	—	$*M	.*x	.*	.%	0.000%
50	🇺🇸	Thumzup Media Corporation TZUP	₿ 19	$2M	—	—	—	—	—			0.000%
51	🇺🇸	BIT Mining Limited BTCM	₿ 19	$2M	—	—	—	$*M	.*x			0.000%
52	🇺🇸	CDT Equity Inc CDT	₿ 18	$1M	$10M	$*M	—	$*M	.*x	.**	*.%	0.000%
53	🇺🇸	Athena Bitcoin Global ABIT	₿ 17	$1M	$25M	$**M	—	—	—	.*	.%	0.000%
54	🇺🇸	iPower inc IPW	₿ 15	$1M	$1M	$**M	—	$*M	.*x	.**	**.%	0.000%
55	🇺🇸	TeraWulf WULF	₿ 15	$1M	$11,524M	$,*M	—	—	—	**.*	.%	0.000%
56	🇺🇸	Lixte Biotechnology Holdings Inc LIXT	₿ 11	$1M	$59M	$**M	—	$*M	.*x	.*	.%	0.000%
57	🇺🇸	OneMedNet Corp. ONMD	₿ 10	$1M	$52M	$**M	—	$*M	.*x	.*	.%	0.000%
58	🇺🇸	Where Food Comes From, INC WFCF	₿ 7	$1M	$58M	$**M	—	$*M	.*x	*.*	.%	0.000%
59	🇺🇸	Unitronix Corp UTRX	₿ 6	$0M	$1M	$*M	—	$*M	.*x	.**	*.%	0.000%
60	🇺🇸	Coin Citadel CCTL	₿ 4	$0M	$0M	$*M	—	—	—	.**	*.%	0.000%
61	🇺🇸	Argo Blockchain PLC ARBK	₿ 3	$0M	$57M	$,*M	—	—	—	*.*	.%	0.000%
62	🇺🇸	GameStop Corp. GME	₿ 1	$0M	$9,912M	$,**M	.*******	—	—	****.*	.%	0.000%
63	🇺🇸	Phunware Inc PHUN	₿ .8	$0M	$42M	$-**M	—	—	—	*.*	.%	0.000%
64	🇺🇸	Reliance Global Group, Inc RELI	₿ .3	$0M	—	—	—	$*M	.*x			0.000%
65	🇺🇸	ATIF Holdings Ltd ZBAI	₿ .2	$0M	$83M	$*M	—	—	—	**.*	.%	0.000%
66	🇺🇸	Bit Digital, Inc. BTBT	₿ 0	$0M	$644M	$***M	—	—	—			0.000%
67	🇺🇸	BTCS Inc. BTCS	₿ 0	$0M	$104M	$***M	—	—	—			0.000%
68	🇺🇸	Semler Scientific SMLR	₿ 0	$0M	$0M	—	—	—	—			0.000%
		Total:	1,114,964	$88,603M								5.309%