Bitcoin continues to dominate public company cryptocurrency holdings by a wide margin, according to data from BitcoinTreasuries.net, Bitcoin now represents 95.2% of all corporate crypto held on balance sheets. Ethereum follows at 4.1%, while Solana, BNB, and XRP combined account for less than 1%.
A total of 193 public companies collectively now hold 1,136,338 BTC, valued at approximately $80 billion at current prices near $70,500 per coin. Of those companies, eight hold meaningful Ethereum positions, five hold Solana, and a handful hold BNB or XRP.
Several factors have contributed to Bitcoin's prevalence in corporate treasuries. Bitcoin offers deeper liquidity than other crypto assets and has an established institutional infrastructure that includes ETFs, custody solutions, and derivatives markets. Its fixed supply cap of 21 million coins positions it as an inflation hedge in communications to shareholders and boards. Bitcoin has also avoided the securities classification questions that have surrounded Ethereum and most altcoins — a regulatory distinction that carries weight for public companies subject to board oversight, auditors, and shareholder scrutiny.
Strategy holds the largest corporate Bitcoin position at 720,737 BTC, representing more than 60% of the total held across all public companies. MARA Holdings ranks second with 53,822 BTC, followed by Twenty One Capital with 43,514 BTC.
A small number of companies have built significant Ethereum positions. BitMine Immersion Technologies, chaired by Fundstrat's Tom Lee, holds over 4,400,000 ETH, citing Ethereum's role in stablecoins, DeFi, layer-2 networks, and staking yields. SharpLink Gaming has also built an ETH treasury connected to its smart contract, gaming, and fintech operations.
On the capital markets side, some companies have used preferred stock structures to fund Bitcoin purchases. Strategy has issued several series of perpetual preferred shares — including STRC, recently carrying an 11.50% dividend — that allow investors to gain indirect Bitcoin exposure while providing the company capital to accumulate more BTC. The company conducted four consecutive days of at-the-market activity this week, accumulating an estimated 3,200 BTC over that period, including approximately 702 BTC on March 5 from 1.3 million shares sold. Strive has used a similar approach with its SATA preferred shares. The structure allows companies to expand Bitcoin holdings without proportional dilution of common shares.
Taken together, the data reflects a corporate crypto landscape that has largely consolidated around a single asset. While debate continues in the broader market over the long-term roles of Ethereum and other cryptocurrencies, public company balance sheets have so far delivered a clear verdict: when institutions move into digital assets, they move into Bitcoin