Latest Bitcoin Treasury News

The Saylor Warning Every Treasury CEO Ignored

Joseph Onorati joins the show the week DeFi Development Corp filed CHAD, a variable-rate perpetual preferred with a 13% initial dividend paid daily and a $10 par, modeled on Strive's SATA. Joseph spent eight years at Kraken, the last stretch as chief strategy officer, before buying control of a Nasdaq shell in 2025 and turning it into the first non-Bitcoin treasury company in the US. Within months DFDV was the comp on every other treasury company's pitch deck. His argument is that the four-year cycle can't survive everyone predicting it, that treasury companies will displace ETFs, and that the only rule that matters in a levered vehicle is what you do at the bottom.

North America: Publicly Traded Bitcoin Treasury Companies

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

BTC Held by Public Companies

1.171M

$89.99B

Number of Public Companies

BTC Price

$76,831

Asset Dominance

93.6%

BTC 93.6% ETH 5.6% SOL .51% BNB .14% XRP .14%

North America: Public Companies Ranked by Bitcoin Holdings

#	Name
1	🇺🇸	Strategy MSTR	₿ 845,050	$64,926M	$48,925M	$,*M	.*******	$,*M	.*x	.**	**.%	4.024%
2	🇺🇸	Twenty One Capital XXI	₿ 43,514	$3,343M	$1,970M	$,**M	.*******	$,**M	.*x	.**	**.%	0.207%
3	🇺🇸	MARA Holdings, Inc. MARA	₿ 35,577	$2,733M	$4,326M	$,**M	.*******	$,**M	.*x	—	*.%	0.169%
	🇺🇸	Bitcoin Standard Treasury Company BSTR	₿ 30,021	$2,307M	—	—	—	—	—	—		0.143%
4	🇺🇸	Strive ASST	₿ 24,531	$1,885M	$2,254M	$,**M	.*******	—	—	.**	*.%	0.117%
5	🇺🇸	Bullish BLSH	₿ 22,000	$1,690M	$3,866M	$,**M	.*******	—	—	—	*.%	0.105%
6	🇺🇸	SpaceX SPCX	₿ 18,712	$1,438M	$1,137,012M	$,,*M	—	—	—	—	.%	0.089%
7	🇺🇸	Coinbase Global, Inc. COIN	₿ 17,311	$1,330M	$45,860M	$,*M	.*******	$,**M	.*x	—	.%	0.082%
8	🇺🇸	CleanSpark, Inc. CLSK	₿ 13,703	$1,053M	$3,598M	$,**M	.*******	—	—	—	*.%	0.065%
9	🇺🇸	Trump Media & Technology Group Corp. DJT	₿ 12,062	$927M	$2,458M	$,**M	.*******	—	—	—	*.%	0.057%
10	🇺🇸	Tesla, Inc. TSLA	₿ 11,509	$884M	$1,208,686M	$,,*M	.*******	$***M	.*x	—	.%	0.055%
11	🇺🇸	Riot Platforms, Inc. RIOT	₿ 11,380	$874M	$7,771M	$,**M	.*******	—	—	—	*.%	0.054%
12	🇺🇸	Hut 8 Mining Corp HUT	₿ 10,278	$790M	$9,707M	$,*M	.*******	—	—	—	.%	0.049%
13	🇺🇸	Block, Inc. XYZ	₿ 9,117	$700M	$48,006M	$,*M	.*******	—	—	—	.%	0.043%
14	🇺🇸	American Bitcoin Corp ABTC	₿ 8,300	$638M	$7,370M	$,**M	.*******	—	—	—	.%	0.040%
15	🇺🇸	GD Culture Group GDC	₿ 7,500	$576M	$75M	$**M	.*******	$***M	.*x	—	**.%	0.036%
16	🇺🇸	Galaxy Digital Holdings Ltd GLXY	₿ 6,894	$530M	$9,414M	$,*M	.*******	—	—	—	.%	0.033%
17	🇺🇸	Gemini Space Station Inc GEMI	₿ 5,528	$425M	$244M	$***M	—	—	—	—	**.%	0.026%
18	🇺🇸	ProCap Financial BRR	₿ 5,305	$408M	$102M	$***M	—	—	—	—	**.%	0.025%
19	🇺🇸	Nakamoto Inc NAKA	₿ 4,467	$343M	$134M	$***M	.*******	—	—	.**	**.%	0.021%
20	🇺🇸	DDC Enterprise Limited DDC	₿ 2,899	$223M	$12M	$**M	.*******	$***M	.*x	.**	***.%	0.014%
21	🇺🇸	Ionic Digital Inc. IOND	₿ 2,882	$221M	$3,602M	$,**M	—	—	—	—	.%	0.014%
22	🇨🇦	DeFi Technologies DEFI	₿ 2,597	$200M	$187M	$***M	.*******	—	—	—	**.%	0.012%
23	🇺🇸	BitGo Holdings, Inc. BTGO	₿ 2,523	$194M	$810M	$,**M	—	—	—	—	*.%	0.012%
24	🇺🇸	Keel Infrastructure Corp KEEL	₿ 2,469	$190M	$1,893M	$,**M	.*******	—	—	—	*.%	0.012%
25	🇺🇸	Empery Digital EMPD	₿ 1,179	$91M	$120M	$***M	.*******	—	—	—	*.%	0.006%
26	🇺🇸	Cango Inc CANG	₿ 1,065	$82M	$314M	$,**M	.*******	—	—	—	*.%	0.005%
27	🇺🇸	Figma Inc FIG	₿ 1,016	$78M	$10,072M	$,*M	—	—	—	—	.%	0.005%
28	🇺🇸	USBC, Inc. USBC	₿ 1,000	$77M	$3M	$*M	.*******	—	—	.**	***.%	0.005%
29	🇺🇸	Apimeds Pharmaceuticals US, Inc. APUS	₿ 1,000	$77M	$3M	—	—	—	—	—	***.%	0.005%
30	🇺🇸	Core Scientific CORZ	₿ 848	$65M	$5,546M	$,**M	.*******	—	—	—	.%	0.004%
31	🇺🇸	KULR Technology Group KULR	₿ 760	$58M	$88M	$**M	.*******	—	—	—	*.%	0.004%
32	🇨🇦	Bitcoin Treasury Corp BTCT	₿ 738	$57M	$25M	$**M	.*******	$**M	.*x	.**	**.%	0.004%
33	🇺🇸	Cipher Digital CIFR	₿ 646	$50M	$5,984M	$,**M	.*******	—	—	—	.%	0.003%
34	🇺🇸	Alliance Resource Partners, L.P. ARLP	₿ 618	$47M	$3,430M	$,**M	—	—	—	—	.%	0.003%
35	🇺🇸	Exodus Movement, Inc EXOD	₿ 600	$46M	$194M	$***M	.*******	—	—	—	*.%	0.003%
36	🇺🇸	Figure Technology Solutions, Inc FIGR	₿ 527	$40M	$6,775M	$,**M	—	—	—	—	.%	0.003%
37	🇨🇦	Neptune Digital Assets NDA	₿ 420	$32M	$52M	$**M	—	—	—	—	*.%	0.002%
38	🇺🇸	Virtu Financial, Inc. VIRT	₿ 410	$32M	$9,306M	$,*M	—	$**M	.*x	—	.%	0.002%
39	🇨🇦	DMG Blockchain Solutions Inc. DMGI	₿ 393	$30M	$78M	$**M	—	—	—	—	*.%	0.002%
40	🇺🇸	Consensus Mining & Seigniorage CMSG	₿ 354	$27M	$69M	$*M	.*******	$**M	.*x	—	*.%	0.002%
41	🇺🇸	PowerCompute, Inc. PWCM	₿ 323	$25M	$6M	$**M	.*******	—	—	—	**.%	0.002%
42	🇺🇸	Angel Studios, Inc. ANGX	₿ 303	$23M	$699M	$,**M	—	—	—	—	.%	0.001%
43	🇨🇦	Rumble Inc. RUM	₿ 293	$23M	$1,582M	$,**M	—	—	—	—	.%	0.001%
44	🇨🇦	LQWD Technologies Corp. LQWD	₿ 267	$21M	$18M	$**M	.*******	$**M	.*x	.**	**.%	0.001%
45	🇺🇸	Hyperscale Data GPUS	₿ 215	$17M	$35M	$***M	—	—	—	—	*.%	0.001%
46	🇺🇸	BitMine Immersion Technologies, Inc. BMNR	₿ 210	$16M	$14,327M	$,*M	—	—	—	.**	.%	0.001%
47	🇺🇸	Fold Holdings Inc. FLD	₿ 192	$15M	$23M	$**M	.*******	—	—	—	*.%	0.001%
48	🇨🇦	Matador Technologies Inc MATA	₿ 176	$13M	$3M	$**M	—	—	—	—	**.%	0.001%
49	🇺🇸	FRMO Corp. FRMO	₿ 159	$12M	$322M	$***M	.*******	$*M	.*x	—	.%	0.001%
50	🇨🇦	HIVE Digital Technologies HIVE	₿ 150	$12M	$688M	$***M	.*******	—	—	—	.%	0.001%
51	🇨🇦	Sixty-Six Capital Inc SIX	₿ 144	$11M	$5M	$-*M	—	—	—	—	**.%	0.001%
52	🇺🇸	Horizon Kinetics Holding Corp HKHC	₿ 132	$10M	$494M	$***M	—	$*M	.*x	—	.%	0.001%
53	🇺🇸	Bitcoin Depot BTM	₿ 108	$8M	$11M	$**M	—	$**M	.*x	—	*.%	0.001%
54	🇺🇸	Winland Holdings Corporation WELX	₿ 83	$6M	$13M	$*M	—	$*M	.*x	—	*.%	0.000%
55	🇺🇸	Circle Internet Group, Inc. CRCL	₿ 74	$6M	$21,000M	$,*M	—	—	—	—	.%	0.000%
56	🇨🇦	Bitcoin Well Inc BTCW	₿ 69	$5M	$9M	$**M	—	$*M	.*x	—	*.%	0.000%
57	🇨🇦	BIGG Digital Assets Inc. BIGG	₿ 68	$5M	—	—	—	—	—	—		0.000%
58	🇨🇦	Cathedra Bitcoin Inc. CBIT	₿ 53	$4M	—	—	—	—	—	—		0.000%
59	🇨🇦	Mogo Inc. MOGO	₿ 50	$4M	—	—	—	—	—	—		0.000%
60	🇺🇸	Thumzup Media Corporation TZUP	₿ 46	$4M	—	—	—	—	—	—		0.000%
61	🇺🇸	Robin Energy RBNE	₿ 44	$3M	$2M	$*M	—	$*M	.*x	—	**.%	0.000%
62	🇺🇸	LiveOne Inc LVO	₿ 43	$3M	$52M	$**M	—	—	—	—	.%	0.000%
63	🇨🇦	WonderFi WNDR	₿ 40	$3M	—	—	—	—	—	—		0.000%
64	🇨🇦	SATO Technologies Corp SATO	₿ 36	$3M	$7M	$**M	—	—	—	—	*.%	0.000%
65	🇨🇦	Planet Ventures Inc. PXI	₿ 29	$2M	$8M	$-*M	—	$*M	.*x	—	*.%	0.000%
66	🇨🇦	Goodfood Market Corp FOOD	₿ 25	$2M	$2M	$**M	—	—	—	—	*.%	0.000%
67	🇨🇦	Kontrol Technologies KNR	₿ 24	$2M	$2M	$-*M	—	$*M	.*x	—	*.%	0.000%
68	🇺🇸	Sphere 3D ANY	₿ 23	$2M	$22M	$**M	—	—	—	—	.%	0.000%
69	🇺🇸	Investview, Inc. INVU	₿ 20	$2M	$27M	$**M	—	$*M	.*x	—	.%	0.000%
70	🇺🇸	CDT Equity Inc CDT	₿ 18	$1M	$5M	$*M	—	$*M	.*x	—	*.%	0.000%
71	🇨🇦	Belgravia Hartford Capital Inc. BLGV	₿ 17	$1M	$2M	$*M	.*******	—	—	—	*.%	0.000%
72	🇨🇦	Digihost Technology Inc. DGHI	₿ 17	$1M	—	—	—	—	—	—		0.000%
73	🇺🇸	Athena Bitcoin Global ABIT	₿ 17	$1M	$0M	$**M	—	—	—	—	**.%	0.000%
74	🇺🇸	Farmhouse Inc FMHS	₿ 16	$1M	$3M	$*M	—	$*M	.*x	—	*.%	0.000%
75	🇺🇸	Cosmos Health Inc. COSM	₿ 16	$1M	$25M	$**M	—	—	—	—	.%	0.000%
76	🇺🇸	iPower inc IPW	₿ 15	$1M	$3M	$*M	—	$*M	.*x	—	*.%	0.000%
77	🇺🇸	TeraWulf WULF	₿ 15	$1M	$8,048M	$,*M	—	—	—	—	.%	0.000%
78	🇺🇸	Vida Global Inc. VIDA	₿ 12	$1M	$19M	$**M	—	$*M	.*x	—	.%	0.000%
79	🇨🇦	Digital Commodities Capital Corp. DIGI	₿ 11	$1M	$2M	$*M	—	$*M	.*x	—	*.%	0.000%
80	🇺🇸	OneMedNet Corp. ONMD	₿ 10	$1M	$39M	$**M	—	$*M	.*x	—	.%	0.000%
81	🇺🇸	Where Food Comes From, INC WFCF	₿ 7	$1M	$75M	$**M	—	$*M	.*x	—	.%	0.000%
82	🇺🇸	Bit Digital, Inc. BTBT	₿ 6	$0M	$503M	$***M	—	—	—	—	.%	0.000%
83	🇺🇸	Unitronix Corp UTRX	₿ 6	$0M	$0M	$*M	—	$*M	.*x	—	*.%	0.000%
84	🇨🇦	NameSilo Technologies Corp URL	₿ 5	$0M	$94M	$**M	—	—	—	—	.%	0.000%
85	🇨🇦	Fintech Select Ltd. FTEC	₿ 5	$0M	$2M	$*M	—	—	—	—	*.%	0.000%
86	🇨🇦	Blockmint Technologies Inc. BKMT	₿ 4	$0M	$1M	$*M	—	—	—	—	*.%	0.000%
87	🇨🇦	Leef Brands Inc LEEEF	₿ 4	$0M	$57M	$**M	—	—	—	—	.%	0.000%
88	🇨🇦	AgriFORCE Growing Systems Ltd. AGRI	₿ 3	$0M	—	—	—	—	—	—		0.000%
89	🇨🇦	FRNT Financial Inc FRNT	₿ 3	$0M	—	—	—	$*M	.*x	—		0.000%
90	🇺🇸	Argo Blockchain PLC ARBK	₿ 3	$0M	$46M	$**M	—	—	—	—	.%	0.000%
91	🇨🇦	CryptoStar Corp. CSTR	₿ 3	$0M	$2M	$*M	—	—	—	—	*.%	0.000%
92	🇨🇦	Banxa Holdings Inc. BNXAF	₿ 2	$0M	—	—	—	—	—	—		0.000%
93	🇺🇸	GameStop Corp. GME	₿ 1	$0M	$9,474M	$,**M	.*******	—	—	—	.%	0.000%
94	🇺🇸	BIT Mining Limited BTCM	₿ .8	$0M	—	—	—	—	—	—		0.000%
95	🇺🇸	Phunware Inc PHUN	₿ .8	$0M	$41M	$-**M	—	—	—	—	.%	0.000%
96	🇺🇸	Reliance Global Group, Inc RELI	₿ .3	$0M	—	—	—	$*M	.*x	—		0.000%
97	🇺🇸	ATIF Holdings Ltd ZBAI	₿ .2	$0M	—	—	—	—	—	—		0.000%
98	🇨🇦	SOL Strategies HODL	₿ 0	$0M	$47M	$**M	—	—	—	—		0.000%
99	🇺🇸	BTCS Inc. BTCS	₿ 0	$0M	$68M	$***M	—	—	—	—		0.000%
100	🇺🇸	Semler Scientific SMLR	₿ 0	$0M	$0M	—	—	—	—	—		0.000%
101	🇺🇸	K Wave Media KWM	₿ 0	$0M	$110M	$,*M	—	—	—	—		0.000%
102	🇺🇸	Lixte Biotechnology Holdings Inc LIXT	₿ 0	$0M	—	—	—	—	—	—		0.000%
103	🇨🇦	DevvStream DEVS	₿ 0	$0M	—	—	—	—	—	—		0.000%
104	🇺🇸	Superplanet SUPA	₿ 0	$0M	—	—	—	—	—	—		0.000%
		Total:	1,171,318	$89,993M								5.578%