For years, MicroStrategy, Marathon Holdings, and Riot Platforms have topped the list of the largest public Bitcoin investors, collectively holding more BTC than most other public companies combined. However, in 2025, a bold new player, Twenty One Capital (XXI), has joined in, holding far more Bitcoin than the company is worth.
According to data presented by CryptoPresales.com, Twenty One Capital has the highest BTC-to-market cap ratio of 1,071%, or 12 times more than Marathon Holdings and 21 times more than MicroStrategy.
XXI Holds $10.71 in Bitcoin for Every $1 of Its Market Cap
Five years ago, the idea of public companies investing in Bitcoin might have sounded like a joke. But things have changed a lot since then, with major corporations betting big on Bitcoin, a trend that has only accelerated in 2025.
The world’s largest BTC holder among publicly listed companies, MicroStrategy, bought over 100,000 Bitcoins year-to-date, pushing its total holdings to a jaw-dropping 568,840 BTC, worth nearly $60 billion. But MicroStrategy wasn’t the only Bitcoin whale that reached deep into its pockets to pile up more BTC.
According to Bitcoin Treasuries, seven of the ten largest public Bitcoin investors have made sizable purchases this year, adding nearly 170,000 BTC year-to-date. Still, one name stands out: Twenty One Capital, the market’s newest and boldest player.
The company holds 31,500 Bitcoin worth nearly $3 billion as of last week, or 10.7 times more than its stock value. For every $1 of XXI’s market capitalization, the company holds around $10.71 in Bitcoin, making it the most Bitcoin-leveraged public company worldwide. This Bitcoin-to-market cap ratio is even more shocking when compared to other Bitcoin whales.
In comparison, MicroStrategy holds 568,840 BTC worth $59 billion as of last week, which is around 50% of its market cap or 21 times less than XXI’s ratio. Marathon Digital Holdings follows with a BTC-to-market cap ratio of 88%, 12 times lower than XXI’s. In other words, for every $1 of Marathon’s market cap, around 88 cents are backed by Bitcoin. Hut 8 Mining Corp and Riot also have significantly lower BTC-to-market cap ratios, at 62% and 51%, respectively. Meanwhile, Coinbase and Tesla sit on the other side of the list, with their Bitcoin holdings accounting for just 1.3% and 0.1% of their market caps.
The Number of Bitcoin-Leveraged Companies Jumps Fivefold in a Year
Significant BTC investments from these companies only reflect the rising trend in corporate Bitcoin adoption. According to Bitcoin Treasuries, the number of public BTC investors has jumped fivefold over the past year.
In Q1 2024, only 38 publicly traded companies had Bitcoin on their balance sheets, collectively holding $13 billion in BTC. Since then, their number has jumped to over 200, with their BTC holdings worth $82.1 billion as of last week.
