Lead
Public companies continued to add Bitcoin to their balance sheets, with the top 100 holders now controlling 1,061,854 BTC as of November 21, 2025. Over the past week, eight firms increased and one reduced their Bitcoin positions. Separately, Bitmine has reportedly overtaken BlackRock to become the largest Ethereum holder with about 3.6 million ETH, even as its ETH strategy shows a sizable unrealized loss.
Key Developments
- The top 100 public companies collectively hold 1,061,854 BTC.
- Week-over-week change: 8 companies grew their stacks; 1 trimmed holdings.
- Among individual leaders, MicroStrategy holds 158,245 BTC, while Marathon Digital Holdings holds 13,726 BTC.
Company Holdings and Performance Snapshot
New portfolio data highlights the positioning and unrealized performance of three major crypto-treasury players across BTC, ETH, and SOL:
Strategy (BTC)
- Purchased: 649,870 BTC (≈ $54.52B)
- Average purchase price: $74,433
- Unrealized PnL: +$6.15B (+12.72%)
Bitmine (ETH)
- Purchased: 3,559,879 ETH (≈ $5.95B)
- Average purchase price: ≈ $4,010
- Unrealized PnL: −$4.52B (−31.67%)
Forward Industries (SOL)
- Purchased: 6,834,506 SOL (≈ $847.8M)
- Average purchase price: $232.08
- Unrealized PnL: −$711M (−44.85%)
Bitmine has also reportedly surpassed BlackRock to become the largest ETH holder with around 3.6 million ETH, underscoring the accelerating institutional footprint in Ethereum despite recent drawdowns.
Market Context
- Corporate accumulation of Bitcoin continues to be a notable demand pillar, with several public firms increasing exposure in the latest weekly window.
- Despite institutional interest, broader market sentiment remains cautious. A research firm suggested Bitcoin could pull back toward $75,000, noting the market may not have found a bottom yet.
Outlook
Corporate crypto treasuries are expanding across multiple assets, led by Bitcoin and increasingly by Ethereum. While institutional adoption remains a key long-term driver, near-term volatility—particularly the risk of a Bitcoin retracement—could shape treasury strategies and portfolio performance into year-end.