上市公司採用比特幣，於2025年初達到新水平

上市公司的比特幣採用在2025年初達到新水平，數量越來越多

Bitcoin adoption among public companies reached new levels in early 2025, with a growing number choosing the cryptocurrency as a core treasury reserve asset. And still, Saylor’s Strategy (formerly known as MicroStrategy) holds a commanding lead in this trend, according to data compiled by Coingecko and shared on March 27. The business intelligence firm manages a staggering 506,137 BTC, worth over $44.2 billion at current prices (nearly $87k/BTC.)

上市公司的比特幣採用在2025年初達到了新水平，越來越多的人選擇加密貨幣作為核心國庫券資產。儘管如此，根據Coingecko彙編的數據並於3月27日分享的數據，Saylor的策略（以前稱為MicroStrategy）在這一趨勢中保持著領先地位。商業智能公司管理著驚人的506,137 BTC，價值超過442億美元，以目前的價格（近87,000萬美元/btc）。

Top 10 Public Companies' BTC Holdings in 20251. MircoStrategy – 506.1K2. Marathon Digital – 26.8K3. Galaxy Digital – 15.4K4. Tesla – 11.5K5. Coinbase Global – 9.2K6. Hut 8 Mining – 9.1K7. Riot Platforms – 8.5K8. Block – 8.0K9. CleanSpark – 6.2K10. Metaplanet – 2.9K

20251年前10家上市公司的BTC持有。 MircoStrategy - 506.1k2。馬拉松數字 - 26.8K3。 Galaxy Digital - 15.4K4。特斯拉 - 11.5k5。 Coinbase Global - 9.2K6。小屋8採礦 - 9.1K7。防暴平台 - 8.5k8。塊 - 8.0K9。 CleanSpark - 6.2K10。 Metaplanet - 2.9k

Strategy Inc.’s Dominance: How Big Are Its Bitcoin Holdings?

戰略公司的主導地位：它的比特幣持有多大？

Salyor’s Strategy Inc.’s Bitcoin position is substantial by multiple measures. Its holdings represent roughly 2.5% of Bitcoin’s entire current circulating supply. These holdings also account for nearly 84% of the combined Bitcoin reserves held just by the top 10 publicly traded corporate holders.

Salyor的戰略公司的比特幣位置通過多種措施很重要。它的持有量約佔比特幣當前循環供應的2.5％。這些持股量還佔剛剛公開交易的公司持有人所擁有的比特幣儲備的近84％。

The company, heavily influenced by Executive Chairman Michael Saylor’s Bitcoin advocacy, aggressively built this position through calculated debt offerings and equity sales starting in 2020. Only one modest sale of 704 BTC, reported in December 2022, was conducted, primarily for tax optimization purposes. This sheer scale places Salyor’s Strategy Inc. in a league of its own among corporate Bitcoin accumulators.

該公司受到執行董事長邁克爾·塞勒（Michael Saylor）的比特幣倡導的影響很大，他通過計算出的債務產品和股票銷售從2020年開始積極地建立了這一立場。在2022年12月，只有一筆適量的704 BTC銷售，主要用於稅收優化目的。這個巨大的規模將Salyor的戰略公司置於公司比特幣蓄能器中的一個聯盟中。

How Do Bitcoin Miners Benefit from Holding BTC?

比特幣礦工如何從持有BTC中受益？

Beyond Salyor’s Strategy Inc., Bitcoin mining firms represent another major category of corporate BTC holders. Companies like Marathon Digital (currently holding ~26,842 BTC) and Galaxy Digital (~15,449 BTC) benefit directly from holding the asset they produce. They mine Bitcoin at operational costs significantly below its market value.

除了Salyor的戰略公司之外，比特幣採礦公司代表了公司BTC持有人的另一個主要類別。像Marathon Digital（目前持有約26,842 BTC）和Galaxy Digital（〜15,449 BTC）這樣的公司直接受益於持有其生產的資產。他們以運營成本挖掘比特幣，其比特幣高於其市場價值。

This model allows them to build substantial asset reserves without the typical capital expenditure required for direct market purchases. As mining hardware and energy efficiency improve over time, this approach can become even more profitable, strengthening their balance sheets. Hut 8 Mining is also frequently cited among significant miner holders.

該模型使他們能夠建立大量資產儲量，而無需直接購買市場所需的典型資本支出。隨著採礦硬件和能源效率的提高，這種方法可以變得更加有利可圖，從而增強其資產負債表。大型礦工持有人也經常引用小屋8採礦。

Related: Build a Lower-Risk Crypto Portfolio: Allocation Strategy Detailed

相關：建立低風險的加密貨幣組合：分配策略詳細

Miners Aside: Other Firms and New Entrants

除了礦工：其他公司和新進入者

Several non-mining public companies have also emerged as key Bitcoin holders, demonstrating diverse motivations. Block Inc. (formerly Square) holds around 8,038 BTC (worth ~$702M), reflecting its early entry and continued conviction in the asset.

幾家非礦業的上市公司也成為了關鍵的比特幣持有人，展示了各種動機。 Block Inc.（以前是Square）擁有約8,038 BTC（價值約7.02億美元），反映了其早期進入並繼續對資產定罪。

Tesla, despite selling a portion of its initial purchase in 2022, still maintains 11,509 BTC on its balance sheet. Coinbase, as a leading crypto-native exchange, naturally holds about 9,183 BTC for operational and reserve needs.

特斯拉儘管在2022年出售了其首次購買的一部分，但仍在其資產負債表上維持11,509 BTC。作為領先的加密本地交易所，Coinbase自然可以持有約9,183 BTC的運營和儲備需求。

Additionally, newer entrants signal potentially broadening corporate adoption. Tokyo-based investment firm Metaplanet, for instance, has aggressively accumulated 2,888 BTC, drawing some comparisons to Salyor’s Strategy Inc.’s approach.

此外，較新的參賽者信號可能會擴大公司採用。例如，總部位於東京的投資公司Metaplanet積極積累了2,888 BTC，與Salyor's Strategy Inc.的方法進行了一些比較。

Related: Metaplanet, ‘Asia’s MicroStrategy,’ Boosts Bitcoin Holdings to 400 BTC

相關：Metaplanet，“亞洲的MicroStrategy”，將比特幣持有量提高到400 BTC

Furthermore, video platform Rumble Inc. purchased 188 BTC as part of its digital transformation strategy. This growing wave of diverse corporate interest suggests Bitcoin is becoming increasingly embedded within modern corporate finance considerations.

此外，視頻平台Rumble Inc.購買了188 BTC，作為其數字化轉型策略的一部分。越來越多的企業興趣浪潮表明，比特幣越來越多地嵌入現代公司財務考慮中。

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本文提供的信息僅用於信息和教育目的。本文不構成任何形式的財務建議或建議。由於提到的內容，產品或服務的利用，Coin Edition對任何損失概不負責。建議讀者在採取與公司相關的任何行動之前謹慎行事。