上市公司采用比特币，于2025年初达到新水平

上市公司的比特币采用在2025年初达到新水平，数量越来越多

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.)

上市公司的比特币采用在2025年初达到了新水平，越来越多的人选择加密货币作为核心国库券资产。尽管如此，根据Coingecko汇编的数据并于3月27日分享的数据，Saylor的策略（以前称为MicroStrategy）在这一趋势中保持着领先地位。商业智能公司管理着惊人的506,137 BTC，价值超过442亿美元，以目前的价格（近87,000万美元/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。马拉松数字 - 26.8K3。 Galaxy Digital - 15.4K4。特斯拉 - 11.5k5。 Coinbase Global - 9.2K6。小屋8采矿 - 9.1K7。防暴平台 - 8.5k8。块 - 8.0K9。 CleanSpark - 6.2K10。 Metaplanet - 2.9k

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

战略公司的主导地位：它的比特币持有多大？

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的战略公司的比特币位置通过多种措施很重要。它的持有量约占比特币当前循环供应的2.5％。这些持股量还占刚刚公开交易的公司持有人所拥有的比特币储备的近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.

该公司受到执行董事长迈克尔·塞勒（Michael Saylor）的比特币倡导的影响很大，他通过计算出的债务产品和股票销售从2020年开始积极地建立了这一立场。在2022年12月，只有一笔适量的704 BTC销售，主要用于税收优化目的。这个巨大的规模将Salyor的战略公司置于公司比特币蓄能器中的一个联盟中。

How Do Bitcoin Miners Benefit from Holding BTC?

比特币矿工如何从持有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的战略公司之外，比特币采矿公司代表了公司BTC持有人的另一个主要类别。像Marathon Digital（目前持有约26,842 BTC）和Galaxy Digital（〜15,449 BTC）这样的公司直接受益于持有其生产的资产。他们以运营成本挖掘比特币，其比特币高于其市场价值。

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.

该模型使他们能够建立大量资产储量，而无需直接购买市场所需的典型资本支出。随着采矿硬件和能源效率的提高，这种方法可以变得更加有利可图，从而增强其资产负债表。大型矿工持有人也经常引用小屋8采矿。

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

相关：建立低风险的加密货币组合：分配策略详细

Miners Aside: Other Firms and New Entrants

除了矿工：其他公司和新进入者

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.

几家非矿业的上市公司也成为了关键的比特币持有人，展示了各种动机。 Block Inc.（以前是Square）拥有约8,038 BTC（价值约7.02亿美元），反映了其早期进入并继续对资产定罪。

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.

特斯拉尽管在2022年出售了其首次购买的一部分，但仍在其资产负债表上维持11,509 BTC。作为领先的加密本地交易所，Coinbase自然可以持有约9,183 BTC的运营和储备需求。

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，较新的参赛者信号可能会扩大公司采用。例如，总部位于东京的投资公司Metaplanet积极积累了2,888 BTC，与Salyor's Strategy Inc.的方法进行了一些比较。

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

相关：Metaplanet，“亚洲的MicroStrategy”，将比特币持有量提高到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，视频平台Rumble Inc.购买了188 BTC，作为其数字化转型策略的一部分。越来越多的企业兴趣浪潮表明，比特币越来越多地嵌入现代公司财务考虑中。

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