Introduction
As Bitcoin and Ethereum mature into global macro assets, an increasing number of companies, governments, and institutions now hold crypto directly on their balance sheets. But contrary to popular belief, these holdings are highly concentrated, unevenly distributed between BTC and ETH, and often misunderstood.
Some entities are Bitcoin maximalists. Others are Ethereum-heavy. And in many cases, what looks like “ownership” is actually custodial storage rather than proprietary risk.
Below is a clear, group-wise breakdown of the largest BTC and ETH holders, ordered from most to least holdings, along with how exposed they really are to market profit and loss.
1. Strategy (Michael Saylor)
Combined holdings: ~713,502 BTC
ETH exposure: None disclosed
Strategy remains the largest corporate Bitcoin holder in the world, by a massive margin. The company follows a strictly BTC-only treasury strategy and does not report any material Ethereum holdings.
Because Strategy accumulated Bitcoin aggressively across multiple cycles, its balance sheet is highly sensitive to BTC price fluctuations. When Bitcoin trades below the firm’s average acquisition cost, Strategy reports large unrealized losses—though it has consistently stated it has no intention of selling.
The Unrealized loss for the time being is over $6.3B, down 13% from their buy price.
This makes Strategy the clearest example of a pure Bitcoin proxy in public markets.
2. United States (Government / Seizures)
Combined holdings: ~300,000–320,000+ BTC
ETH exposure: Minimal in comparison
The United States is one of the largest Bitcoin holders globally, but not by choice. Most of its BTC comes from law-enforcement seizures and forfeitures tied to criminal cases, hacks, and illicit marketplaces.
These assets are spread across multiple custodial wallets and are not treated as strategic monetary reserves. As a result, traditional profit-and-loss accounting doesn’t apply the way it does for corporations.
ETH holdings do exist through seizures, but they are small relative to Bitcoin and rarely highlighted.
3. Marathon Digital
Combined holdings: ~52,850 BTC
ETH exposure: Small or incidental
Marathon Digital is one of the largest publicly traded Bitcoin miners and holds a significant portion of its mined BTC directly on its balance sheet.
Because much of Marathon’s Bitcoin is mined rather than purchased at market prices, its effective cost basis is typically lower, meaning the company is often in profit versus acquisition cost, even during market drawdowns. However, quarterly results can still fluctuate depending on spot prices and whether the firm sells BTC to fund operations.
Ethereum exposure, if any, is minor and not central to its treasury strategy.
4. BitMine Immersion Technologies (Tom Lee–Associated)
Combined holdings: Multi-million ETH
BTC exposure: Negligible
BitMine Immersion Technologies stands out as one of the largest ETH-centric balance sheets in the market. Unlike Bitcoin-focused miners or treasuries, BitMine has effectively positioned itself as a pure Ethereum treasury vehicle.
At various reporting snapshots, BitMine’s ETH was acquired at prices significantly higher than prevailing market levels, resulting in multi-billion-dollar unrealized losses during ETH drawdowns. This makes BitMine one of the clearest examples of directional ETH balance-sheet risk in public markets.
The unrealized loss is estimated around $8B.
5. Exchange Custodial Pools — Binance & Coinbase
Combined on-chain custody:
- Binance: ~4M+ ETH + large BTC holdings
- Coinbase: ~2.9M+ ETH + large BTC holdings
These are the largest on-chain holders of ETH and BTC, but with a critical caveat:
Most of these assets belong to customers, not the exchanges themselves.
While these holdings dominate blockchain rich lists, they are primarily custodial balances rather than speculative treasury positions. As such, they should not be interpreted as directional bets by the companies unless explicitly disclosed in financial filings.
6. Riot Platforms
Combined holdings: ~18,000 BTC
ETH exposure: Minimal
Riot Platforms follows a similar model to Marathon, retaining a large portion of mined Bitcoin while selectively selling some to manage operational costs.
The company’s BTC treasury is generally positive relative to mining cost, but USD exposure can change quickly depending on sales, energy costs, and Bitcoin volatility. Ethereum is not a meaningful part of Riot’s balance sheet.
7. Tesla
Combined holdings: ~11,500 BTC (last disclosed)
ETH exposure: Not publicly broken out
Tesla holds Bitcoin on its balance sheet and reports it in regulatory filings. While the company accepts DOGE for certain payments, it does not disclose a separate ETH treasury line.
Any ETH or DOGE received via payments is believed to be small and typically not itemized, making Bitcoin the only meaningful crypto exposure for Tesla shareholders.
8. Bhutan (Sovereign Mining Program)
Combined holdings: Mid-thousands to low-five-figures BTC historically
ETH exposure: Small and experimental
Bhutan has quietly built a state-backed Bitcoin mining program, powered by surplus hydroelectric energy. Unlike seizure-based holdings, Bhutan’s BTC is organically mined.
The country has actively bought and sold tranches over time, so holdings fluctuate. Ethereum exposure exists but remains experimental and secondary to Bitcoin.
9. El Salvador
Combined holdings: ~6,000–8,000 BTC
ETH exposure: Minimal
El Salvador’s crypto strategy is almost entirely Bitcoin-centric, following its adoption of BTC as legal tender. While small ETH exposure may exist through experiments or custody, it is negligible compared to its Bitcoin position and not a focus of national policy.
10. Other Public Microcaps and Treasury-Style Firms
Combined holdings (aggregate):
- Tens of thousands of ETH
- Smaller BTC stacks
- Some firms also hold SOL and other assets
A growing number of small public companies have adopted crypto-treasury strategies, often financed through equity issuance or debt. These balance sheets are highly variable, disclosures are inconsistent, and cost bases are often unclear—making reliable profit-and-loss analysis difficult.
Final Takeaway
Crypto balance-sheet ownership is far more concentrated than most investors realize:
- Bitcoin is dominated by a handful of giant holders: Strategy, governments, and miners
- Ethereum ownership is split between exchange custody and a small number of aggressive corporate treasuries
- Many “holders” are custodians, not speculators
- Profit and loss depends heavily on acquisition method, not just price
As crypto continues to integrate into public markets, understanding who actually holds the coins—and under what conditions—matters more than ever.
Other Articles you may like:
Is Vitalik Killing L2s While Dumping ETH?
Is Blackrock Buying Out Micro Strategy?
What Is Air Gapping? Is Air Gapping Better Than Hardware Wallets?
Get the news in a Jist. Follow Cryptojist on X and Telegram for real-time updates!
Bitcoin 
Tether 
BNB 