🧵 [Ranking of Bitcoin holdings of global listed companies |] As of July 29, 2025] 📊 Who holds the most BTC? Which companies are new to joining? How fierce is the Bitcoin treasury trend? The new authoritative ranking is released - 🧵1/ 🎯 As of today, listed companies around the world hold a total of them about 897,000 BTC (market capitalization of more than $105 billion), 4.27% of the total Bitcoin supply. This figure has almost doubled from the middle of last year! 🔗 Source: bitcointreasuries / coingecko / earnings 🗓 When: July 29, 2025 🧵2/ 🏆 Top 5 listed companies BTC holdings ranking (coins): 1⃣ MicroStrategy（MSTR）：607,770 2⃣ Marathon Digital（MARA）：49,951 3⃣ Twenty One Capital（XXI）：37,230 4⃣ Bullish（BLSH）：24,340 5⃣ Riot Platforms（RIOT）：19,273 📌 Total Holdings of the Top 5 Coins ≈ 82% of the total number of listed companies 🧵3/ 📈 The biggest winner: MicroStrategy • Holdings: 608,000 BTC (≈$71.9 billion) • 2.89% of the total Bitcoin supply • Increase its holdings by more than 470,000 in 2025 • Co-founder Saylor is building a "BTC national team" 🔥 🧵4/ 📌 Latest companies to enter the Top 10: 🆕 Twenty One Capital (SPAC listing) 🆕 GameStop (GME) - 4,710 coins 🆕 Metaplanet (Japan) - Holds 17,132 coins 🆕 Trump Media (TMTG) — about 18,430 📊 More and more non-mining companies are entering! 🧵5/ 📊 General Trend: • Corporate holdings in Q2 2025 increased +35% month-on-month • Number of companies holding more than 1,000 coins: 24 in Q1→ and 35 in Q3→ • Biggest additions: MSTR/XXI/Trump Media • Geographical concentration: 🇺🇸 The United States dominates, followed 🇯🇵 by Japan/🇨🇦 Canada/🇭🇰 Hong Kong 🧵6/ 💰 Financing methods: • MicroStrategy: Issued stocks/preferred shares/convertible bonds, raising nearly $6.8 billion • Metaplanet and Twenty One Capital: Received capital injections from Tether and SoftBank • GameStop: Own funds + PIPE • H100 Group (Sweden): Convertible bond purchase 🧵7/ 🏦 Institutional Support Dynamics: • Vanguard: Holds 7.9% of MSTR and is the largest shareholder •BlackRock: MSTR, Riot, etc. hold more than 5% of the shares • Ark Invest: Focuses on COIN, Block, and Bitfarms 👉 The giants are "indirectly holding coins"... 🧵8/ 📉 Risk concentration: • Top1 (MSTR) accounts for ≈68% of all corporate BTC holdings • Total Holdings of the Top 5 ≈ 82% of the total of all listed companies ⚠️ Once MSTR reduces its holdings, the market may be volatile 🧵9/ 🚀 A New Era for Bitcoin Treasury: • It is not just a "hoarding of coins", but a strategic closed loop of "listing + financing + buying + premium valuation" • Businesses build a "digital sovereign balance sheet" with Bitcoin • Financially = ETF • Capital market = bull market vane 🧵10/ 📎 Want to see the full version of the top 50 companies holding rankings 📊 + chart analysis? ✅ Comment + Like 📥 You can push PDF full list + data source + trend chart 📚 Including: industry analysis / currency holding growth / market capitalization comparison / institutional layout 📌 After sorting out this issue, remember to collect and forward!