The Bitcoin treasury story isn’t moving in one direction anymore after assessing the top 20 public Bitcoin Treasury companies. Some public companies have kept their holdings untouched since 2025, treating the asset like digital gold.
Others have started trimming positions, while a separate group continues adding to reserves despite market volatility. The result is a growing divide in how corporate balance sheets are approaching BTC.
Several top treasury holders have remained completely inactive since 2025. GD Culture Group continues to hold 7,500 BTC, while Galaxy Digital Holdings remains at 6,894 BTC.
Next Technology Holding still holds 5,833 BTC, Bullish maintains 24,300 BTC, Bitcoin Standard Treasury Company holds 30,021 BTC, and Twenty One Capital continues to hold 43,514 BTC without additional purchases or sales.
This lack of movement suggests these firms have maintained their treasury strategy rather than actively trading their holdings.
Not every company has stayed on the sidelines. American Bitcoin Corp increased its holdings to 8,000 BTC with its latest purchase recorded on July 6, 2026.
Strive also expanded its treasury with its latest purchase on July 13, 2026, bringing holdings to 19,900 BTC. Metaplanet added 2,823 BTC on July 2, raising its total to 43,000 BTC.
Meanwhile, several companies have chosen a different path. Riot Platforms reduced holdings by 2,325 BTC in April 2026 and now holds 15,680 BTC. Strategy has sold 3,588 BTC, while MARA Holdings sold more than 18,000 BTC across March and May before adding a modest 1,000 BTC in June.
Trump Media & Technology Group reduced its holdings by 2,000 BTC in February 2026, leaving 9,542 BTC. ProCap Financial also shifted direction, recording a sale of 52 BTC in early June after months of accumulation.
SpaceX returned as a buyer in May 2026 after previously selling 17,439 BTC in 2024, purchasing 10,427 BTC. CleanSpark has remained active on both sides, buying 454 BTC in July while previously selling 108 BTC in May.
The Bitcoin treasury landscape has clearly become more selective. While some firms continue accumulating or holding long-term, others are actively rebalancing positions, highlighting that corporate strategies are no longer moving in lockstep.
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