Miners rise as treasury-heavy bitcoin stocks slump in 2026

Bitcoin is in focus for equity investors in 2026 as ten public companies collectively hold more than 1 million BTC. As of July 25, the largest holder is Strategy (MSTR) with 843,775 BTC, valued at roughly $58 billion at current prices.

Second on the list is Twenty One Capital (XXI) with 43,514 BTC, followed by Tokyo-listed Metaplanet (MPJPY) with 43,000 BTC. The rest of the top cohort includes Mara Holdings (MARA) with 36,303 BTC, exchange operator Bullish (BLSH) with 24,300 BTC, asset manager Strive (ASST) with 19,921 BTC, SpaceX (SPCX) with 18,712 BTC, Coinbase Global (COIN) with 16,492 BTC, Riot Platforms (RIOT) with 15,680 BTC and Cleanspark (CLSK) with 13,924 BTC.

Share performance has split in 2026. Mining companies have advanced, while firms that primarily hold bitcoin on their balance sheets have fallen. Riot Platforms is up 73% year to date. Cleanspark has gained 39% while building data centers and battery storage projects in North America. Mara Holdings is up 31% amid capacity expansion and a sizable reserve.

Treasury-focused firms with limited operating businesses are down. Twenty One Capital, launched in March 2025 in Austin to give stock investors direct exposure to bitcoin’s price, has fallen 48% this year despite its 43,514 BTC reserve. Metaplanet has declined 49%, with shares tracking bitcoin’s swings. Bullish has dropped 37% after slower crypto trading volumes and losses tied to negative equity, and Strive is down 24%.

Coinbase, which holds 16,492 BTC, has fallen 31% in 2026 after industry trading activity cooled. Riot Platforms, with 15,680 BTC, has risen as its core business is producing new coins rather than holding them as treasury assets.

Miners can acquire bitcoin at a production cost that can be below market prices, and many have built artificial intelligence infrastructure as a second business line, adding revenue outside of mining. Companies that buy and hold bitcoin often fund purchases with equity or debt, an approach that becomes harder when share prices fall.

Strategy’s stock is down about 40% in 2026 even as its holdings grew. The company, founded by Michael Saylor, has issued debt and equity to acquire BTC and recorded its first net sales in years. It sold 32 BTC in late May to help fund preferred dividends, then another 3,588 BTC between late June and early July for roughly $216 million to meet stock-related obligations and add cash. It remains the largest corporate holder by a wide margin.

SpaceX joined the list after its Nasdaq debut on June 12, 2026. The IPO priced at $135, opened at $150 and reached $225.64 on June 16, briefly lifting the company’s market value above $2.6 trillion. The shares later moved below the offer price; SPCX closed at $115 on July 24, about 15% under the IPO price. In its filing, SpaceX disclosed an 18,712 BTC position, which ranks ahead of Coinbase, Riot Platforms and Cleanspark by holdings.

Public companies began adopting bitcoin treasuries in 2020 when Strategy started converting cash into BTC. Some, including Metaplanet and Twenty One Capital, built business models around a bitcoin reserve, while miners added holdings on top of operations that generate coins.