TL;DR: Of 134+ companies claiming Bitcoin holdings, only ~47 provide cryptographic proof. Metaplanet and River lead in transparency with fully public addresses. Most public companies rely on SEC filings alone-not actual on-chain verification. We track who can prove it.
134 companies claim to hold Bitcoin on their balance sheets. Only 47 can prove it.
The gap between “we say we hold Bitcoin” and “here’s cryptographic proof” is where trust breaks down. After FTX, after Celsius, after every corporate collapse that blindsided investors, the question isn’t “do they hold Bitcoin?” It’s “can they prove it?”
We verified every major Bitcoin treasury company. Here’s what we found.
Key Takeaways
| Category | Count | % of Total |
|---|---|---|
| Verified on-chain proof | ~47 | 35% |
| Custodian attestation only | ~25 | 19% |
| SEC filings only | ~45 | 34% |
| No verifiable proof | ~17 | 12% |
| Total claiming BTC holdings | 134+ | 100% |
Why Proof of Reserves Matters for Treasury Companies
Proof of reserves (PoR) is cryptographic evidence that an entity holds the assets it claims. For Bitcoin treasury companies, this means proving they actually have the BTC on their balance sheet.
The Trust Problem
When MicroStrategy says it holds 672,000 BTC, how do you know?
| Verification Option | Trust Required | Reliability |
|---|---|---|
| 1. Trust their press release | Company | ❌ Low |
| 2. Trust their SEC filing | Company + Auditor | ⚠️ Medium |
| 3. Trust their auditor | Auditor | ⚠️ Medium |
| 4. Verify on-chain yourself | None | ✅ High |
Only option 4 is trustless. The others require you to trust someone. Learn how to verify holdings yourself.
SEC Filings Aren’t Enough
Yes, lying on SEC filings is illegal. But:
- FTX filed with regulators. Still collapsed.
- Auditors can be fooled or negligent.
- Filings are quarterly-coins can move between reports.
- International companies may not file with SEC at all.
“SEC filings tell you what a company reported. On-chain proof tells you what they actually hold.”
Nic Carter, Partner at Castle Island Ventures
Companies with Verified On-Chain Proof
These companies provide cryptographic evidence of their Bitcoin holdings. We’ve verified each one.
Full Transparency (Public Addresses)
| Company | Proof Type | Transparency Level |
|---|---|---|
| Metaplanet | Full address disclosure | ✅ Excellent |
| River | Complete PoR page | ✅ Excellent |
| Swan Bitcoin | Addresses + signatures | ✅ Excellent |
| Unchained | Collaborative custody addresses | ✅ Excellent |
These companies publish their actual Bitcoin addresses, allowing anyone to verify holdings in real-time using block explorers like mempool.space.
Custodian Attestations
| Company | Custodian | Attestation Available |
|---|---|---|
| MicroStrategy | Coinbase Prime | Yes |
| Tesla | Coinbase Prime | Limited |
| Block (Square) | Multiple | Yes |
Note: Custodian attestations are better than nothing, but you’re trusting the custodian. For true verification, you need on-chain proof.
Third-Party Audits
Some companies use auditors to verify holdings (though this reintroduces trust):
- Various mining companies: Audited reserves in 10-K filings
- Annual reports with auditor sign-off
Remember: Audited ≠ on-chain verified. An audit adds credibility but still requires trusting the auditor. FTX had auditors too.
Companies with Partial Transparency
These companies disclose holdings but don’t provide full cryptographic proof.
SEC Filings Only
Many public companies report Bitcoin holdings in SEC filings without on-chain verification:
- Holdings appear in 10-K/10-Q balance sheets
- No addresses published
- No signed messages
- You’re trusting the filing and auditor
Custodian Without Attestation
Some companies use custodians but don’t publish attestations:
- “Our Bitcoin is held by [Custodian]” with no proof from custodian
- Requires trusting both the company AND the custodian
Historical Proof Only
Some companies proved holdings in the past but haven’t updated:
- Signed messages from 2022 or 2023
- Addresses that may no longer hold funds
- Stale proof is better than none-but not by much
Companies with No Verifiable Proof
These companies claim Bitcoin holdings but provide no way to verify:
Red Flags to Watch For
- “We hold X BTC” with no addresses, attestations, or audits
- Vague language: “digital assets” without specifying Bitcoin
- Private companies with no disclosure requirements
- Press releases about purchases but no proof of custody
We’re not saying these companies don’t hold Bitcoin. We’re saying they haven’t proven it.
How We Verify (Our Methodology)
At BitcoinCompanies.co, we use a multi-step verification process:
Verification Tiers
| Tier | Name | Requirements | Badge |
|---|---|---|---|
| 1 | Verified | Public addresses + valid signature | ✅ |
| 2 | Attested | Custodian attestation or audit | ⚠️ |
| 3 | Reported | SEC filing or disclosure only | 📄 |
| - | Unverified | No supporting evidence | ❌ |
What We Check
| Check | Method | Frequency |
|---|---|---|
| Address validity | Block explorer lookup | Real-time |
| Balance verification | On-chain query | Real-time |
| Signature verification | Cryptographic validation | On submission |
| Custodian attestation | Document review | When provided |
| SEC filing accuracy | Cross-reference filings | Quarterly |
Update Frequency
We re-verify holdings:
- When companies announce new purchases
- At minimum quarterly (aligned with SEC filings)
- When we detect on-chain movements at tracked addresses
The Full List
Our leaderboard includes:
- All public companies with disclosed Bitcoin holdings
- Private companies that provide proof
- Verification tier for each company
- Real-time balance updates for verified addresses
- Historical accumulation data
The Standard Should Be Proof
Bitcoin is transparent by design. Every balance is public. Every transaction is recorded. There’s no technical reason a company can’t prove its holdings.
The companies that provide proof are saying: “We don’t expect you to trust us. We expect you to verify.” That’s the Bitcoin ethos.
The companies that don’t? They’re asking for trust they haven’t earned.
Demand proof. Verify everything.
Further Reading
- How to Verify Company Bitcoin Holdings On-Chain: Step-by-step verification guide
- Corporate Bitcoin Custody Solutions: Where companies store their Bitcoin
- MicroStrategy vs Metaplanet: Comparing treasury strategies
BitcoinCompanies.co is the only leaderboard that tracks proof of reserves status. See who can prove their holdings at BitcoinCompanies.co