Corporate Bitcoin treasuries have jumped nearly 450% since Jan 2023 according to Glassnode. Strategy (MSTR) is still the biggest player with 660k BTC, but the leverage cuts both ways. MSTR is down 38% in 2025 while Bitcoin is only down 3%. Other holders include Tesla, MercadoLibre, and miners like MARA and Riot. Just be careful with smaller companies adopting this model, as some use it to prop up weak fundamentals.