Corporate BTC by Country
BTC holdings aggregated by country of incorporation, rendered as a horizontal-bar ranking snapshot. The US dominates by a wide margin, followed by Japan, Canada and a long tail of jurisdictions. Shows the geographic concentration of corporate Bitcoin adoption at the latest snapshot.
What is it?
A geographic breakdown of corporate Bitcoin holdings aggregated by the country of incorporation of each public company, plotted as time-series area bands. This chart reveals which nations have the deepest corporate adoption of Bitcoin as a treasury asset. The distribution is overwhelmingly concentrated: the United States leads by a wide margin (the bulk driven by Strategy alone), with Japan emerging as a significant secondary market led by MetaPlanet, then Canada, the UK and Germany rounding out the visible cohort. This geographic view helps assess the geopolitical dimension of corporate Bitcoin adoption and highlights regulatory environments that encourage or hinder corporate BTC treasury strategies. Coverage note: the chart is rendered from late-2025 onward. Prior to that cutoff, public-disclosure coverage was dominated almost entirely by US-incorporated holders (Strategy alone accounted for the visible mass), which would have produced a single 100%-USA band that is more misleading than informative. A compositional gate also blocks any future date where non-US share would fall below 5%.
How to read
The chart stacks each country as a time-series band. The US band dwarfs all others due to Strategy's massive position. The companion country-count series (purple) lets you distinguish between 'one mega-holder' countries and 'broad adoption' countries - an upward-trending count without a corresponding band growth indicates broadening adoption rather than deeper concentration. Hover the tooltip for per-date holdings per country. Vertical markers annotate structural events (MSTR US dominance build-up, Metaplanet launch Apr 2024 opening Japan exposure) - hover for source link.
Key zones
Geographic concentration thresholds: • US: structurally the dominant share of total corporate BTC, driven primarily by Strategy. Removing Strategy, the US still leads but Japan becomes competitive. • Japan: driven almost entirely by MetaPlanet. Regulatory clarity under the FSA has enabled this growth. • Canada, UK, Germany: each hosts a broader cohort of mid-sized corporate holders - showing wider but smaller adoption. • El Salvador: sovereign government holdings are tracked separately under sovereign reserves (excluded here), but Salvadoran companies benefit from the favorable legal framework. • Watch for new countries crossing the 1,000 BTC threshold - this indicates corporate-level adoption has begun in that jurisdiction.
What to observe
Watch for emerging clusters outside the US. Japan's rapid climb from near-zero to a top-3 position over a short window was a leading indicator of Asia-Pacific corporate adoption. New countries entering the chart indication shifting regulatory landscapes. If a country's holdings drop sharply (e.g., forced selling due to new regulation), this is a major geopolitical indication. Also observe the ratio of BTC per company - a country with 10 companies holding 100 BTC each represents broader adoption than one company holding 1,000 BTC.
Historical context
Before 2020, corporate BTC holdings were essentially a US-only phenomenon, limited to a handful of crypto-native companies. Strategy's August 2020 purchase triggered a wave of US corporate adoption. International adoption lagged by roughly 18-24 months. Canada was among the first non-US markets (Galaxy Digital, Hut 8 Mining). Europe followed with companies in Germany and the UK. The major breakout came when MetaPlanet in Japan announced an aggressive Bitcoin treasury strategy in the post-halving wave. In the post-halving era, the trend has spread across dozens of countries, though the US still accounts for the vast majority of total holdings by volume.
Expert notes
Country classification is based on the legal domicile of the holding company, which may not reflect where the BTC is custodied. Many US companies use custodians like Coinbase Custody or Fidelity Digital Assets, which may store assets across multiple jurisdictions. Tax treatment of BTC varies dramatically by country - in some jurisdictions (e.g., El Salvador, UAE, Portugal until 2023), capital gains on BTC are tax-free, which incentivizes corporate accumulation. IFRS vs US GAAP accounting treatment also differs: FASB ASU 2023-08 (effective 2025) now allows US companies to mark BTC to fair value, which was a significant catalyst for new US corporate adoption.
Common mistakes to avoid
Do not confuse country of incorporation with country of custody or country of beneficial ownership. A company domiciled in the Cayman Islands with US management and Swiss custody appears under 'Cayman Islands' in this chart. The US dominance is largely a Strategy effect - excluding Strategy, the picture is much more balanced. Government and sovereign wealth fund holdings are excluded from this data. Finally, the count of companies per country can be misleading if it includes shell companies or SPVs created specifically to hold BTC.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/macro-intelligence/corp-btc-by-country/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "corp-btc-by-country",
"timeframe": "1y"
}Required tier: free. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
Related metrics
Institutional disclaimer
Trinity Insights is an educational and analytical tool. The metric above does not constitute investment advice. Trinity Insights is not a Crypto-Asset Service Provider (CASP) registered under MiCA Regulation (EU) 2023/1114. See the full disclaimer.