CleanSpark Flips Coinbase in Institutional Bitcoin Race 2025
Institutional Bitcoin Race Intensifies as CleanSpark Surpasses Coinbas
The institutional Bitcoin race is heating up fast. In the latest move, publicly traded bitcoin-mining company CleanSpark (NASDAQ: CLSK) has overtaken Coinbase (NASDAQ: COIN) to become the 9th largest treasury company in the world.
Source: X
CleanSpark now holds 13,011 BTC, surpassing Coinbase’s 11,776 BTC. This reshuffle highlights how companies are aggressively buying and holding-Bitcoin, competing to secure top spots in global corporate Bitcoin-rankings.
CleanSpark’s Bold Financial Bitcoin Strategy
In Q3 2025, CleanSpark made significant financial moves to expand its Bitcoin mining operations and strengthen its balance sheet.
$650 million convertible note offering at 0% interest
$145 million share buyback, with a conversion price of $24.66 (Dec 2024)
$400 million in Bitcoin-backed credit facilities
Derivatives program launched to boost yield, manage volatility, and strategically monetize BTC production
The results of all these efforts are clearly visible as the company hit a record 50 EH/s, and produced 629₿ in September alone. And now surpassing the asset giant.
New Entrants Join the Race
The rankings are not just shifting at the top. In a surprising move, British firm Smarter Web (SCW) flipped Trump family-backed America Bitcoin-Corp (ABTC) to become the 30th largest BTC treasury company with 2,550₿.
Across the board, 12 companies increased their ₿-coin holdings in the last 7 days, while only one company reduced its position, showing that institutional accumulation is accelerating.
Major Entities Secure Top Spots as Bitcoin Treasury Race Identifies
Entities and even governments are actively joining the treasury race. The top position in corporate is held by Michael Saylor’s Strategy with 640K coins, then comes MARA Inc. Metaplanet, another famous name in the BTC-treasury companies, held 4th position worldwide while BlackRock’s recent 95 million purchase in Bitcoin also gathered momentum.
According to the latest data from BitcoinTreasuries (as of October 6, 2025):
Total ₿-coin tracked: 3,878,367
Total USD value: $484.67 billion
Number of entities: 344
Top 100 public companies hold: 1,038,205₿
Conclusion
This data shows how corporate treasuries are becoming a major force in the Bitcoin-ecosystem. Growing numbers of firms are adding BTC to their balance sheets frequently even after the currency recently hit its ATH of $126,198 and currently trading at $121,228.
The confidence is clear and also setting pace for altcoins as they are also becoming a gradual choice for the sector. In no time we are going to witness another coin’s corporate rally like we are seeing for Bitcoin-now.
