If Bitcoin Hits $1 Million, This Could Be America’s Biggest Public Firm

Summary: BitMine Chairman Tom Lee suggests that Strategy—a firm heavily invested in Bitcoin—could rise to become the most valuable public company in the U.S. if Bitcoin reaches $1 million. Lee compares Strategy’s crypto holdings to oil reserves once held by energy giants, positioning Bitcoin as a transformational asset on corporate balance sheets.

Background: Strategy’s Bitcoin-Centric Model

Strategy has made headlines with its massive Bitcoin holdings, amassing 628,791 BTC to date. According to Tom Lee, this bold bet shifts the valuation paradigm by placing digital assets at the core of the company’s worth, much like oil once did for ExxonMobil. Strategy’s equity trades around $380, giving it a market capitalization near $2.5 billion.

Lee envisions a future where Strategy could rival today’s tech behemoths. However, reaching that milestone would require Bitcoin to surge dramatically. At a $1 million BTC price, Strategy’s current stash would be valued at approximately $620 billion—substantial, but still trailing Nvidia ($4.3 trillion) and Microsoft ($3.9 trillion).

Bitcoin Holdings at Scale

Strategy reportedly invested $46 billion to accumulate its Bitcoin reserve, now worth around $70 billion. With only $50 million in fiat cash, the company ranks among the top 10 U.S. corporations by treasury size, outpacing firms such as PayPal and ExxonMobil in crypto exposure.

In a continuation of its Bitcoin-focused strategy, the company recently filed for a $4.2 billion STRC stock offering. The proceeds are earmarked for direct Bitcoin acquisitions, reinforcing Strategy’s identity as a crypto-forward treasury entity.

Tom Lee argues that this strategy could serve as a blueprint for other companies aiming to shift from conventional assets like cash and bonds toward digital alternatives.

Market Impact and Corporate Adoption

The move by Strategy signals a broader trend as companies explore crypto as a balance sheet asset. BitMine, for instance, has taken a parallel path with Ethereum, accumulating over 833,000 ETH. It now holds the largest public Ethereum treasury, suggesting increasing diversification among institutional players in the digital asset space.

Lee believes these strategies could reshape corporate finance, with leading firms building their value not just through revenue, but through transformative holdings in blockchain-based assets.

Featured image by Will Steacy, chart via TradingView