Disclosed herein is a beverage container holding apparatus that floats in water. More specifically, the beverage container holding apparatus is configured for being floated in water and being supported by a rigid support surface such as, for example, a countertop or table. Advantageously, such a beverage container holding apparatus is configured for limiting a potential for the beverage container holding apparatus to overturn and to exhibit floatation stability as a volume of liquid with in the beverage holding container changes such as through consumption thereof. Preferably, such a beverage container holding apparatus additionally serves to insulate the beverage container held therein.