Public companies collectively held 1.15 million BTC as of March 31, 2026, marking a 4.59% increase from the prior quarter as corporate treasury allocations to Bitcoin continued to grow despite a declining spot price environment.
Bitwise’s Q1 2026 Crypto Market Review reported that public companies net purchased 50,351 BTC during the quarter, pushing aggregate corporate bitcoin holdings to the 1.15 million BTC milestone.
That total represented 5.47% of Bitcoin’s fixed 21 million supply, held across 187 public companies at quarter-end. The number of companies holding BTC actually fell 2.09% quarter over quarter, suggesting consolidation among fewer, larger holders.
BTC Units Rose While USD Value Fell
The 4.59% quarter-over-quarter increase in BTC holdings came against a backdrop of falling prices. Bitwise valued the aggregate holdings at $77 billion using a quarter-end bitcoin price of $67,805, a decline of 18.96% in USD terms compared to the previous quarter.
That divergence highlights an important distinction: companies bought 50,351 bitcoin in Q1 at the highest quarterly clip on record, even as the dollar value of their treasuries shrank. The accumulation pattern suggests corporate buyers treated the price decline as an opportunity rather than a deterrent.
Bitcoin has since recovered to trade above $80,000, which would put the current market value of those same 1.15 million BTC closer to $93 billion, well above the $77 billion quarter-end figure.
Strategy Dominates With Two-Thirds of All Corporate BTC
The concentration within public-company bitcoin holdings remains extreme. Strategy (formerly MicroStrategy) disclosed in a March 2026 SEC 8-K filing that it held 762,099 BTC as of March 22, 2026. That single position accounts for roughly two-thirds of the entire sector’s holdings.
BitcoinTreasuries.net confirmed the concentration, noting that tracked public companies held 1,155,986 BTC in mid-March and that Strategy represented over 60% of the total. The remaining 186 companies collectively held fewer than 400,000 BTC.
This level of concentration means that quarterly net purchase figures are heavily influenced by a single issuer’s treasury decisions. When Strategy pauses or accelerates its buying, the sector-wide numbers move accordingly.
What 5.47% of Total Supply Means for Corporate Adoption
Crossing 5% of Bitcoin’s total supply in corporate hands represents a structural shift. A year ago, the figure was closer to 3.5%, meaning corporate treasuries have absorbed nearly 2 percentage points of additional supply in four quarters.
The fact that holdings grew even as the holder count fell from 191 to 187 companies suggests that the corporate bitcoin thesis is consolidating around larger, more committed allocators rather than broadening to new entrants. Companies that entered early are doubling down, while some smaller holders exited.
For publicly traded crypto-adjacent firms, the trend creates a feedback loop: larger BTC positions on balance sheets attract investors seeking Bitcoin exposure through equity, which in turn gives those companies cheaper access to capital for further purchases.
Whether the pace of accumulation can continue depends largely on Strategy’s appetite and whether new large-cap entrants join the treasury trend. At the current quarterly run rate of roughly 50,000 BTC, corporate holdings would cross 6% of total supply before the end of 2026.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
