Key Takeaways:
- Strategy bought 44,377 BTC in March, now holding 762,099 BTC and two-thirds of all public company holdings.
- MARA Holdings sold 15,133 BTC to retire debt, letting Twenty One Capital claim the No. 2 treasury spot.
- Strategy’s $42B ATM filing could push holdings past 1 million BTC by November 2026 at a 31,000 BTC/month pace.
Bitcointreasuries.net Report Shows BTC Treasury Leaderboard Reshuffled
The report shows the company spent roughly $3 billion on bitcoin during March, including a single-week purchase of 22,337 BTC disclosed on March 16. That buy was funded by $1.57 billion raised through STRC and MSTR at-the-market sales from March 9 to 15.
Bitcointreasuries.net researchers note that STRC, Strategy’s variable-rate perpetual preferred share product targeting an annual dividend near 11.5%, recorded its highest single-day trading volume on March 12 at $746 million. March 31 produced the second-largest daily volume on record at $522 million, while weekly volume reached $2.27 billion for the week of March 9 to 13.
Data compiled by the analysts shows Strategy ended March holding 762,099 BTC, which represents roughly two-thirds of all bitcoin held by publicly traded companies. Total public company holdings reached 1.16 million BTC at month-end, part of approximately 4 million BTC tracked across all institutional entities.
The researchers further detail that the company filed to raise an additional $42 billion through a new ATM program split evenly between STRC and MSTR common stock, plus $2.1 billion in STRK. Bitcointreasuries.net projects that if Strategy issues that full amount over 19 months at roughly 31,000 BTC per month, it could cross 1 million BTC in holdings by November 2026.
A more conservative estimate cited in the analysis, based on Strategy’s average monthly purchases of 21,000 BTC from January 2025 through March 2026, points to the company reaching that milestone around March 2027. The researchers add that Strategy has not publicly set a 1 million BTC target or any specific acquisition deadline.
The leaderboard beyond Strategy shifted considerably, according to bitcointreasuries.net. MARA Holdings sold 15,133 BTC, worth approximately $1.1 billion, to repurchase convertible senior notes. That sale dropped MARA below Twenty One Capital, which now holds 43,514 BTC and ranks second among public bitcoin treasury companies. Metaplanet added 5,075 BTC in early April, bringing its holdings to 40,177 BTC and placing it third, ahead of MARA.
The report also notes that Gamestop pledged 4,709 BTC as collateral in a covered call arrangement with Coinbase Credit, leaving the company with just 1 BTC in direct holdings. The company fell from its previous position at No. 21 on the leaderboard to near No. 190.
Excluding Strategy from the dataset, bitcointreasuries.net researchers highlight that corporate bitcoin buying declined sharply. Purchases by non-Strategy companies have fallen since October 2025, and March saw a net sale of 22,510 BTC among that group. Only 16 companies added bitcoin on a net basis in March, down from a peak of 60 in September 2025.
The study further identifies five companies buying STRC or disclosing plans to do so. Strive allocated $50 million, over one-third of its corporate treasury, to STRC, while decentralized finance ( defi) stablecoin project Apyx held 450,000 STRC shares by April 6, valued at approximately $45 million. Prevalon Energy, Anchorage Digital, and OranjeBTC also disclosed STRC allocations without specifying amounts.
According to bitcointreasuries.net analysts, mutual funds and exchange-traded funds (ETFs) collectively hold more than $2 billion in digital credit instruments, based on Yahoo Finance data. STRC is the most widely held of those instruments at $591 million, with Capital Group, Blackrock, Fidelity, and Vaneck among the institutional holders.
The researchers also point to new financial products built around STRC emerging in March. 21shares launched a STRC exchange-traded product listed on Euronext Amsterdam and Euronext Paris, while Arch Lending began promoting a carry trade allowing bitcoin holders to borrow at 8.49% APR and invest proceeds in STRC at the current 11.5% yield. Decentralized finance (DeFi) projects Apyx and Saturn are also building stablecoins backed by STRC dividends.
Finally, the bitcointreasuries.net reporting shows American Bitcoin acquired 961 BTC across three purchases in March, the second-largest monthly total among all non-Strategy companies, overtaking Galaxy Digital to reach No. 16 on the leaderboard with approximately 6,899 BTC.
