Bitcoin Treasury Race Accelerates as Strategy Leads Corporate Holders

TLDR

• Public firms added 50,351 BTC net in Q1 2026, according to Bitwise data.
• Corporate Bitcoin holdings reached 1.15M BTC, or 5.47% of total supply.
• The reported value stood at $77B across 187 public companies.
• Strategy led listed holders with 818,334 BTC as of May 2026.
• Portfolio value fell 18.96% QoQ as Bitcoin traded at $67,805.

Corporate Bitcoin accumulation kept rising in Q1 2026, according to Bitwise data cited by market observers. Public companies added another 50,351 BTC net during the quarter, lifting combined holdings to 1.15 million BTC. The Bitcoin treasury race accelerated, and Strategy remained the largest listed holder. More public firms also used Bitcoin as a treasury asset across public markets in 2026.

Strategy Leads the Corporate Bitcoin Treasury Race

The Bitwise Corporate Bitcoin Adoption report showed continued growth in public company Bitcoin holdings. The total reached 1.15 million BTC in Q1 2026. That equals 5.47% of Bitcoin’s fixed 21 million supply. The coins were worth about $77 billion across 187 public companies. 

The value dropped 18.96% from the prior quarter because Bitcoin’s market price fell. Bitwise data placed Bitcoin at $67,805 during the reported period. Strategy remained the largest corporate Bitcoin holder as of May 2026. The company held 818,334 BTC, far ahead of other listed holders. 

Its position kept it central to the Bitcoin treasury race. Other major holders included XXI with 43,514 BTC and Metaplanet with 40,177 BTC. MARA Holdings held 38,689 BTC. Bitcoin Standard Treasury Company held 30,021 BTC, based on the supplied figures.

Public Companies Added More Bitcoin in Q1

The report showed that public companies bought 50,351 BTC net in Q1 2026. The quarter added to a trend that began in 2020. Corporate Bitcoin balances have continued to rise across market cycles. The data showed growth in coin holdings, even as dollar value moved lower. This split reflected the role of Bitcoin’s price in portfolio value. 

It also showed that reported corporate coin balances kept increasing. Market watchers view the trend as part of wider treasury adoption. Public firms are treating Bitcoin as a balance sheet asset. They are also reducing available supply by holding coins for longer periods.

The trend has drawn attention from investors tracking corporate treasury strategies. Some investors follow announcements from listed companies. New Bitcoin purchases can affect market views on company treasury plans.

Yield Products Enter the Bitcoin Treasury Debate

The supplied market commentary also pointed to yield-linked Bitcoin products. It cited STRC as an example with an 11% yield. The same commentary mentioned Pendle, Saturn Credit, Strata Markets, and Edel Finance.

These products are being watched because they may change treasury planning. A company holding Bitcoin could seek income without selling coins. That model remains subject to product design, market risk, and counterparty risk. The broader corporate Bitcoin story remains tied to public company balance sheets. The Q1 data showed more coins held by listed firms. 

It also showed Strategy leading by a wide margin. The next stage may depend on new treasury policies and product access. It may also depend on board approval, accounting treatment, and market liquidity. For now, Bitwise data shows continued corporate Bitcoin accumulation through Q1 2026.

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