Key Takeaways
Public companies added 50,351 BTC in the first quarter of 2026, bringing the total corporate-held supply to 1.15 million Bitcoin, a Bitwise Asset Management report showed. This accumulation occurred as Bitcoin’s price navigated significant volatility, with corporate treasuries now controlling 5.47% of the total circulating supply.
The growth was heavily concentrated, with Strategy’s aggressive purchasing offsetting significant selling pressure from other parts of the market. "Strategy added roughly 89,000 BTC in Q1 alone," the Bitwise report detailed, highlighting the firm's conviction. This brought its total to 818,334 BTC.
The data reveals a stark divergence in strategy between different types of corporate holders. While Strategy and Tokyo-based Metaplanet accumulated coins, publicly listed Bitcoin miners were net sellers. Miners sold a record 32,000 BTC in the first quarter, exceeding their total sales for all of 2025, as they moved to manage debt and operational costs.
This dynamic underscores a split between companies using Bitcoin as a primary treasury reserve asset versus those treating it as a liquid asset to ensure solvency. The market is now watching to see if the conviction of a few large buyers can continue to absorb selling pressure from miners and other market participants.
Strategy’s executive chairman, Michael Saylor, continued the firm’s accumulation strategy throughout the quarter, acquiring Bitcoin through market volatility. The company’s average cost basis stands at $75,537 per coin, according to a recent disclosure. The firm briefly paused its purchasing ahead of its Q1 earnings report on May 5, where it is expected to report a paper loss due to mark-to-market accounting rules.
In sharp contrast, the mining sector faced financial headwinds that forced widespread selling. MARA Holdings, for example, sold 15,133 BTC for approximately $1.1 billion to manage its debt, reducing its holdings from 53,822 BTC to 38,689 BTC by the end of March. This selling pressure from MARA and other public miners represented a significant liquidity event for the market.
While Strategy’s scale dominates the headlines, other firms are making significant moves. Metaplanet acquired 5,075 BTC for approximately $400 million, bringing its total to 40,177 BTC. This pushed the Tokyo-listed company past MARA Holdings to become the third-largest corporate Bitcoin holder, trailing only Strategy and Twenty One Capital. Metaplanet’s accumulation, like Strategy’s, signals a strategic decision to use Bitcoin as a long-term treasury asset.
The concentration of corporate Bitcoin holdings presents both a validation of the asset and a potential risk. Strategy alone now holds about 66% of all publicly held Bitcoin, with an average cost basis near current market prices. A significant price drop below its $75,537 average could create substantial unrealized losses for the market’s largest corporate buyer. Observers are closely watching Strategy’s Q1 earnings call and Michael Saylor’s upcoming appearance at the Consensus conference for further insight into the company’s forward-looking strategy and its potential impact on the broader market.
This article is for informational purposes only and does not constitute investment advice.
