Key Takeaways:
- Technique purchased 44,377 BTC in March, now holding 762,099 BTC and two-thirds of all public firm holdings.
- MARA Holdings offered 15,133 BTC to retire debt, letting Twenty One Capital declare the No. 2 treasury spot.
- Technique’s $42B ATM submitting might push holdings previous 1 million BTC by November 2026 at a 31,000 BTC/month tempo.
Bitcointreasuries.internet Report Exhibits BTC Treasury Leaderboard Reshuffled
The report reveals the corporate spent roughly $3 billion on bitcoin throughout March, together with a single-week buy of twenty-two,337 BTC disclosed on March 16. That purchase was funded by $1.57 billion raised by means of STRC and MSTR at-the-market gross sales from March 9 to fifteen.
Bitcointreasuries.internet researchers observe that STRC, Technique’s variable-rate perpetual most well-liked share product focusing on an annual dividend close to 11.5%, recorded its highest single-day buying and selling quantity on March 12 at $746 million. March 31 produced the second-largest every day quantity on file at $522 million, whereas weekly quantity reached $2.27 billion for the week of March 9 to 13.
Knowledge compiled by the analysts reveals Technique ended March holding 762,099 BTC, which represents roughly two-thirds of all bitcoin held by publicly traded firms. Complete public firm holdings reached 1.16 million BTC at month-end, a part of roughly 4 million BTC tracked throughout all institutional entities.
The researchers additional element that the corporate filed to boost an extra $42 billion by means of a brand new ATM program cut up evenly between STRC and MSTR frequent inventory, plus $2.1 billion in STRK. Bitcointreasuries.internet tasks that if Technique points that full quantity over 19 months at roughly 31,000 BTC per 30 days, it might cross 1 million BTC in holdings by November 2026.
A extra conservative estimate cited within the evaluation, primarily based on Technique’s common month-to-month purchases of 21,000 BTC from January 2025 by means of March 2026, factors to the corporate reaching that milestone round March 2027. The researchers add that Technique has not publicly set a 1 million BTC goal or any particular acquisition deadline.
The leaderboard past Technique shifted significantly, in response to bitcointreasuries.internet. MARA Holdings offered 15,133 BTC, value roughly $1.1 billion, to repurchase convertible senior notes. That sale dropped MARA under Twenty One Capital, which now holds 43,514 BTC and ranks second amongst public bitcoin treasury firms. Metaplanet added 5,075 BTC in early April, bringing its holdings to 40,177 BTC and putting it third, forward of MARA.
The report additionally notes that Gamestop pledged 4,709 BTC as collateral in a coated name association with Coinbase Credit score, leaving the corporate with simply 1 BTC in direct holdings. The corporate fell from its earlier place at No. 21 on the leaderboard to close No. 190.
Excluding Technique from the dataset, bitcointreasuries.internet researchers spotlight that company bitcoin shopping for declined sharply. Purchases by non-Technique firms have fallen since October 2025, and March noticed a internet sale of twenty-two,510 BTC amongst that group. Solely 16 firms added bitcoin on a internet foundation in March, down from a peak of 60 in September 2025.
The examine additional identifies 5 firms shopping for STRC or disclosing plans to take action. Try allotted $50 million, over one-third of its company treasury, to STRC, whereas decentralized finance ( defi) stablecoin undertaking Apyx held 450,000 STRC shares by April 6, valued at roughly $45 million. Prevalon Power, Anchorage Digital, and OranjeBTC additionally disclosed STRC allocations with out specifying quantities.
In keeping with bitcointreasuries.internet analysts, mutual funds and exchange-traded funds (ETFs) collectively maintain greater than $2 billion in digital credit score devices, primarily based on Yahoo Finance information. STRC is essentially the most broadly held of these devices at $591 million, with Capital Group, Blackrock, Constancy, and Vaneck among the many institutional holders.
The researchers additionally level to new monetary merchandise constructed round STRC rising in March. 21shares launched a STRC exchange-traded product listed on Euronext Amsterdam and Euronext Paris, whereas Arch Lending started selling a carry commerce permitting bitcoin holders to borrow at 8.49% APR and make investments proceeds in STRC on the present 11.5% yield. Decentralized finance (DeFi) tasks Apyx and Saturn are additionally constructing stablecoins backed by STRC dividends.
Lastly, the bitcointreasuries.internet reporting reveals American Bitcoin acquired 961 BTC throughout three purchases in March, the second-largest month-to-month whole amongst all non-Technique firms, overtaking Galaxy Digital to achieve No. 16 on the leaderboard with roughly 6,899 BTC.
