MicroStrategy has once again widened its lead in the corporate Bitcoin race. Over the past 30 days, the firm purchased roughly 45,000 BTC, while all other publicly traded treasury companies combined added only about 1,000 BTC. Looking at a broader timeframe from the start of 2026, MicroStrategy acquired around 90,000 BTC, versus just 4,000 BTC from the rest of the corporate treasury sector. Non-MicroStrategy corporate buying has plunged 99% from its August 2025 peak, when companies piled on 69,000 BTC in a single month.
Concentration: 76% of all public-company BTC held by one firm
MicroStrategy now holds 766,970 BTC, sourced from a lifetime investment of $58.02 billion at an average cost of roughly $75,644 per coin. It controls about 76% of all Bitcoin sitting on public company balance sheets. Each new purchase at current market prices—recently averaging $67,718—helps lower the company's blended cost basis by nearly $8,000 per coin. The firm's market-cap-to-net-asset-value ratio stands at 0.85, meaning its equity trades below the value of its Bitcoin assets, yet it continues to issue new shares to fund additional buys.
In comparison, BlackRock's iShares Bitcoin Trust (IBIT) holds roughly 782,475 BTC and has added only about 8,484 BTC year-to-date—less than one-tenth of MicroStrategy's net addition. The gap between the two giants has shrunk, but MicroStrategy remains the dominant corporate holder.
Strive follows the pattern: small buys, big conviction
Strive Inc. (Nasdaq: ASST), founded by Vivek Ramaswamy, is another active buyer in an otherwise quiet quarter. It recently bought 113 BTC for $7.75 million at an average price of about $68,577 per coin, lifting its total holdings to 13,741 BTC as of April 2. Strive mirrors MicroStrategy's approach: buying below its historical average, staying active while others stay out. In March, Strive invested $50 million in MicroStrategy's STRC preferred stock, tying its returns to MicroStrategy's Bitcoin accumulation.
Strive's Matt Cole said: “We believe Digital Credit could be a multi-trillion-dollar opportunity, and every single update today aims to improve the credit quality and lower the expected volatility profile of our Digital Credit product, SATA.” Most of Strive's Bitcoin stash came via private placements and its acquisition of Semler Scientific, which contributed 5,048 BTC. It reported a proprietary Bitcoin Yield of 22.2% in Q4 2025, measuring the percentage increase in Bitcoin per share.
MicroStrategy and Strive stand as the only notable corporate accumulators in a market where most peers have stepped back. This concentration raises questions about the sustainability of institutional demand when just one or two players account for the vast majority of corporate buying activity.