Strategy dominated corporate bitcoin accumulation in March 2026, according to a report published by bitcointreasuries.net and its research team. The company bought 44,377 BTC during the month, a figure that effectively accounted for nearly all net bitcoin buying among corporations in that period. The report links the aggressive accumulation to surging activity in STRC, Strategy’s digital credit instrument, which repeatedly set new volume records.
The researchers said Strategy spent about $3 billion on bitcoin purchases in March alone. That total included a disclosed weekly acquisition of 22,337 BTC announced on March 16. Funding for part of the buying came from market sales of STRC and MSTR securities between March 9 and March 15, which generated roughly $1.57 billion.
Strategy Extends Its Lead in Corporate Bitcoin Holdings
By the end of March, Strategy’s bitcoin treasury had risen to 762,099 BTC. According to the report, that represents about two-thirds of the bitcoin held by all publicly listed companies combined. The same dataset estimates that public companies collectively held around 1.16 million BTC at month-end, while total tracked institutional entities held roughly 4 million BTC.
The scale of Strategy’s position continues to reshape the public-company leaderboard. The report notes that if the company’s proposed $42 billion at-the-market program is approved and deployed evenly, with purchases averaging about 31,000 BTC per month over 19 months, its holdings could surpass 1 million BTC before November 2026. A more conservative estimate, based on an average monthly purchase pace of about 21,000 BTC from January 2025 through March 2026, suggests that milestone would be reached closer to March 2027. The researchers also stressed that Strategy has not publicly declared a formal one-million-bitcoin target or deadline.
STRC Trading Activity Reached New Highs
A major driver behind Strategy’s continued buying has been market demand for STRC, described in the report as a floating-rate perpetual preferred instrument targeting a dividend yield of about 11.5%. On March 12, STRC recorded a daily trading volume of $746 million, the highest on record. On March 31, it posted another standout session with $522 million in daily volume, the second-highest level ever recorded. For the week of March 9 to March 13, cumulative STRC trading volume reached $2.27 billion.
The report also pointed to growing institutional ownership of digital credit products tied to this market segment. Citing Yahoo Finance data, the researchers said mutual funds and exchange-traded funds hold more than $2 billion of such products in aggregate. STRC alone accounted for $591 million and was identified as the most widely held product in the category. Named institutional participants included Capital Group, Blackrock, Fidelity, and Vaneck.
Corporate Rankings Shift as Other Treasuries Rebalance
Outside Strategy, the corporate bitcoin treasury rankings changed materially during the period. MARA Holdings sold 15,133 BTC, worth about $1.1 billion, in order to repurchase convertible debt, according to the report. That sale reduced MARA’s holdings to 43,514 BTC, allowing Twenty One Capital to move ahead in the rankings.
Metaplanet also made a notable move by buying an additional 5,075 BTC in early April, bringing its total holdings to 40,177 BTC. That increase further tightened the competition among the top listed corporate holders.
The report highlighted an even sharper decline for GameStop. After pledging 4,709 BTC as collateral in a covered call arrangement with Coinbase Credit, the company was left with just 1 BTC in direct holdings. As a result, its position reportedly dropped from around 21st place to near 190th in the ranking table.
Without Strategy, Corporate Bitcoin Demand Looks Much Weaker
One of the clearest conclusions in the report is how concentrated corporate bitcoin demand has become. If Strategy is excluded from the dataset, buying activity among corporations appears to have slowed significantly. Researchers said non-Strategy corporate purchases had already been declining since October 2025, and by March 2026 the group recorded a combined net sale of 22,510 BTC.
Only 16 companies posted net bitcoin purchases in March, compared with a peak of 60 companies in September 2025. That contrast suggests that the recent corporate treasury narrative is increasingly being driven by a single outsized buyer rather than broad-based adoption across listed firms.
STRC Ecosystem Expands Beyond Strategy’s Own Balance Sheet
The report also described a growing ecosystem of products and strategies built around STRC. 21Shares launched a STRC exchange-traded product listed on Euronext Amsterdam and Euronext Paris. Arch Lending began promoting a carry trade in which bitcoin holders borrow funds at an annual interest rate of 8.49% and allocate capital into STRC, which was described as offering a yield of around 11.5%.
In decentralized finance, Apyx and Saturn were identified as projects developing stablecoins backed by STRC dividend flows. The report also named several companies that had purchased STRC or disclosed plans to do so. Strive allocated $50 million, more than one-third of its corporate treasury, to STRC. Apyx held roughly 450,000 shares of STRC worth about $45 million as of April 6. Prevalon Energy, Anchorage Digital, and OranjeBTC also disclosed STRC allocations, although without publishing exact amounts.
American Bitcoin Emerges Among Secondary Buyers
Even in a month overwhelmingly defined by Strategy’s accumulation, the report identified smaller but still relevant buyers. American Bitcoin purchased a total of 961 BTC across three separate transactions in March, making it the second-largest corporate buyer that month excluding Strategy. That lifted its holdings to around 6,899 BTC, enough to move it past Galaxy Digital and into 16th place in the treasury rankings.
Overall, the report paints a picture of a corporate bitcoin market that is becoming more concentrated, more financialized, and more dependent on a narrow set of funding channels. Strategy remains the central force in that trend, not only because of the size of its bitcoin balance but also because instruments like STRC are now influencing broader capital flows, secondary investment products, and corporate treasury behavior across the market.