Strategy dominated the corporate bitcoin market in March 2026, purchasing 44,377 BTC in a single month, according to a report from bitcointreasuries.net and its research team. The report argues that the company’s buying spree effectively represented nearly all net corporate bitcoin accumulation for the month, while trading activity in its digital credit instrument STRC repeatedly set new highs.
Massive March Accumulation Strengthened Strategy’s Lead
The report says Strategy spent about $3 billion on bitcoin purchases during March, including a disclosed weekly acquisition of 22,337 BTC on March 16. Funding for part of that activity came from approximately $1.57 billion raised through market sales of STRC and MSTR between March 9 and March 15.
By the end of March, Strategy’s total bitcoin holdings had reached 762,099 BTC. Researchers said that figure represented roughly two-thirds of all bitcoin held by public companies. Across the broader public-company universe, total corporate bitcoin holdings stood at around 1.16 million BTC at month-end, while the wider pool of tracked institutional entities collectively accounted for about 4 million BTC.
STRC Became a Major Driver of Liquidity
A central theme in the report is the growing importance of STRC, described as Strategy’s floating-rate perpetual preferred product targeting a dividend yield of around 11.5%. On March 12, STRC recorded a $746 million daily trading volume, the highest on record. On March 31, the product posted another outsized session with $522 million in daily volume, ranking as its second-largest day. Over the week from March 9 through March 13, STRC generated $2.27 billion in trading volume.
The report suggests that this strong liquidity profile has become increasingly relevant to Strategy’s ability to finance further bitcoin accumulation. Researchers said the company has filed to raise an additional $42 billion through a new at-the-market program split evenly between STRC and MSTR common stock, while also seeking $2.1 billion through STRK.
The Road to 1 Million BTC
Based on the report’s modeled scenarios, Strategy could potentially surpass 1 million BTC before November 2026 if the full $42 billion authorization is approved and deployed over roughly 19 months at a pace equivalent to buying about 31,000 BTC per month. Researchers also provided a more conservative framework: if the company continues at its average purchase rate of roughly 21,000 BTC per month observed from January 2025 through March 2026, the 1 million BTC threshold would be reached around March 2027.
At the same time, the report emphasizes that Strategy has not publicly announced a formal target of 1 million BTC, nor has it disclosed a fixed timetable for reaching that level. The projection is therefore based on treasury behavior and financing assumptions rather than an official corporate commitment.
Corporate Rankings Shifted Beyond Strategy
The report also highlighted major changes in the ranking of public companies by bitcoin holdings. MARA Holdings sold 15,133 BTC, worth roughly $1.1 billion, to repurchase convertible debt. After that sale, MARA’s holdings fell to 43,514 BTC, causing it to lose ground in the corporate leaderboard. The report says Twenty One Capital moved ahead into the number-two position among listed holders.
Metaplanet also gained attention after adding 5,075 BTC in early April, bringing its total to 40,177 BTC. That increase pushed the company past MARA into third place in the ranking cited by the researchers.
Another notable development involved GameStop. According to the report, the company pledged 4,709 BTC as collateral in a covered call arrangement with Coinbase Credit, leaving it with only 1 BTC in direct holdings. As a result, GameStop reportedly dropped from around 21st place to near 190th in the ranking table.
Without Strategy, Corporate Demand Looked Much Weaker
One of the report’s starkest conclusions is that bitcoin buying by public companies appears to weaken significantly when Strategy is excluded. Researchers said non-Strategy corporate buying had been declining since October 2025. In March 2026, those companies collectively posted a net sale of 22,510 BTC.
Only 16 companies registered net bitcoin purchases during the month, a sharp drop from the peak of 60 companies seen in September 2025. That contrast underscores how concentrated corporate bitcoin accumulation has become, with Strategy acting as the overwhelming source of demand in the public-company segment.
STRC Adoption Spread to Other Companies and Funds
The report identified five additional companies that either bought STRC or disclosed plans to do so. Strive allocated $50 million to STRC, representing more than one-third of its corporate funds. DeFi stablecoin project Apyx held around 450,000 shares of STRC worth about $45 million as of April 6. Prevalon Energy, Anchorage Digital, and OranjeBTC also disclosed STRC allocations, although no amounts were provided in the report.
Institutional ownership was another important angle. Citing Yahoo Finance data, the researchers said mutual funds and exchange-traded funds together held more than $2 billion in digital credit products. Of those, STRC accounted for $591 million and ranked as the most widely held product in the category. Named institutional holders included Capital Group, Blackrock, Fidelity, and Vaneck.
New Products and Carry Trades Emerged Around STRC
Beyond direct ownership, the report noted that a broader ecosystem is beginning to form around STRC. 21Shares launched STRC exchange-traded products on Euronext Amsterdam and Euronext Paris. Meanwhile, Arch Lending has been promoting a carry trade in which bitcoin holders borrow funds at an interest rate of 8.49% and invest those proceeds into STRC, which was described as offering a current yield of about 11.5%.
The report also said DeFi projects Apyx and Saturn are developing stablecoins backed by STRC dividend streams, signaling that the product may be moving beyond traditional market channels into structured crypto-financial applications.
American Bitcoin Climbed the Leaderboard
Finally, the researchers pointed to American Bitcoin as the second-largest corporate buyer in March outside of Strategy. The company acquired 961 BTC across three purchases during the month, surpassing Galaxy Digital and lifting its total holdings to about 6,899 BTC. That was enough to move it up to 16th place in the corporate bitcoin treasury rankings tracked in the report.
Overall, the report paints a picture of a highly concentrated corporate bitcoin market. Strategy remains the dominant buyer, the largest holder by a wide margin, and the primary force behind net public-company accumulation. At the same time, the rapid rise of STRC trading volumes, the expansion of related products, and the reshuffling among other listed holders suggest that bitcoin treasury strategies are becoming more financially engineered, even as broad-based corporate buying appears to be losing momentum.