Strategy dramatically expanded its bitcoin treasury in March 2026, purchasing 44,377 BTC during the month, according to a report published by bitcointreasuries.net and its research team. The report said the company accounted for nearly all corporate bitcoin buying in March, underscoring how dominant Strategy has become in the public-company treasury landscape. By the end of the month, Strategy’s total holdings had climbed to 762,099 BTC, a figure the researchers said represented roughly two-thirds of all bitcoin held by publicly listed companies.
Record STRC activity supported the buying campaign
The report linked March’s aggressive accumulation to extraordinary activity in Strategy’s digital credit instrument, STRC. Researchers described STRC as a floating-rate perpetual preferred product targeting an annual dividend rate of around 11.5%. Trading in the instrument surged during the month, helping the company tap market demand as it continued to fund bitcoin purchases.
According to the report, Strategy spent about $3 billion on bitcoin in March. That total included a previously disclosed single-week acquisition of 22,337 BTC announced on March 16. Funding for part of the purchasing program came from at-the-market sales of STRC and MSTR between March 9 and March 15, which together raised approximately $1.57 billion.
STRC’s market activity reached new highs during the month. On March 12, the instrument recorded a daily trading volume of $746 million, the highest on record. On March 31, daily volume reached $522 million, marking the second-largest day on record. Over the week of March 9 through March 13, aggregate STRC trading volume totaled $2.27 billion, highlighting the scale of investor engagement around the product.
Strategy’s position dwarfs the rest of the corporate field
The report said publicly traded companies collectively held about 1.16 million BTC at the end of March, while roughly 4 million BTC could be tracked across institutional holders more broadly. Within that public-company universe, Strategy remained overwhelmingly dominant. Its 762,099 BTC balance gave it an unmatched lead and reinforced its central role in shaping corporate bitcoin accumulation trends.
Researchers also modeled how much larger the company’s holdings could become. They noted that Strategy had applied for a new at-the-market program designed to raise an additional $42 billion, split evenly between STRC and MSTR common stock, and separately sought to raise another $2.1 billion through STRK. If that capital were deployed over 19 months at a pace of about 31,000 BTC per month, the report projected that Strategy could surpass 1 million BTC by around November 2026.
The researchers also offered a more conservative scenario. Using the company’s average monthly purchase pace of roughly 21,000 BTC from January 2025 through March 2026, they estimated the 1 million BTC threshold might instead be reached around March 2027. At the same time, the report explicitly noted that Strategy has not publicly committed to a 1 million BTC target or announced a formal timetable for reaching it.
Corporate rankings shifted as other holders sold or restructured
Beyond Strategy, the report showed meaningful changes in the rankings of public bitcoin holders. MARA Holdings sold approximately 15,133 BTC, valued at about $1.1 billion, to repurchase convertible debt. Following that sale, MARA’s holdings fell to 43,514 BTC, allowing Twenty One Capital to move into the number-two position among public-company holders.
Metaplanet also altered the leaderboard after adding 5,075 BTC in early April, bringing its total to 40,177 BTC. The report presented these moves as evidence that the corporate treasury table is still evolving, even as Strategy remains far ahead of the field.
GameStop saw one of the sharpest ranking changes. Researchers said 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 21st place to near 190th in the rankings.
Without Strategy, corporate demand looked far weaker
One of the report’s strongest conclusions was that the broader corporate bitcoin bid has faded significantly once Strategy is removed from the picture. According to the researchers, bitcoin accumulation by other corporations had been declining since October 2025. In March 2026, the non-Strategy group recorded a combined net sale of 22,510 BTC.
Only 16 companies registered net bitcoin purchases during the month, down sharply from the peak of 60 companies in September 2025. That contrast highlighted how concentrated corporate demand has become. Strategy’s buying spree may have lifted aggregate treasury figures, but the report suggested that, outside a handful of firms, enthusiasm for direct balance-sheet accumulation has cooled materially.
STRC adoption widened beyond Strategy itself
The report also identified five additional companies that had either purchased STRC or publicly announced plans to do so. Strive reportedly allocated $50 million to STRC, representing more than one-third of its corporate funds. DeFi stablecoin project Apyx held 450,000 shares of STRC worth about $45 million as of April 6. Prevalon Energy, Anchorage Digital, and OranjeBTC also disclosed STRC allocations, though no amounts were specified.
Using Yahoo Finance data, the researchers said mutual funds and exchange-traded funds held more than $2 billion in digital credit products overall. Within that category, STRC stood out as the most widely held, with $591 million in ownership attributed to the instrument. Institutional participants cited in the report included Capital Group, BlackRock, Fidelity, and VanEck.
The product’s influence is also spreading into adjacent financial structures. The report said 21Shares launched an STRC exchange-traded product on Euronext Amsterdam and Euronext Paris. Arch Lending began promoting a carry trade in which bitcoin holders could borrow funds at an interest rate of 8.49% and invest in STRC, which was then offering a yield of 11.5%. Researchers added that DeFi projects including Apyx and Saturn were developing stablecoins backed by STRC dividends, a sign that the instrument is beginning to reach into structured products, lending, and onchain finance.
Smaller buyers remained active, but at a far lower scale
While Strategy dominated the month, the report noted that American Bitcoin bought a total of 961 BTC across three transactions in March. That was enough to rank as the second-largest monthly buyer among corporations excluding Strategy. The purchases lifted American Bitcoin to around 6,899 BTC in total holdings, moving it ahead of Galaxy Digital and into 16th place in the rankings.
Even so, the difference in scale remained striking. Strategy’s monthly acquisition alone outweighed the activity of nearly every other corporate participant combined. The report ultimately portrayed a market in which corporate bitcoin treasury growth is increasingly defined by one dominant buyer, while a new class of credit-linked products such as STRC is becoming central to how that growth is financed.