According to a report from bitcointreasuries.net, Strategy purchased 44,377 BTC in March 2026, spending roughly $3 billion. A single-week buy of 22,337 BTC was disclosed on March 16, funded by $1.57 billion raised via STRC and MSTR at-the-market sales from March 9 to 15. The company ended March with 762,099 BTC, representing about two-thirds of the 1.16 million BTC held by all publicly traded companies.
STRC Sets Back-to-Back Daily Volume Records
Strategy's STRC product, a variable-rate perpetual preferred share targeting an ~11.5% annual dividend, hit its highest single-day trading volume of $746 million on March 12. March 31 saw the second-largest daily volume at $522 million. Weekly volume for March 9-13 reached $2.27 billion.
Treasury Leaderboard Shifts: MARA Sells, Twenty One Capital Jumps to No. 2
MARA Holdings sold 15,133 BTC (worth ~$1.1 billion) to repurchase convertible notes, dropping below Twenty One Capital, which now holds 43,514 BTC and ranks second. Metaplanet added 5,075 BTC in early April, bringing its total to 40,177 BTC and placing it third ahead of MARA. Gamestop pledged 4,709 BTC as collateral in a covered call with Coinbase Credit, leaving only 1 BTC in direct holdings; the firm fell from No. 21 to nearly No. 190.
Non-Strategy Buying Slumps; STRC Ecosystem Expands
Excluding Strategy, companies recorded a net sale of 22,510 BTC in March, with only 16 firms adding BTC on a net basis, down from a peak of 60 in September 2025. Five companies disclosed STRC allocations: Strive invested $50 million; DeFi stablecoin project Apyx held 450,000 STRC shares (~$45 million); Prevalon Energy, Anchorage Digital, and OranjeBTC also participated. Mutual funds and ETFs collectively hold over $2 billion in digital credit instruments, with STRC's share at $591 million—backed by Capital Group, Blackrock, Fidelity, and Vaneck.
New STRC-linked products emerged in March. 21shares listed a STRC ETP on Euronext Amsterdam and Paris. Arch Lending began marketing a carry trade where BTC holders borrow at 8.49% APR to invest in STRC yielding 11.5%. DeFi projects Apyx and Saturn are building stablecoins backed by STRC dividends. Separately, American Bitcoin acquired 961 BTC in three March purchases, the second-largest monthly total among non-Strategy firms, reaching No. 16 with ~6,899 BTC.
1M BTC Horizon: Optimistic vs. Conservative Scenarios
Strategy has filed for an additional $42 billion ATM program evenly split between STRC and MSTR common stock, plus $2.1 billion in STRK. Bitcointreasuries.net projects: at a pace of ~31,000 BTC per month, holdings could exceed 1 million BTC by November 2026; at the January 2025–March 2026 average of 21,000 BTC/month, the milestone would arrive around March 2027. The report notes Strategy has not publicly set a 1 million BTC target or any deadline.