Public companies held 1.26 million BTC as of early September 2026, roughly 6% of Bitcoin's fixed 21-million-coin supply. In the second quarter alone, corporate treasuries added 110,000 BTC — 1.8 times the total acquired in the prior two quarters combined and more than double the approximately 81,...
"We will probably sell some bitcoin to pay a dividend just to inoculate the market and send the message that we did it." — Michael Saylor, Executive Chairman, Strategy Inc.
Public companies held 1.26 million BTC as of early September 2026, roughly 6% of Bitcoin's fixed 21-million-coin supply. In the second quarter alone, corporate treasuries added 110,000 BTC — 1.8 times the total acquired in the prior two quarters combined and more than double the approximately 81,153 BTC produced by miners during the same period.
Yet the financial mechanism that made the strategy viable is under severe stress. Strategy Inc., the company that pioneered the corporate Bitcoin treasury model, saw its market-to-net-asset-value (mNAV) ratio collapse from 3.4x in November 2024 to 0.68x by August 3, 2026. At that level, Strategy's common equity trades at a 32% discount to the Bitcoin it holds. Japan's Metaplanet fell to 0.74x. The flywheel — issuing equity at a premium to buy Bitcoin, thereby increasing BTC per share — reverses below 1.0x, turning each share issuance into dilution rather than accretion.
The result: more companies are buying Bitcoin than ever, but the financial model that justified those purchases is no longer functioning for its largest practitioners. Strategy broke its four-year "never sell" pledge in May 2026. MARA Holdings sold 23,093 BTC for $1.6 billion in H1 2026. The corporate Bitcoin treasury thesis has entered a new phase where accumulation continues, premiums have evaporated, and capital discipline is being tested.
BitcoinTreasuries.com tracks 254 entities holding 3,914,822 BTC as of May 2026 — 18.6% of total supply. Of that, publicly traded companies hold approximately 1.26 million BTC, valued at roughly $79 billion based on prevailing spot prices.
The pace of accumulation has accelerated. In Q1 2026, corporate treasuries added approximately 62,000 BTC, with most purchases concentrated in January and early March. Q2 saw that figure jump to 110,000 BTC, according to Bitcoin Treasuries data reported by CryptoBriefing. Year-to-date through early July, public companies added a net 166,984 BTC — more than twice the 81,153 BTC miners produced in the same period.
Strategy accounts for the majority. The company bought roughly 85,000 BTC in Q2 alone, representing approximately 77% of all corporate purchases. No other entity approaches this concentration level.
The top five corporate holders as of late August 2026:
| Company | Ticker | BTC Held | Avg. Cost Basis | |---------|--------|----------|-----------------| | Strategy Inc. | MSTR | 845,050 | $75,412 | | Twenty One Capital | XXI | 43,514 | — | | Metaplanet | 3350.T | ~43,000 | $104,106 | | MARA Holdings | MARA | 35,577 | — | | Bullish | BLSH | 24,300 | — |
Strive, Vivek Ramaswamy's asset management firm, held 20,167 BTC as of August 7, 2026, having completed 26 separate purchases since September 2025 and accumulating more than 12,000 BTC in 2026 alone.
The market-to-net-asset-value (mNAV) ratio is the key metric for Bitcoin treasury companies. When mNAV exceeds 1.0x, the market values the company's equity above the dollar value of its Bitcoin. This enables a capital-efficient cycle: issue shares at a premium, buy Bitcoin, increase BTC per share, and command an even higher premium.
That cycle has reversed.
Strategy's basic mNAV stood at 0.68x as of August 3, 2026, according to mnav.com. Its enterprise mNAV — which accounts for debt and preferred stock — was approximately 1.02x, roughly at parity. The basic mNAV peaked near 3.4x in November 2024, meaning the premium has compressed by 80% over 21 months.
Metaplanet followed the same trajectory. Its enterprise mNAV fell below 1.0x in late July 2026 for the first time, reading 0.96x. Its market-cap-based mNAV was 0.74x. The company's stock declined 75% from its mid-June peak despite holding over 30,000 BTC worth $3.5 billion at the time.
VanEck's analysis of Strategy's capital structure identified three forces behind the compression: scarcity ended as imitators flooded the market with similar equity-for-Bitcoin structures, the flywheel stalled as Bitcoin price appreciation slowed, and senior claims grew as Strategy layered on convertible debt and preferred equity that ate into common equity's residual claim.
In February 2025, Saylor posted "Never sell your Bitcoin" — a statement his followers treated as doctrine. In May 2026, Strategy sold 32 BTC for $2.5 million to fund preferred stock dividends. It was the company's first sale since a 2022 tax-loss transaction.
The initial sale drew sharp criticism. CNBC reported shares fell on the disclosure. Analysts at CoinDesk characterized the debate as centering on whether the sale signaled a philosophical shift or a trivial accounting event — 32 BTC out of 843,700 held at the time.
Two months later, the trivial became material. In July 2026, Strategy sold approximately $216 million in Bitcoin — its largest disposal ever — again to fund dividend obligations on its Digital Credit preferred securities, according to Fortune. Strategy's CEO defended selling at a loss and buying at a premium, arguing the company's capital allocation framework does not optimize around spot price but around the cost of capital and BTC-per-share accretion.
The company then resumed buying on August 31, adding 4,603 BTC for $369.7 million at an average price of $80,318 per coin. To fund the purchase, Strategy sold 4.53 million Class A shares for $602.8 million, allocating $369.7 million to Bitcoin and $151.8 million to repurchasing STRC preferred stock.
Total holdings stood at 845,050 BTC as of the filing, at an average cost of $75,412 per coin — meaning the aggregate position remained modestly underwater relative to the blended average.
MARA Holdings, formerly Marathon Digital, took a more aggressive approach. The company sold 23,093 BTC for approximately $1.6 billion during the first half of 2026, according to Q2 earnings filings reported by Blockspace. The proceeds went to debt reduction and capital expenditure for AI infrastructure buildout.
By June 30, MARA retained 35,577 BTC, including 9,270 BTC deployed in its digital-asset management operations. Of the remaining unrestricted Bitcoin (26,307 BTC worth ~$1.5 billion), 4,742 BTC was loaned to third parties and 4,528 BTC was pledged as collateral.
After the quarter, MARA pledged an additional 18,750 BTC — roughly 53% of remaining holdings — as collateral against $600 million in new borrowings from Coinbase Credit and Two Prime Lending. The company formally revised its 2026 treasury policy to allow Bitcoin disposals depending on market conditions and capital needs.
MARA's shift represents a structural departure from the passive-accumulation model. The company is treating its Bitcoin as a working asset — collateral, yield-generating inventory, and a funding source — rather than a static reserve.
While Strategy and MARA adjusted, second-tier treasury firms continued buying.
Strive Inc. (ASST), backed by Vivek Ramaswamy, accumulated aggressively. After acquiring Semler Scientific in January 2026 and inheriting its 12,798 BTC, Strive continued purchasing throughout the year. A 2,500 BTC purchase in late May-early June at $74,092 average cost brought holdings to 19,000 BTC. By August, the total reached 20,167 BTC across 26 separate transactions. The company funded purchases primarily through its Variable Rate Series A Perpetual Preferred Stock. However, the financial results have been unfavorable: RIABiz reported in February that Strive was more than $400 million underwater on its Bitcoin position.
Metaplanet (3350.T) added 5,075 BTC in Q1 2026, reaching 40,177 BTC and vaulting past MARA into third place among public holders globally. By July, a further $170.7 million purchase brought holdings to approximately 43,000 BTC. But the company subsequently suspended purchases for two weeks as its mNAV dipped below 1.0x — the same threshold problem that constrains Strategy.
Twenty One Capital (XXI), led by Jack Mallers, holds 43,514 BTC as the second-largest public holder. The company dropped its "Bitcoin Per Share" tracking metric, a notable signal that the BPS accretion framework — the mathematical basis for the premium flywheel — may be losing credibility with practitioners themselves.
The corporate Bitcoin treasury model rests on a circular logic: premium valuation enables accretive Bitcoin accumulation, which in turn justifies the premium. Three structural factors have disrupted this cycle in 2026.
1. Supply saturation. What was once a novel strategy pursued by a single company is now attempted by hundreds. BitcoinTreasuries tracks 254 entities with Bitcoin exposure. The scarcity premium that accrued to Strategy as a unique vehicle has dissipated as investors can choose among multiple listed proxies — or simply buy spot Bitcoin through regulated ETFs.
2. Capital structure complexity. Strategy's debt and preferred equity layers now total billions. These senior claims consume cash (dividends), force asset sales, and reduce the residual value attributable to common shareholders. When the enterprise mNAV sits at 1.02x but the common equity mNAV is 0.68x, the gap reflects the weight of these senior securities.
3. Bitcoin price stagnation. Bitcoin traded near $78,000-$80,000 in early September 2026. Absent sustained price appreciation, the mathematical benefit of buying more BTC diminishes. If BTC-per-share increases by 5% but the coin price is flat, the per-share dollar value gain is marginal — insufficient to justify the dilution from share issuance at a discount to NAV.
The net effect: corporate treasuries are absorbing Bitcoin at more than twice the mining output rate, yet the equity markets no longer reward them for it. The demand is real but the economic justification within the equity framework has eroded.
The corporate Bitcoin treasury model is entering a paradox. Accumulation volume has never been higher: 166,984 BTC purchased by public companies through early July 2026, compared to 81,153 BTC mined. The institutional conviction in Bitcoin as a reserve asset appears strong.
But the financial structure that enabled the accumulation has broken. Below 1.0x mNAV, the equity-to-Bitcoin conversion model runs in reverse. Strategy's solution has been to sell Bitcoin to service debt, contradicting the foundational premise. MARA's solution has been to treat Bitcoin as working capital rather than a permanent reserve. Twenty One Capital has abandoned the BTC-per-share metric entirely.
What remains is a large and growing pool of corporate-held Bitcoin — 6% of total supply — sitting inside equity structures that the market values at a discount to the underlying asset. The demand is persistent. The premium is not. Whether these companies can navigate the gap between conviction and capital structure will determine whether the corporate Bitcoin treasury becomes a permanent feature of public markets or a cyclical phenomenon tied to bull-market psychology.