Public companies collectively hold 1.26 million BTC across approximately 198 entities — 6% of Bitcoin's maximum supply. That figure masks a structural fracture. In Q1 2026, non-Strategy treasury companies purchased a combined 1,000 BTC in a 30-day period, a 99% decline from the August 2025 peak o...
"Net profit is not an appropriate metric for evaluating a bitcoin treasury company." — Simon Gerovich, CEO, Metaplanet Inc.
Public companies collectively hold 1.26 million BTC across approximately 198 entities — 6% of Bitcoin's maximum supply. That figure masks a structural fracture. In Q1 2026, non-Strategy treasury companies purchased a combined 1,000 BTC in a 30-day period, a 99% decline from the August 2025 peak of 69,000 BTC. Their share of total corporate bitcoin purchases fell to 2%, down from 95% in October 2024.
The corporate bitcoin treasury sector is splitting into two classes. A small group of well-capitalized firms — Strategy (843,775 BTC), Twenty One Capital (43,514 BTC), and Metaplanet (43,000 BTC) — continue accumulating and building financial infrastructure around their holdings. A growing cohort of smaller entrants is liquidating, pivoting to AI infrastructure, or exiting entirely as debt obligations collide with a 33% BTC price decline since January. Combined market capitalization of bitcoin treasury stocks has fallen approximately $62 billion from peak levels, with many trading at or below net asset value.
Bitcoin opened 2026 above $93,000. By late June, it had fallen to a 21-month low near $56,000 before recovering to approximately $64,100 in mid-July. The 33% drawdown exposed a fundamental weakness in the corporate treasury model: companies that issued debt or preferred stock to buy bitcoin created fixed obligations against a volatile asset.
According to BitcoinTreasuries.net, 198 public companies held a combined 1.268 million BTC as of early July 2026, valued at roughly $77.5 billion. Corporate purchasers acquired 166,984 BTC in 2026, exceeding miner production by a factor of 2.1x. However, that headline figure is dominated by a single entity. Strategy alone accounts for more than two-thirds of the top-100 holders' total position.
The broader landscape tells a different story. Multiple companies that adopted bitcoin treasury strategies in 2024-2025 have reversed course. According to CryptoTimes, at least five publicly listed firms exited or materially reduced their bitcoin positions in the first half of 2026, citing debt service requirements, Nasdaq compliance pressure, or strategic pivots into AI and high-performance computing.
Genius Group — The Singapore-based education company, which once targeted 10,000 BTC, liquidated its last 84 BTC in Q1 2026 to repay $8.5 million in debt. A court order had blocked the company from raising new capital or issuing shares, forcing the sale. Genius Group held as many as 440 BTC in March 2025. Total holdings as of July 2026: zero.
Empery Digital — Sold 370 BTC in April 2026 at $66,632 average to retire its term loan, releasing 1,800 BTC from collateral. In July 2026, Empery sold an additional 1,400 BTC at $62,200 each, generating $87.1 million. The proceeds are funding construction of an AI data center in the Midwest. Empery still holds 1,514 BTC but has stated it does not intend to purchase more and may sell additional coins.
K Wave Media — Sold its remaining 88 BTC on July 1, 2026, to repay approximately $6 million in debt. Holdings reduced to zero.
Nakamoto Holdings — Sold 284 BTC in March 2026 at $70,422, a 40% realized loss against its $118,171 average cost basis. In June, the company sold roughly 600 BTC and bitcoin derivatives to repay a $210 million USDT loan from Kraken secured by a majority of its holdings. The company, which shut its last healthcare clinics to go all-in on bitcoin, saw its share price decline 99% from its post-capital-raise peak.
The pattern is consistent: companies that entered with insufficient operating revenue to service bitcoin-linked debt are now forced sellers at losses.
Three entities account for the vast majority of continued accumulation:
Strategy (MSTR) — Holds 843,775 BTC at an average cost of $75,476 per coin. Total cost basis: $63.69 billion. At current prices near $64,100, the position carries an unrealized deficit of approximately $9.6 billion. Despite this, Strategy purchased 3,657 BTC during Q2 2026 while simultaneously selling 3,588 BTC to fund $1.76 billion in annual preferred dividend obligations under its new Digital Credit Capital Framework. The company has authorized up to 20,800 BTC in sales (2.5% of holdings) and maintains a $2.55 billion cash reserve providing approximately 17 months of dividend coverage.
Twenty One Capital (XXI) — Backed by Tether and SoftBank, holds 43,514 BTC valued at $2.7 billion against a $3.69 billion cost basis (average: $84,865 per coin). The company continues to accumulate.
Metaplanet (3350.T) — Japan's largest corporate bitcoin holder with 43,000 BTC, accumulated through systematic purchases including 2,823 BTC in Q2 2026 alone. Metaplanet has set a target of 210,000 BTC by end of 2027, which would require purchasing approximately 167,000 additional BTC — roughly $10.7 billion at current prices.
Combined, these three entities hold approximately 930,289 BTC — 73% of all publicly listed corporate bitcoin holdings.
The data reveals an extreme concentration dynamic. Strategy holds 67% of all corporate bitcoin. The top three holders control 73%. According to Bitcoin.com, the top 100 institutional holders control nearly 1.26 million BTC. When including all entities — public companies, ETFs, governments, and private firms — 254 entities hold 3.9 million BTC as of May 2026, equivalent to 18.6% of the 21-million-coin supply.
This concentration carries systemic implications. If Strategy were forced to liquidate a meaningful portion of its holdings — due to preferred dividend obligations, debt service, or a sustained BTC price decline below $50,000 — the selling pressure could exceed the market's absorption capacity. The company's $1.25 billion bitcoin monetization authorization represents approximately 20,000 BTC at current prices, roughly equivalent to 10 days of total bitcoin spot volume on major exchanges.
The non-Strategy segment is contracting. According to CryptoQuant, non-Strategy treasury companies purchased just 1,000 BTC in a recent 30-day period — a 99% decline from the August 2025 peak of 69,000 BTC per month. Their collective share of corporate bitcoin purchases fell from 95% in October 2024 to 2% by mid-2026.
Bitcoin miners, historically the largest category of corporate bitcoin holders after pure treasury companies, have shifted from accumulation to liquidation. In Q1 2026:
Combined, Riot, MARA, and Nakamoto offloaded over 19,000 BTC in Q1 2026 alone. The sales reflect dual pressures: debt service requirements and strategic pivots toward AI and high-performance computing infrastructure, where miners' existing power and cooling capacity commands immediate revenue.
While most smaller treasury companies retreat, Metaplanet is building forward. On July 13, 2026, the company completed its acquisition of Siiibo Securities for JPY 2.1 billion ($13.1 million), rebranding it as Metaplanet Securities. The deal gives Metaplanet a Type I Financial Instruments Business Operator registration — the license required under Japanese law to structure and distribute financial products to retail investors.
Three days earlier, on July 10, Metaplanet announced a joint study with JPYC Inc. and Progmat Inc. to develop bitcoin-backed digital bonds. The study examines whether bitcoin can serve as collateral for tokenized instruments, including digital corporate bonds settled through a yen stablecoin and managed with security tokens.
The organizational structure splits responsibilities: Metaplanet supplies the bitcoin treasury as collateral and leads product design. Metaplanet Securities handles structuring and distribution. JPYC examines yen-stablecoin settlement. Progmat provides security-token infrastructure.
No product, rate, or issuance date has been set. The study is preliminary, and Japanese regulatory approval remains the next step. However, the initiative represents the first attempt by a major corporate bitcoin holder to transform a passive treasury position into an active financial product platform — moving from holding bitcoin to issuing instruments backed by it.
The market's repricing of bitcoin treasury stocks is visible in mNAV (modified net asset value) multiples — the ratio of enterprise value to underlying bitcoin value.
Strategy's mNAV has fallen from a range of 0.99x-1.80x over the past year to 0.77x as of mid-July 2026. In plain terms: the market values the company at 23% less than its bitcoin is worth. MSTR shares have declined 77.6% from their 52-week high of $457.22 to approximately $94.90, implying a market capitalization of $33-35 billion against roughly $54 billion in bitcoin holdings at current prices.
The discount reflects the market's assessment that Strategy's capital structure — $1.76 billion in annual preferred dividends, $50-80 million in convertible note interest, and growing ratchet exposure on STRC — imposes costs that exceed the option value of levered bitcoin exposure. At current BTC prices, software revenue covers approximately 27% of fixed obligations.
Smaller treasury companies trade at deeper discounts or at zero premium to their BTC holdings, according to CoinMarketCap analysis. This dynamic has effectively closed the capital-raising window that enabled the treasury strategy in the first place: companies can no longer issue equity at a premium to NAV to fund additional bitcoin purchases.
The corporate bitcoin treasury model is undergoing its first structural shakeout. The thesis — that public companies can issue equity and debt at premiums to acquire bitcoin — depends on two conditions: a rising or stable BTC price, and market willingness to assign premium valuations to levered bitcoin exposure. Both conditions have deteriorated in 2026.
What remains is a concentrated market dominated by three large holders that collectively control $60 billion in bitcoin, surrounded by a growing list of former treasury companies that have liquidated, pivoted, or gone silent. The question facing the sector is whether the current bifurcation represents a temporary stress event that clears undercapitalized participants, or a structural repricing of the treasury model itself.
Strategy's ability to sustain $1.76 billion in annual preferred dividends against $496 million in software revenue — without dilutive equity issuance or large-scale bitcoin sales — will likely determine whether the remaining treasury companies can maintain their positions. A sustained BTC price below $50,000 would test that proposition directly.