Public companies now hold 1.13 million BTC, 6.5 million ETH, and 17.6 million SOL on their balance sheets. The aggregate figures mask a widening split: a handful of firms are still buying — Strategy Inc. added 4,871 BTC for $330 million in the first week of April — while miners and smaller treasu...
"2025 was a year that DATs did their initial accumulation. 2026 needs to be the year of productivity." — Rob Phythian, CEO, SharpLink Gaming
Public companies now hold 1.13 million BTC, 6.5 million ETH, and 17.6 million SOL on their balance sheets. The aggregate figures mask a widening split: a handful of firms are still buying — Strategy Inc. added 4,871 BTC for $330 million in the first week of April — while miners and smaller treasury plays liquidate holdings to service debt, fund AI pivots, or simply survive.
Bitmine Immersion Technologies, which controls 4.8 million ETH (3.98% of supply), uplisted to the NYSE on April 9, generating $196 million in annualized staking revenue. On the other side of the ledger, Riot Platforms sold 3,778 BTC in Q1, MARA offloaded 15,133 BTC for $1.1 billion, Genius Group liquidated its entire position, and Bitdeer zeroed out its treasury to fund AI infrastructure. The corporate crypto treasury trade that defined 2024-2025 is now bifurcating into winners who generate yield and losers who sell at a loss.
As of March 31, 2026, publicly traded companies hold a combined 1,134,324 BTC on their balance sheets, according to BitcoinTreasuries.net and The Block's treasury tracker. Ethereum-focused firms collectively control 6.5 million ETH — approximately 5.4% of total supply — with Bitmine alone accounting for 4.8 million of that figure. The Solana treasury category, newer and smaller, totals 17.6 million SOL across a smaller cohort of firms.
The dollar-denominated value of these holdings has declined sharply. Bitcoin dropped 41% from its July 2025 peak, and ETH is down proportionally. Yet the unit count continues to rise: ETH-denominated TVL across corporate treasuries hit an all-time high of 6.8 million tokens, per CoinGecko data. The paradox — more tokens held, less dollar value — defines the current cycle.
Corporate crypto treasury accumulation peaked in mid-2025, when Bitcoin traded above $100,000 and dozens of firms raced to replicate Strategy Inc.'s model of leveraged BTC acquisition. According to an analysis by Bitcoin Mining Stock, "buying peaked at the top" — many firms acquired the bulk of their holdings at prices well above current levels.
Strategy Inc. (MSTR): Between April 1 and April 5, 2026, Strategy purchased 4,871 BTC at an average price of $67,718, spending $329.9 million funded through stock issuance. Total holdings reached 766,970 BTC, acquired at an average cost basis of $66,384.56 per coin — a total outlay of $33.14 billion. The firm's market capitalization sits at approximately $46 billion, placing it at a 16% discount to the net asset value (NAV) of its Bitcoin holdings. Strategy's stock is trading at $128.15, down 71.9% from its 52-week high of $455.90 in July 2025.
Despite the stock decline, Strategy continues to issue equity and convertible notes to fund purchases. The April acquisition was its largest of 2026, signaling no change in the accumulation mandate set by Executive Chairman Michael Saylor.
Bitmine Immersion Technologies (BMNR): The firm's ETH holdings reached 4,803,334 tokens as of April 5, 2026 — valued at $10.2 billion at $2,123 per ETH. Including 198 BTC, a $200 million stake in Beast Industries, $92 million in Eightco Holdings (NASDAQ: ORBS), and $864 million in cash, total assets reach $11.4 billion. The company's market capitalization: $9.78 billion. Like Strategy, it trades below NAV.
Bitmine commenced trading on the NYSE on April 9, 2026, uplisting from NYSE American. Under Chairman Tom Lee, the firm pursues what it calls the "Alchemy of 5%" — a target of holding 5% of total ETH supply. At 3.98%, it is closing in. A total of 3,334,637 ETH are staked through its MAVAN (Made in American Validator Network) infrastructure, generating $196 million in annualized staking revenue at a 2.78% yield.
The other half of the treasury sector is liquidating. Q1 2026 saw an acceleration in corporate BTC sales, driven by post-halving margin compression, debt service obligations, and strategic pivots.
Riot Platforms: Sold 3,778 BTC in Q1 2026 at an average price of $76,626, generating $289.5 million in proceeds. Holdings fell to 15,680 BTC. The company is redirecting capital toward AI and high-performance computing (HPC) colocation — a pattern shared by multiple miners.
MARA Holdings: Sold 15,133 BTC between March 4 and March 25, generating approximately $1.1 billion at an average sale price of $72,689. Proceeds funded repurchase of convertible senior notes due 2030 and 2031. MARA indicated that selling bitcoin "from time to time" could become a recurring element of its treasury strategy. The firm also cut 15% of its staff.
Bitdeer Technologies: Liquidated its entire BTC treasury — 943 coins — in February 2026, reducing corporate holdings to zero. Proceeds redirected to AI and HPC infrastructure buildout.
Genius Group: Sold its remaining 84 BTC to repay $8.5 million in debt. This from a company that pledged in November 2024 to hold 90% of reserves in Bitcoin. The firm stated it would resume accumulation "when market conditions are more favorable."
The market's pricing of crypto treasury stocks has shifted dramatically. In 2024-2025, Strategy traded at premiums of 2-3x NAV — investors paid $2-$3 for every $1 of Bitcoin on the balance sheet, pricing in leveraged upside and scarcity value. That premium has evaporated.
Strategy now trades at a 16% discount to NAV. Bitmine's $9.78 billion market cap sits below its $11.4 billion in reported assets. The discount signals that the market no longer prices these firms as leveraged bets on crypto appreciation; instead, it applies holding-company discounts typical of closed-end funds and conglomerates.
According to NYDIG research, the mNAV (market cap to NAV ratio) metric has limitations — it fails to account for dilution from ongoing stock issuance, convertible note obligations, and operational cash burn. When those liabilities are netted out, the effective discount is often wider than headline figures suggest.
For Ethereum treasury firms, the picture is slightly different. According to Unchained Crypto, ETH-focused treasury stocks averaged a 63% premium to NAV as of early 2026, reflecting speculative enthusiasm for a newer, less crowded trade. That premium, too, is narrowing as ETH prices decline.
The structural distinction between Bitcoin and Ethereum treasury strategies is yield. Bitcoin sits on a balance sheet inertly; Ethereum generates staking income.
Bitmine's $196 million in annualized staking revenue at a 2.78% yield — projected to reach $282 million once its full stack is staked — provides a recurring cash flow that Bitcoin treasury firms cannot match. SharpLink Gaming, the second-largest ETH treasury at 870,619 ETH (approximately $1.85 billion), stakes nearly its entire position and has engaged in DeFi yield strategies on Linea.
The seven largest publicly traded Ethereum treasury firms, per Yahoo Finance, collectively hold over 6.5 million ETH. The staking yield argument positions these firms as income-generating entities rather than pure directional bets — a narrative that may attract a different investor base as the sector matures.
However, the yield comes with risk. Staking locks capital, creating liquidity constraints during drawdowns. Slashing risk — though statistically low — represents a tail exposure. And the yield itself is compressing: Ethereum's network-wide staking rate has driven APY from above 5% in 2023 to the current 2.78% range.
Nation-states are also adjusting positions. Bhutan's government, which accumulated over 13,000 BTC through state-backed mining operations, has sold 3,103 BTC, including a 375 BTC transaction on March 30 alone. The kingdom, which peaked its holdings in October 2024, has been steadily reducing exposure since Bitcoin's decline from all-time highs.
The selldown illustrates a broader principle: entities that acquired crypto through mining (at low marginal cost) behave differently from those that purchased at market prices. Bhutan's cost basis is effectively its energy expenditure — far below spot prices even at current levels — making sales profitable regardless of the headline drawdown.
Several risks attend the corporate crypto treasury model as it enters a contraction phase:
Dilution: Both Strategy and Bitmine fund acquisitions through stock issuance and convertible debt. Each issuance dilutes existing shareholders. If the underlying crypto asset does not appreciate sufficiently to offset dilution, shareholders bear the cost.
Reflexivity: Treasury stocks amplify crypto volatility in both directions. During the 2024-2025 rally, leveraged buying created a feedback loop — rising prices increased NAV, enabling more stock issuance, funding more purchases. The same mechanism works in reverse.
Operational fragility: Firms like Genius Group and Bitdeer demonstrated that the treasury model is brittle for companies without substantial operating revenue. When liquidity tightens, the crypto is the first asset sold.
Regulatory exposure: The SEC's evolving framework for crypto asset classification and custody — including the pending Reg Crypto safe harbor — introduces compliance costs and potential reclassification risk for firms holding large digital asset positions.
The corporate crypto treasury model is undergoing its first real stress test. The thesis — that holding digital assets on a public company balance sheet creates shareholder value through leveraged exposure — requires appreciation of the underlying asset to function. With Bitcoin down 41% from highs and ETH in a parallel decline, the model's cracks are visible.
The survivors will likely be firms with scale (Strategy's 767,000 BTC), yield generation (Bitmine's staking infrastructure), or both. The casualties — Genius Group, Bitdeer's BTC treasury, smaller copycat plays — demonstrate that a corporate treasury strategy is not a business model. It is a balance sheet bet that requires either sustained price appreciation or, in Ethereum's case, sufficient yield to service the cost of capital.
The NAV discounts now applied by the market suggest investors have internalized this distinction. Whether the discounts represent buying opportunities or fair assessments of structural risk depends entirely on where crypto prices go from here — a question no balance sheet strategy can answer.