Strategy Now Holds So Much Bitcoin That MARA Is Literally Selling Just to Stay in the Game

Strategy just keeps doing what it does best: vacuuming up bitcoin like there's no tomorrow—and for everyone else in the corporate treasury race, there basically isn't. The company's appetite for BTC makes your average degen look like they're on a diet.

According to bitcointreasures.net, the Michael Saylor-led empire purchased 44,377 $BTC in March 2026, accounting for nearly every single dollar of corporate bitcoin buying that month. The spending spree cost roughly $3 billion, including a single-week haul of 22,337 $BTC disclosed on March 16—funded by $1.57 billion raised through STRC and MSTR at-the-market sales from March 9 to 15. For those keeping score at home, that's roughly $3 billion spent in a single month like it was nothing more than pocket change.

For context on just how absurd the leaderboard has become: Strategy ended March holding 762,099 $BTC. That's roughly two-thirds of all bitcoin held by publicly traded companies, out of a total public company stash of 1.16 million $BTC. Meanwhile, everyone else is fighting over the scraps. We're talking the crypto equivalent of showing up to a buffet where one guy already ate 66% of everything.

Speaking of scraps, MARA Holdings sold 15,133 $BTC (worth approximately $1.1 billion) to repurchase convertible senior notes. The strategic debt repayment, if you can call it that, dropped MARA below Twenty One Capital, which now sits at No. 2 with 43,514 $BTC. Metaplanet, meanwhile, added 5,075 $BTC in early April, bringing its total to 40,177 $BTC and reclaiming the bronze position ahead of MARA. MARA's month basically looked like: sell bitcoin, drop a rank, watch someone else celebrate.

As for Gamestop, the company pledged 4,709 $BTC as collateral in a covered call arrangement with Coinbase Credit, leaving it with just 1 $BTC in direct holdings. It fell from No. 21 on the leaderboard to somewhere around No. 190. Rough month for the meme stock turned accidental crypto holder. Somewhere, Reddit traders are very confused about how this happened.

The bigger story? Strategy filed to raise an additional $42 billion through a new ATM program split between STRC and MSTR common stock, plus $2.1 billion in STRK. If Strategy issues the full amount over 19 months at roughly 31,000 $BTC per month, bitcointreasuries.net projects it could cross 1 million $BTC by November 2026. Even the conservative estimate—based on Strategy's average monthly purchases of 21,000 $BTC from January 2025 through March 2026—puts the milestone around March 2027. (The company has not publicly set a specific 1 million $BTC target or acquisition deadline, for what it's worth.) At this rate, "1 million BTC" is looking less like a moonshot and more like a formality.

STRC, Strategy's variable-rate perpetual preferred share product targeting an 11.5% annual dividend, had itself a month. It set back-to-back daily trading volume records, with $746 million on March 12 and $522 million on March 31. Weekly volume hit $2.27 billion for the week of March 9 to 13. Meanwhile, most altcoins would be thrilled to see that kind of volume in a year.

Excluding Strategy from the dataset, corporate bitcoin buying has declined sharply. Non-Strategy companies have been net sellers since October 2025, and March saw a net sale of 22,510 $BTC among that group. Only 16 companies added bitcoin on a net basis in March