Everyone Else Is Just a Statistic: How Strategy Became the Only Company Buying Bitcoin

The March 2026 corporate Bitcoin numbers dropped, and spoiler alert: they're telling the same story we've been hearing for months. Public and private companies collectively added 47,435 BTC to their treasuries last month—about $3.2 billion at month-end prices. But here's a fun party trick: remove one name from the guest list and suddenly the whole celebration looks like a wake.

Nearly every single one of those coins was bought by Michael Saylor's Strategy. Everyone else? Collectively, they're not just stepping back—they're actively fleeing, according to bitcointreasuries.net's March report shared with Bitcoin Magazine.

This divergence is quickly becoming the only story that matters in corporate Bitcoin adoption. Call it the Saylor Show, now in its fourth consecutive season.

Strategy purchased 44,377 BTC in March alone, including one of its largest-ever single-week purchases—22,337 BTC disclosed on March 16, funded by $1.57 billion in ATM sales from its STRC preferred shares and MSTR common stock. The company now controls roughly two-thirds of all Bitcoin held by public companies, sitting at approximately 762,000 BTC with a plausible, if aggressive, path to the magical 1 million mark. You know, the one everyone said was impossible until it wasn't.

STRC is helping Strategy build an accumulation machine

To understand how Strategy keeps buying at this scale in what BitcoinTreasures.net generously calls "a bear market," you need to understand STRC—Strategy's variable-rate perpetual preferred share product. Think of it as a Bitcoin ATM that prints money and then uses that money to buy more Bitcoin. It's turtles all the way down, except the turtles are yield-bearing securities.

STRC targets a price near $100 and currently yields approximately 11.5% annually, reset monthly. It sits above common shareholders in Strategy's capital structure, offering more predictable returns than MSTR stock while still being anchored to the Bitcoin treasury underneath. In other words, it's the VIP section of the Strategy ecosystem—same Bitcoin exposure, better seats.

March was a watershed moment for the instrument. STRC recorded its highest-ever single-day trading volume on March 12—$746 million—followed by its second-highest on March 31, at $522 million. Weekly volumes hit $2.27 billion from March 9–13 alone. For context, that's more volume than some emerging market currencies see in a month. In a good month.

That demand didn't just set records; it funded Bitcoin buying. Strategy's 8-K for the week of March 9–15 reported $1.2 billion in STRC ATM proceeds and $396 million in MSTR proceeds, together financing that record 22,337 BTC purchase. The machine works, folks. It's not pretty, but it works.

Now Strategy has filed for a new $42 billion ATM program, split evenly between STRC and MSTR, plus an additional $2.1 billion in STRK. Yes, you read that correctly. Forty-two billion. With a B. The corporate treasuries of the world are nervously refreshing their spreadsheets.

According to BitcoinTreasuries.net modeling, if proceeds arrive at a rate of roughly $2.3 billion monthly over 19 months—and Bitcoin hovers near $75,000—Strategy could reach 1 million BTC by November 2026. A more conservative projection using Strategy's average monthly buy rate of 21,000 BTC since January 2025 pushes that date to March 2027. So either way, the million Bitcoin club is looking less like a fever dream and more like a scheduled event.

A Bitcoin leaderboard in freefall

March also triggered a major leaderboard reshuffling that shows just how different the playbook looks outside of Saylor's orbit. Spoiler: it's not going well.

MARA Holdings—once the second-largest public Bitcoin treasury—sold 15,133 BTC, worth roughly $1.1 billion, to repurchase convertible senior notes. The sale wiped nearly 28% of its previous holdings. That's not a correction, that's a diet. A very aggressive, involuntary diet.

As BitcoinTreasuries.net's Tyler Rowe put it: "MARA borrowed aggressively to stack sats during the bull run and is now selling Bitcoin at a loss to service that debt. This is the precise scenario critics of debt-fueled treasury strategies have warned about." You hate to say we told you so, but... we told you so.

That opened the door for Jack Mallers' Twenty One Capital (XXI) to move into second place, currently holding 43,514 BTC—though notably, XXI hasn't purchased Bitcoin since August. Its rise is purely a function of MARA's decline. Sometimes you don't have to run faster than the bear, just faster than your friends.

Metaplanet, the Japanese firm that has become one of the most aggressive Bitcoin accumulators outside the U.S., followed in early April by acquiring 5,075 BTC to reach 40,177 BTC, leapfrogging MARA for third place. The land of the rising sun is now the land of the stacking sats. Respect.

GameStop's story is perhaps the most unusual. The retailer-turned-crypto-treasury pledged 4,709 BTC as collateral in a covered call strategy with Coinbase Credit, leaving just 1 BTC in direct holdings. The counterparty holds rights to sell or rehypothecate the pledged Bitcoin, though GameStop maintains a contractual right to receive an equivalent amount back. One Bitcoin. Just one. They couldn't even afford to keep enough for a single transaction fee in 2030.

The move dropped the company from the 21st-largest Bitcoin holder to near position 190 on the leaderboard. From "we're serious about this" to "we're doing an options strategy nobody fully understands" in record time.

Public company Bitcoin accumulation is stalling

Beyond the leaderboard drama, the March report surfaced a quieter but more important trend: excluding Strategy, corporate Bitcoin conviction is cooling faster than a Bitcoin developer's patience when someone says "but what about the energy consumption?"

Public companies other than Strategy aggressively accumulated last summer,