The Bitcoin statistics from March are striking and initially appear quite positive. In the previous month, both public and private entities collectively added 47,435 $BTC to their reserves, valued at approximately $3.2 billion based on end-of-month prices. However, if we exclude one key player from this tally, the overall scenario changes significantly.
Most of these coins were acquired through Michael Saylor’s Strategy. According to a report shared with Bitcoin Magazine, other participants seem to be retreating.
This divergence is shaping up to be a central narrative in corporate Bitcoin adoption as we move into 2026. In March alone, Strategy purchased an impressive 44,377 $BTC, including one of its largest weekly acquisitions — a staggering 22,337 $BTC revealed on March 16th. This purchase was financed by $1.57 billion raised through ATM sales of its STRC preferred shares and MSTR common stock.
The company now holds about two-thirds of all Bitcoin owned by public companies and boasts total holdings around 762,000 $BTC, with an ambitious yet feasible trajectory towards reaching the million mark.
STRC: Fueling Strategy’s Accumulation Engine
To grasp how Strategy continues making substantial purchases during what BitcoinTreasuries.net refers to as “a bear market,” it’s essential to understand STRC — the company’s variable-rate perpetual preferred share offering.
The STRC product aims for a price close to $100 and currently yields about 11.5% annually with monthly resets. It ranks above common shareholders in Strategy’s capital hierarchy, providing more stable returns than MSTR stock while remaining linked to the underlying Bitcoin treasury.
March marked a pivotal moment for this financial instrument; on March 12th alone, STRC recorded its highest single-day trading volume ever at $746 million followed closely by another significant day on March 31st with $522 million traded—weekly volumes soared past $2.27 billion between March 9-13 alone! This demand not only set new records but also facilitated further Bitcoin acquisitions.
A report filed by Strategy for the week spanning from March 9-15 indicated that they garnered $1.2 billion from STRC ATM proceeds alongside another $396 million from MSTR sales—this funding enabled their record-breaking purchase of those aforementioned 22,337 $BTC.
The company has now initiated plans for an additional ATM program worth up to $42 billion split evenly between STRC and MSTR offerings along with another potential raise of around $2.1 billion via STRK issuance . If projections hold true—assuming proceeds arrive at approximately$2 .3billion monthly over19 months—and if Bitcoin remains near$75 ,000 ,Strategy could potentially amass1million$ BTC byNovember2026 .
A more conservative estimate usingStrategy ’s average monthly acquisition rateof21 ,000$ BTC sinceJanuary2025 pushes that timeline backtoMarch2027.
A Dramatic Shift in Corporate Holdings Rankings
March also triggered significant reshuffling within corporate rankings regardingBitcoin holdings reflecting just how divergent strategies have become outsideSaylor’s influence.MARA Holdings — once ranked second among public companies holdingBitcoin — sold off15 ,133$ BTC valuedaround$1 .1billioninorder toreacquireconvertiblesenior notes.This transaction wipedoutnearly28 %ofitspreviousstockpile.
TylerRowefromBitcoinTreasuries.netsummarizedthe situation succinctly: “MARA aggressively borrowed fundsduringthebullrunonlytofinditselfnowliquidatingatlossinordertomeetdebtrequirements.This scenario embodiesexactlywhat critics havewarnedaboutregardingdebt-drivenstrategies.”
ThiscreatedanopeningforJackMallers’TwentyOneCapital(XXI) whichhasnowascendedintosecondplacewith43 ,514$ BTC.Notably though XXI hasn’t madeanynewacquisitions sinceAugust.Its riseisentirelyduetoMARA’sdecline.JapanesefirmMetaplanetfollowed suitearlyApril acquiring5 ,075 $ B TCa nd thus reaching40 ,177, leapfroggingMARAinto thirdposition.
GameStop presentsperhaps themostunusualcase.The retailer-turnedcrypto-holding pledged4 ,709 (as collateralwithincoveredcallstrategywithCoinbaseCreditleavingjust.”>nttttn
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