One Firm Holds 66% of Public Companies’ 1.15M BTC

Public companies held 1.15 million bitcoin on their balance sheets after the first quarter of 2026, equal to about 5.47% of Bitcoin’s circulating supply, according to a Bitwise Asset Management report. Public treasuries added 50,351 BTC in Q1, a 4.6% increase from the prior quarter amid market volatility tied to the Iran conflict and an energy supply shock that pushed bitcoin more than 20% lower over the quarter.

One company, Strategy, accounted for roughly 818,334 BTC of that total, about 66% of publicly held bitcoin. Bitwise’s data show Strategy added about 89,000 BTC in Q1. The company’s BTC holdings have an average cost near $75,537 per coin, and Strategy disclosed a $14.46 billion unrealized loss on its bitcoin holdings during the quarter. Strategy was scheduled to report full Q1 earnings on May 5.

Tokyo-listed Metaplanet bought 5,075 BTC for roughly $400 million at an average price near $79,900, bringing its total to 40,177 BTC. That amount places Metaplanet behind Strategy and Twenty One Capital, which holds 43,514 BTC, and ahead of MARA Holdings in corporate rankings.

MARA reduced its bitcoin position, selling 15,133 BTC between March 4 and March 25 and raising about $1.1 billion to manage debt obligations. MARA began the year with about 53,822 BTC and finished March with 38,689 BTC.

Publicly listed miners collectively sold more than 32,000 BTC in Q1 2026, a volume that exceeded total miner sales for all of 2025. Bitwise’s report attributes those sales largely to liquidity needs and debt management rather than strategic reallocation of reserves.

The quarter showed divergent corporate activity: Strategy and Metaplanet increased holdings while miners and some other firms reduced positions to preserve cash and address liabilities. Because Strategy holds a large share of the corporate total, its purchases made up a substantial portion of the overall increase in public-company bitcoin holdings.

Bitwise’s report provides a quarter-end snapshot of public-company treasuries, documenting aggregate growth in bitcoin holdings and the distribution of those holdings across companies.