Public-company Bitcoin treasuries reached 1.15 million BTC in Bitwise’s Q1 crypto market review, extending one of the strongest institutional accumulation trends in the market. The total was up 4.59% quarter over quarter and represented 5.47% of Bitcoin’s fixed 21 million coin supply as of March 31, 2026.
The increase came even as the broader market was under pressure. Public companies added a net 50,351 BTC during the quarter, pushing the total coin count higher while the dollar value of those holdings moved in the opposite direction. That split matters because corporate adoption is not only a price story. It is also a supply story, with more Bitcoin being held on balance sheets rather than moving through liquid trading supply.
The total value of public-company Bitcoin holdings stood at $77 billion at quarter-end, down 18.96% quarter over quarter. Bitwise used a quarter-end Bitcoin price of $67,805 for the calculation, which explains why the dollar value fell while the underlying BTC balance increased.
That dynamic is central to the treasury trade. Companies can keep buying Bitcoin and still show a lower headline treasury value if BTC falls faster than the pace of accumulation. It also means investors need to separate coin-denominated growth from dollar-denominated performance when tracking corporate Bitcoin adoption.
The number of public companies holding Bitcoin slipped to 187, down 2.09% quarter over quarter. The decline suggests that the market is becoming more concentrated even as total BTC balances rise. In practice, the largest holders are doing more of the heavy lifting, while smaller or less committed balance sheets may be reducing exposure, consolidating reporting, or exiting the category.
Strategy remained the dominant public-company Bitcoin holder with 762,099 BTC at quarter-end. The next largest holders were XXI with 43,514 BTC, MARA Holdings with 38,689 BTC, Metaplanet with 35,102 BTC, and Bitcoin Standard Treasury Company with 30,021 BTC.
That concentration gives Strategy and other large treasury names a major role in Bitcoin’s public-market narrative. Their buying is not simply passive corporate reserve management. It can involve equity issuance, debt, preferred-share structures, mining output, custody arrangements, investor demand, and balance-sheet risk. That is why Strategy’s Bitcoin treasury model has become a reference point for the wider market.
MARA’s presence also shows how miners remain different from pure treasury vehicles. A miner’s Bitcoin balance can reflect production, operational cash needs, energy costs, equipment cycles, and decisions about whether to hold or sell newly mined coins. Metaplanet’s position, meanwhile, keeps Japan-linked corporate accumulation in the top tier and shows how the treasury strategy has moved beyond U.S.-listed companies.
Corporate Bitcoin adoption now sits at the intersection of spot demand, capital markets, custody, and liquidity. When companies issue securities or use cash flow to accumulate BTC, public equity markets can become a route into spot Bitcoin demand. When BTC weakens, the same strategy can put more attention on funding costs, dilution, leverage, and the gap between a company’s market value and its underlying Bitcoin position.
The Q1 data leaves two facts side by side: public companies bought more Bitcoin, but the dollar value of their holdings fell and the holder count narrowed. With 1.15 million BTC now sitting on public-company balance sheets, the treasury trade is no longer a side theme. It has become a measurable part of Bitcoin’s supply structure, and the market impact will be strongest where large holders keep turning public-market capital into additional BTC demand.
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