Bitcoin Magazine
Strategy’s (MSTR) Bitcoin Ambition Is Reshaping Corporate Finance. Everyone Else Is Falling Behind
The bitcoin numbers from March are hard to ignore and are bullish at first glance. Public and private companies collectively added 47,435 BTC to their treasuries last month — worth roughly $3.2 billion at month-end prices — but strip away one name from the ledger and the picture shifts dramatically.
Nearly every one of those coins was bought by Michael Saylor’s Strategy. Everyone else, collectively, is in retreat, according to bitcointreasuries.net March report shared with Bitcoin Magazine.
That divergence is becoming the defining story of corporate Bitcoin adoption in 2026. 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 two-thirds of all Bitcoin held by public companies, and its holdings sit at roughly 762,000 BTC with a plausible, if aggressive, path to 1 million.
STRC is helping Strategy build an accumulation machine
To understand how Strategy keeps buying at this scale in what BitcoinTreasuries.net describes as “a bear market,” you have to understand STRC — the company’s variable-rate perpetual preferred share product.
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.
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. 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.
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. 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.
A Bitcoin leaderboard in freefall
March also triggered a major leaderboard reshuffling that reflects just how different the playbook looks outside of Saylor’s orbit. MARA Holdings — once the second-largest public Bitcoin treasury — sold 15,133 BTC, worth roughly $1.1 billion, to repurchase conver