Corporate ownership of bitcoin has reached a new high in early 2026 as exchange-traded funds, multinational corporations, and private firms expand their exposure to the asset, according to the latest corporate adoption report from BitcoinTreasuries.net.
The data shows that institutional demand now forms a central pillar of the bitcoin market. Public companies, private firms, ETFs, and government-linked entities collectively hold a growing share of the circulating supply, with a small number of large buyers responsible for most accumulation.
The findings illustrate a shift in bitcoin’s ownership structure. Early adoption was driven by retail investors and technology enthusiasts. Today, large financial vehicles and corporate balance sheets shape the flow of capital into the asset.
A major force behind that transition has been the rise of spot BTC ETFs. These funds have accumulated substantial reserves since their introduction in major markets, offering investors exposure through regulated exchange-listed products rather than direct custody of the underlying asset.
Institutional allocators often prefer ETFs because they fit within traditional portfolio frameworks and comply with regulatory requirements. The result has been a steady inflow of capital into ETF products, tightening supply on exchanges and anchoring bitcoin within mainstream financial markets.
Alongside ETFs, a small group of public companies continues to dominate direct corporate ownership. The largest holders maintain treasuries measured in tens of thousands of bitcoin and treat the asset as a primary reserve rather than a speculative investment.
Strategy is dominating bitcoin treasury activity
The most prominent example remains Strategy, the software firm led by Michael Saylor. Strategy continued to expand its holdings during February, purchasing 5,075 BTC through a series of weekly acquisitions. That activity represented roughly 65% of all bitcoin added by corporate treasuries during the month.
Despite that buying, February delivered an unusual milestone for the sector. Corporate treasuries collectively added about 7,800 BTC but disposed of approximately 8,600 BTC, producing a net decline of roughly 800 BTC for the first time since standardized data tracking began, according to the report.
The setback appears limited when placed within a broader time frame. Corporate treasuries have added roughly 62,000 BTC so far in the first quarter of 2026, with most purchases occurring in January and early March. Strategy again accounted for a large share of those acquisitions, reinforcing its position as the dominant corporate holder.
Beyond direct purchases, the structure of corporate bitcoin finance is evolving. Companies linked to the sector now rely on preferred shares, convertible securities, and other forms of “digital credit” to fund acquisitions while offering investors high yields.
Among those products, several preferred share classes issued by Strategy and other firms offer yields well above traditional benchmarks. One floating-rate instrument linked to Strategy carries a credit spread of roughly 7.60 percentage points above three-month U.S. Treasury bills, according to research cited in the report.
In total, five digital credit instruments tied to bitcoin treasury strategies were projected to distribute about $435 million in dividends by the end of February.
Advocates argue that such financing tools allow companies to convert bitcoin’s long-term appreciation potential into steady income streams for investors. During a keynote presentation at the Bitcoin For Corporations 2026 conference, Saylor described the approach as an attempt to extract stable credit returns from bitcoin’s historically volatile price movements.
At the same time, smaller public companies have begun experimenting with BTC allocations, though their holdings remain modest compared with the largest corporate treasuries. Many firms treat BTC as a diversification asset or a signal of alignment with digital-asset markets rather than as a primary treasury reserve.
Private companies and family-controlled entities represent another important but opaque segment of the market. Public disclosure remains limited, yet available evidence suggests that several large private holders accumulated bitcoin over many years and maintain long-term positions outside the scrutiny faced by public companies.
Regional patterns also shape corporate adoption. Firms based in North America and parts of Europe show higher levels of exposure, reflecting more developed capital markets and regulatory frameworks for digital assets. In jurisdictions with unclear tax treatment or strict financial rules, companies often hesitate to hold bitcoin directly, according to the report.
Treasuries bought bitcoin 2.8× issuance
Another notable dynamic involves the relationship between corporate treasuries and the bitcoin supply itself. Since the April 2024 halving, companies tracked by BitcoinTreasuries.net have acquired BTC at a pace that frequently exceeds new mining output.
Across a survey of 94 weeks since the halving event, treasury companies accumulated bitcoin at about 2.8 times the rate at which new coins entered circulation through mining. Over a shorter window, Strategy alone acquired roughly 1.8 times the BTC produced by miners.
Those figures highlight how institutional demand can influence supply conditions in the market. When long-term holders absorb newly mined coins, the amount available for trading declines, which can amplify price movements during periods of rising demand.