Corporate Bitcoin dominance and the new treasury model
Strategy holds 847,666 Bitcoin as of September 2026, making it the largest corporate holder. The article examines how firms like Metaplanet and MARA Holdings use Bitcoin as a treasury reserve to hedge against inflation and replace traditional cash holdings.
Strategy owns 847,666 Bitcoin as of September 28, 2026, with a total value of $63.945 billion. This accumulation makes the company the largest corporate holder of the asset. Strategy controls roughly three-quarters of all Bitcoin held by corporate treasury vehicles. The firm uses convertible debt and equity to finance these acquisitions. This strategy creates a cycle where rising Bitcoin prices enable cheaper capital for further purchases. Peter Schiff warns that the preferred equity model could lead to a "death spiral" if Bitcoin performance fails to sustain the 11.5% yield on STRC. The company uses its software business to generate cash, but the high interest rates on its preferred stock could force the company to sell its reserves if the market enters a prolonged downturn. In April 2026, the company added 34,164 BTC in a single week, a purchase worth $2.54 billion. This acquisition allowed the firm to surpass BlackRock’s iShares Bitcoin Trust as the largest publicly disclosed Bitcoin holder. The company cost basis sits at $75,528 per coin. The firm also maintains a $2.55 billion USD reserve to support its operations. As of late 2026, the company’s Bitcoin reserves amount to 847,666 coins, which provides significant market influence. In 2025, the company adopted fair value accounting rules that allow it to report Bitcoin at market price.
The competitive landscape
Other firms follow the model established by Strategy. MARA Holdings keeps 38,689 Bitcoin on its balance sheet, while Metaplanet holds 40,177 Bitcoin. Twenty One Capital maintains 43,514 Bitcoin. These firms treat Bitcoin as a store of value that replaces traditional cash or short-term government securities. You already know that Bitcoin provides a hedge against inflation. These companies use it to protect against the erosion of purchasing power caused by monetary expansion. The company’s Bitcoin holdings allow equity investors to gain exposure through regulated stock market instruments.
| Entity | BTC Holdings | Market Position |
|---|---|---|
| Strategy | 847,666 | Largest Holder |
| Twenty One Capital | 43,514 | Elite Holder |
| Metaplanet | 40,177 | Asian Leader |
| MARA Holdings | 38,689 | Mining Leader |
The term "Bitcoin treasury company" describes a corporation that treats Bitcoin as a superior alternative to holding depreciating cash. This model allows companies to access capital markets to bypass the constraints that prevent institutional investors from holding bearer assets. Metaplanet, inspired by the Strategy model, holds 40,177 BTC. MARA Holdings holds 38,689 BTC and focuses on retaining mined Bitcoin rather than selling it for cash. Such companies create structured demand for Bitcoin that remains partially insulated from short-term price sentiment. Treasury stocks provide high-beta exposure because they bundle Bitcoin with company fundamentals and leverage. Investors can choose between Bitcoin ETFs and treasury stocks. ETFs provide regulated Bitcoin beta with simple structures and broad account compatibility. Treasury stocks function as high-beta proxies that can outperform in bull markets but add significant idiosyncratic risk.
Financing costs and liquidity risks
Financing costs remain a significant pressure for Bitcoin treasury companies. The STRC preferred stock dividend rate can rise to 11.75% or even 13% if the price falls below certain levels. This increase adds $26 million in annual costs. In July 2026, the company sold 3,588 Bitcoin to fund dividends. This sale raised $216 million and was much larger than the 491 Bitcoin transfer that analysts originally suspected. The firm uses its Bitcoin reserves to cover these obligations.
The company’s annual interest and dividend costs total $1.712 billion, which is 3.3% of its $51.8 billion Bitcoin holdings. This expense equals $1.712 billion in annual costs. The company also faces $8.2 billion in convertible debt that remains below the conversion price. This debt creates a potential liquidity constraint. The company’s Bitcoin holdings fell to 843,775 BTC following the sale in July, which was the company’s first major operational sale after it disposed of only 32 BTC earlier in the year. The price of Bitcoin slipped below $62,000 following the disclosure of the sale. While a Bitcoin ETF carries an annual fee of 0.15%, Strategy shareholders pay fees through diluted ownership of the Bitcoin stash. The company’s enterprise value as of Friday was 1.15 times the value of its Bitcoin reserve. The company faces $800 million a year in interest and dividend payments, which is 1.3% of its Bitcoin holdings at current prices. How will these companies manage liquidity if Bitcoin prices stay below the cost basis for years?
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