The bitcoin numbers from March are hard to ignore and are pretty impressive at first glance. Public and private companies together added 47,435 BTC to their assets last month – worth about $3.2 billion at month-end prices – but take one name off the books and the picture changes dramatically.
Almost all of the money was bought by Michael Saylor The way. Everyone else, together, is returning, according to bitcointreasuries.net March report shared Bitcoin Magazine.
This difference is becoming a prominent issue for the launch of Bitcoin in 2026. Strategy bought 44,377 BTC in March alone, including one of its biggest purchases ever in one week – 22,337 BTC was disclosed on March 16, supported by $1.57 billion in ATM sales from its own. The cost of STRC Preferred shares are MSTR Common stock.
The company now controls two-thirds of all Bitcoin held by public companies, and its reserves stand at around 762,000 BTC with a reasonable, if aggressive, path to 1 million.
STRC is supporting the Strategy to build a stockpiling system
To understand how the Strategy continues to buy at this level in what BitcoinTreasuries.net describes as a “bear market,” you you must understand STRC – the value of the company’s regular shares.
STRC is looking for a price close to $100 and is currently yielding about 11.5% per annum, renewed monthly. It sits above common stockholders in the Strategy’s capital, offering more predictable returns than MSTR stocks while anchoring Bitcoin’s bottom line.
March was a very interesting time for the instrument. STRC recorded its highest single-day sales on March 12 – $746 million – followed by the second highest on March 31, at $522 million. Weekly volumes hit $2.27 billion from March 9-13 alone. That quest didn’t just set records; it offered money to buy Bitcoin.
Strategy’s 8-K for the week of March 9-15 reported $1.2 billion in STRC ATM revenue and $396 million in MSTR revenue, including a transaction fee of 22,337 BTC.
Strategy has now invested $42 billion ATM programsplit equally between STRC and MSTR, including $2.1 billion in STRK. According to the model of BitcoinTreasuries.net, if the amount reaches the value of $2.3 billion per month for 19 months – and Bitcoin hovers around $75,000 – the Strategy can reach 1 million BTC by November 2026.
A firm expectation of using the Strategy’s average monthly purchase price of 21,000 BTC from January 2025 pushes that date to March 2027.
A Bitcoin leaderboard in freefall
March also introduced a major redesign of the scoreboard that shows how the playbook looks outside of Saylor’s system. MARA Holdings – formerly the second largest Bitcoin investment – to be sold 15,133 BTC, worth about $1.1 billion, to buy a large convertible note. The sale wiped out about 28% of its previous sales.
As Tyler Rowe of BitcoinTreasuries.net said: “MARA borrowed heavily to destroy the bull during the bull and now it is selling Bitcoin without paying the debt.
This opened the door for Jack Mallers’ Twenty One Capital (XXI) to move in second place, holding 43,514 BTC – although in fact, XXI has not bought Bitcoin since August. Its increase depends only on the decrease of MARA. Metaplanet, a Japanese company that has been one of the most aggressive Bitcoins outside of the US, followed in early April and gained 5,075 BTC to reach 40,177 BTC, leapfrogging MARA in third place.
GameStop’s story is perhaps unusual. The crypto-treasury seller pledged 4,709 BTC as collateral in the Coinbase Credit transaction, leaving 1 BTC alone.
The partner has the right to sell or claim back the pledged Bitcoin, although GameStop has the right to receive the same amount. The move dropped the company from the 21st-largest Bitcoin exchange to around 190 on the leaderboard.
More and more bitcoins are disrupted
Beyond the director’s play, the March report turned out to be calm but very important: apart from the Strategy, the sentiment of the Bitcoin industry is very cold. Public companies other than Strategy rallied last summer, but net purchases have slowed and real sales have picked up since October.
The number of monthly buyers has fallen steadily since September, to 16 in March.
Ryan Strauss of the Bitcoin Consulting Group put it bluntly in the report: “What surprises me the most is how the size of the head depends on the Strategy – the more you remove it, the lower the signal starts to decrease. aggressive position.”
Among the sellers: Exodus Movement, whose Bitcoin holdings fell by about 1,084 BTC as a result of the acquisition of W3C Corp; Fold Inc., down 178 BTC; and Cango Inc., down 331.3 BTC following the mining process.
The new economy that forms around STRC
What will matter most in March is not buying or selling – it’s the emerging financial markets that are being built around STRC itself. At least five organizations have disclosed information that has been provided to the STRC or is seeking access to it. Strive, the wealth manager led by CEO Matt Cole he volunteered $50 million – more than a third of its assets – calling STRC “an alternative USD deposit that has low market capitalization”.
DeFi protocol Apyx, which bills itself as the first staking-backed stablecoin, had about 450,000 STRC shares worth $45 million in early April, using its yield to back the apxUSD stablecoin.
Currently, mutual funds and ETFs now have over $2 billion in digital debt investments in total, with STRC alone taking in $591 million from Capital Group, BlackRock, Fidelity, VanEck, and others.
BitcoinTreasuries.net organizes this process in a timely manner especially in the midst of the credit crisis where some lenders are restricting withdrawals or partial redemptions – an opaque system that, the report says, compares poorly to a digital loan backed by Bitcoin where the collateral is on the chain and the prices are transparent.
Overall, the momentum taken from March 2026: the establishment of the Bitcoin industry is not weakening, but it is focused. Strategy isn’t the biggest player – it’s increasingly the market itself, and the economic growth of the structure is designed to accumulate regardless of where the price goes.
