Public companies that bet big on crypto are clawing their way back. After months of steep discounts and shaky balance sheets in late 2025, digital asset treasuries are now showing fresh signs of life in early 2026. And one company is doing most of the heavy lifting.
Strategy, formerly known as MicroStrategy, continues to buy Bitcoin at a pace that dwarfs everyone else in the market. But behind the headlines lies a deeper story of corporate restructuring, new funding tools, and a growing divide between firms that held firm and those that quietly walked away.
What Went Wrong in Late 2025
Digital asset treasuries showed signs of pressure after public companies holding crypto assets began trading at prices below the value of their holdings.1 For many firms, the math simply stopped working.
DAT companies outperformed the S&P 500 before collapsing following the October 10th crash, when price crashes triggered over $19 billion in liquidations.2 The fallout was brutal.
During Q4 2025, falling crypto prices led to $17.4 billion in unrealized losses under fair value accounting and a $12.4 billion quarterly net loss at Strategy alone. Equity markets reacted sharply, and the company’s stock declined 67%.3
U.S. public pension funds collectively saw approximately $337 million erased, with 10 of 11 funds down close to 60% on their exposure.3 That kind of loss draws attention from regulators and board members alike.
The 2025 market downturn revealed structural weaknesses tied to leverage, dilution, and reliance on continuous capital raises rather than operating strength.4
corporate digital asset treasury Bitcoin Ethereum Solana holdings 2026
How Treasury Firms Restructured Their Playbook
The companies that survived did not sit still. They changed how they raise money and manage risk.
Previous purchase milestones utilized convertible debt notes. However, the scale of the 2026 target has pushed Strategy toward more complex equity instruments like STRC perpetual preferred shares.5 These carry an 11.5% annual dividend but avoid immediate dilution of common shares.
Preferred equity structures like STRK, STRF, and STRC created a new multi-billion dollar income-oriented asset class.6
On the Ethereum side, firms took a different approach. Sharplink CEO Joseph Chalom said the company stakes nearly 100% of its ETH holdings. The firm reported total ETH holdings of 867,798 ETH.7
Upexi, a Solana-focused treasury firm, claims to earn approximately $105,000 in daily staking yield.8 That kind of recurring revenue helps cover costs without selling tokens.
Key Takeaway: The firms that are surviving this downturn share one trait. They are not just holding crypto. They are finding ways to make their holdings work for them through staking, yield generation, and smarter capital structures.
Strategy Dominates the Bitcoin Treasury Race
No company in the world holds more Bitcoin than Strategy. And the gap is growing wider every week.
The leading Bitcoin treasury company last week added 1,031 bitcoin for a total cost of $76.6 million. Strategy’s total holdings now stand at 762,099 BTC, acquired for approximately $57.69 billion.9
Here is how Strategy compares to its closest rivals:
| Company | BTC Holdings | Share of Public Company BTC |
|---|---|---|
| Strategy (MSTR) | 762,099 BTC | ~65% |
| Twenty One Capital | 2nd largest | ~4.3% |
| Metaplanet | 35,100 BTC | ~3.5% |
| MARA Holdings | 53,200 BTC | Notable miner |
Over the past 30 days, bitcoin accumulators excluding Strategy bought just 1,000 BTC, while Strategy purchased about 45,000 BTC. The share of purchases from all other bitcoin treasury companies has declined to 2%, from 95% in October.10
That is a staggering concentration of buying power in a single company.
The company has signaled an ambitious target to accumulate 1 million Bitcoin by the end of 2026, a milestone that requires acquiring approximately 239,000 additional coins at an estimated cost of $22.2 billion.5
Where Bitcoin, Ethereum, and Solana Treasuries Stand Now
Corporate crypto holdings have grown across all three major assets, but the patterns are very different.
Across 84 active public companies, total Bitcoin held stands at 1,185,265 BTC with a combined Bitcoin NAV of $82.1 billion.11
Between September 2025 and March 2026, Bitcoin treasury companies grew holdings by 17.1%. Ethereum treasury companies had 77% growth in token holdings. Solana treasury companies saw the largest percentage increase at 272%, though virtually all growth came from a single company’s acquisition in September 2025. Holdings have been flat at around 17.5 million SOL since.12
Key Stats at a Glance:
- Bitcoin treasury-held supply: ~4.4% of total BTC supply as of March 2026
- Ethereum treasury-held supply: ~5.5%, up from near zero in early 2025
- Solana treasury holdings: ~2.7%, stable since late 2025
- Treasury companies accumulated bitcoin at about 2.8 times the rate at which new coins entered circulation through mining since the April 2024 halving.13
But there is a harsh reality beneath the surface. Data shows 77% of corporate Bitcoin holdings are underwater as of March 2026, meaning these entities acquired their BTC at prices higher than current market valuations.14
Bitcoin is trading at $66,528 as of March 30, 2026.15 That is roughly 47% below its all-time high of $124,720 reached in October 2025.
The Risks That Still Keep Investors Up at Night
The recovery is real, but it is fragile.
Corporate finance specialists note that funding speculative purchases with perpetual equity creates ongoing cash flow mismatches and leaves shareholders exposed to extreme price swings. Some observers warn the strategy could unravel if capital-raising windows close during downturns.16
Liquidity mismatches remain the central risk variable. Treasury survivability depends less on price recovery timelines and more on the ability to service obligations without forced selling.3
Competition from spot Bitcoin ETFs will likely continue to erode demand for equity-based exposure.4 Why buy a treasury stock at a discount when you can hold the asset directly through a low-cost ETF?
In 2021, fewer than 10 companies held bitcoin in their treasuries. That number has since jumped to 190 companies.17 But most of these newcomers bought at or near the top, and many have gone quiet since.
The road ahead for digital asset treasuries will be defined by two things: whether Bitcoin recovers and whether companies can keep their funding engines running. Strategy has proven it can buy through the pain. Others have pulled back sharply. If prices rebound, the firms that held their ground could see significant upside. But if this downturn deepens, the concentrated buying from a single company makes the entire sector more fragile than it appears. Whatever side you fall on, this is no longer a fringe experiment. It is corporate finance being rewritten in real time.
Drop your thoughts in the comments below. What do you think about companies putting billions into Bitcoin and other crypto assets? Is this smart treasury management or a risky bet? Share your take with friends and family who follow the crypto space.
