APRIL REPORT: STRC ATM Hits $3.3B Monthly Record as Treasury Sector Kicks Off Strong Quarter

The BitcoinTreasuries.net April Corporate Adoption Report is live.

In this month's edition we highlight record-breaking STRC ATM proceeds against a backdrop of restored corporate Bitcoin accumulation.

April emerged as one of the biggest Bitcoin buying months since mid-2025, driven primarily by Strategy's multi-week purchase of 56,235 BTC, with billions of dollars in STRC and MSTR ATM proceeds at the center of that buying.

Sector-wide Q2 2026 Bitcoin buying now matches recent quarterly totals just one month in. Whether upcoming sales offset this growth will become clear in end-of-quarter filings.

Elsewhere in the report: we detail full digital credit ATM proceeds and volumes for Strategy's STRC and Strive's SATA, track the race between public treasury and ETF holdings, and highlight approximately $22 billion in altcoin treasury balances.

Below we include a selection of our key findings.

1. April buying already matches Q1 and Q2

Over the course of April, public treasuries added 64,722 BTC prior to sales, or 57,791 BTC in net, making it one of the biggest buying months since mid-2025.

And for Strategy, this is one of its biggest buying months to date, as it acquired 56,235 BTC in a series of purchases powered by billions in ATM proceeds from STRC and MSTR. 

This means that Q2 is off to a strong start: just one month in, April additions roughly match each of the previous two quarters’ net buying amounts. The next two months will determine whether sales reported in end-of-quarter filings offset this early growth.

2. STRC broke billion-dollar ATM and trading records 

STRC made up $3.3 billion (80%) of Strategy’s $4.1 billion ATM proceeds from April 1 to May 3. STRC also accounted for $5.1 billion in ATM proceeds in March and April combined. Plus, it broke weekly records by generating $2.2 billion in ATM proceeds from April 13-19.

STRC trading volumes also reached new highs in April: $1.58 billion daily, $3.9 billion weekly, and $7.8 billion monthly. These trading volumes may include ATM sale amounts.

Our findings mean that STRC has played an increasingly large part in Strategy’s ATM fundraising efforts in recent weeks, as illustrated in the chart below.

3. MSTR and STRC score high on the Sharpe ratio

Strategy has highlighted STRC and MSTR’s Sharpe ratio, a measure of risk-adjusted return. 

In plain terms, a high Sharpe ratio means that returns tend to justify the risk taken on an investment, while a low or negative ratio means volatility may outweigh the potential returns.

STRC scored 2.76 on this metric in late April, meaning it greatly outperforms competing investments selected by Strategy. Strategy’s common stock, MSTR, scored 0.77, recently outpacing the Sharpe ratios of five “Magnificent Seven” tech stocks, as shown below. 

4. ETFs dominate with 1.5 million BTC

In April, we reported that Strategy was projected to surpass BlackRock's IBIT, the largest spot Bitcoin ETF, in holdings. Growth is now neck-and-neck: Strategy maintained a narrow lead until at least May 5, when Strategy held 818,334 BTC and IBIT held nearly 818,147 BTC. 

We also take a look at the bigger picture: Bitcoin ETFs now hold or provide exposure to at least 1.5 million BTC, or 300,000 BTC more than public treasuries.

The situation is changing rapidly, and we see overall growth as a sign of Strategy’s strength and potential for future growth — even when public treasuries are not necessarily dominant overall. 

5. Sales fall to one-third of March amounts 

Finally, we saw under 7,000 BTC in public treasury Bitcoin sales, three times less than March.  This means public companies excluding Strategy added about 8,480 BTC and sold 6,930 BTC during April, producing a net change of around 1,550 BTC. 

We note a methodology change. For the first time, our report includes entries added to our site in the current month but listed under earlier dates. This captures one significant addition, BitGo (+1,673 BTC), one significant sale, Hive Digital (-1,720 BTC), and a few smaller data points. See also our recent monthly buying recap for more details.

6. Altcoin treasuries hold $22 billion

Based on CoinGecko data, we observe that, alongside $96 billion in public Bitcoin treasuries, there is $22 billion in treasury holdings across multiple altcoin categories.

We note that Ethereum treasuries dominate with $16.2 billion in holdings while other altcoin categories hold another $4.5 billion in digital assets. Furthermore, we note that Bitmine dominates the Ethereum category with $10 billion worth of ETH holdings.

For further analysis, or to discuss trends driving your investment or treasury strategy, reach out to our research team at office@bitcointreasuries.net.