ANALYSIS: Strategy on Track to Hit 1,000,000 BTC by November 2026

Bitcoin treasury accumulation continued at a strong pace in March — once again driven almost entirely by Michael Saylor’s Strategy, which purchased over 44,000 BTC this month, making up 94% of all public company investment. 

Meanwhile, Strategy’s core digital credit product, STRC, saw breakout volumes, an influx of corporate buyers, and the emergence of new related products.

Our headline in this edition: we project that Strategy is capable of amassing a 1 million BTC treasury before year's end. We put forward one hypothetical model in which the company's planned $44.1 billion ATM program reaches that total by November and affords continued buying for almost another year at the same pace.

The March 2026 edition of the BitcoinTreasuries.net Corporate Adoption Report tracks these and other trends, focusing both on Bitcoin holdings and the digital credit uprising.

1 million BTC by November?

How much Bitcoin buying could Strategy fund via issuing STRC, MSTR, and STRK?  We lay out a hypothetical scenario based on Strategy’s $44.1 billion ATM filing.

If Strategy were able to generate $2.3 billion monthly from the above ATM program over 19 months, it could conceivably purchase about 31,000 BTC per month with the proceeds —  assuming that Bitcoin prices remain close to $75,000 USD.

That would allow Strategy to reach 1 million BTC before year-end, specifically by the end of November 2026, leaving enough leftover proceeds for about one more year of buying. 

This is strictly hypothetical: Strategy hasn’t stated it will issue the full ATM by any deadline or spend all proceeds on Bitcoin, and it has existing room to issue stock and digital credit.

Institutional funds hold $2 billion in digital credit, including $591 million in STRC

We note that mutual funds and ETFs now hold more than $2 billion, based on Yahoo! Finance data, providing an important on‑ramp to STRC and other digital credit.

Capital Group and its subsidiary American Funds offer ETFs and mutual funds holding $1 billion in digital credit. BlackRock, Fidelity, VanEck, and others account for $1 billion more. 

STRC is the most popular asset by a small margin, with $591 million across the dataset.

STRC daily trading volumes hit record $740M

STRC daily trading volumes peaked at a record $740 million on March 12.

That day contributed to a record weekly volume of $2.27 billion from March 9 to 13. The same week, Strategy funded a massive one-week Bitcoin buy of 22,337 BTC with $1.2 billion in STRC ATM sales and $396 million in MSTR ATM sale proceeds.

The end of the month was almost as significant. March 31 produced the second-largest daily STRC trading volume to date: more than $522 million.

Strategy is carrying the Bitcoin treasury sector

Strategy is clearly dominating the sector, comprising one-third of public treasury Bitcoin holdings overall. The firm frequently performs the majority of monthly purchases. 

When included in our data, Strategy has consistently kept publicly traded companies' monthly net holdings growth in the tens of thousands of BTC — except February, when it made notably low purchases alongside massive selloffs by other companies.

Downturn for public companies, except Strategy

In light of Strategy’s dominance, we ask: how are other companies performing?

When Strategy is excluded from our data, a downward trend becomes clear. Public companies other than Strategy aggressively accumulated Bitcoin last summer — but their purchases sharply declined, and sales rapidly accelerated, starting in October.

Is there a silver lining? As we see it, this points to a small, dedicated core of buyers that can benefit by buying Bitcoin cheaply or by moving up the ranks against falling competitors.

Fewer companies are buying Bitcoin each month

We also observe fewer monthly buyers. This data has been trending downward since September and dropped to just 16 in March. We note that, compared to Bitcoin holdings, company counts are more significantly affected by the number of data submissions we process. 

This measures the number of companies with net additions each month. Companies that added Bitcoin in a given month, but disposed of more than they added, are not counted.

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