Public companies hold 1.15M BTC in Q1 2026—MicroStrategy leads
Public companies hold 1.15 million BTC after Q1 additions of 50,351 BTC (+4.6% QoQ), reaching about 5.47% of total supply, per Bitwise Asset Management. MicroStrategy dominates buying: it added ~89,000 BTC in Q1 and held 818,334 BTC by late April (about 66% of listed-firm BTC). Its average cost is ~$75,537 per BTC and it still booked ~$14.46B in unrealized losses after BTC fell more than 20% in the quarter.
Metaplanet also accumulated, buying 5,075 BTC for ~$400M at ~ $79,900/BTC and raising holdings to 40,177 BTC, overtaking MARA to become the third-largest listed corporate holder. Meanwhile, MARA reduced exposure, selling ~15,133 BTC in March (about $1.1B proceeds), ending with 38,689 BTC. Public miners overall sold more than 32,000 BTC in Q1 to meet cash needs.
Traders should note that public companies hold 1.15 million BTC, but holdings are highly concentrated. If BTC drops further, balance-sheet stress could tighten liquidity and raise volatility—despite continued corporate bid support.
Neutral
Corporate demand remains constructive: public companies hold 1.15 million BTC and Q1 net adds (50,351 BTC) suggest persistent accumulation, led by MicroStrategy and supported by Metaplanet. That said, the other side of the flow is worsening in the short term: MARA sold ~15,133 BTC and publicly listed miners together sold 32,000+ BTC in Q1, which can counterbalance spot demand and add sell-pressure.
Because the largest corporate holdings are concentrated in a few balance sheets, further BTC weakness could force more liquidations or reduce incremental buying, raising volatility. Net effect on BTC price is therefore mixed—supportive longer term, but potentially destabilizing near term—so the expected impact is neutral.