In the first quarter of 2026, publicly listed companies saw a significant surge in Bitcoin holdings, according to a report by Bitwise Asset Management. These firms now account for 5.47% of all Bitcoin in circulation, with their total reserves reaching 1.15 million BTC. During the first three months of the year, companies added another 50,351 Bitcoin, translating to a 4.6% quarter-over-quarter increase.
Geopolitical volatility shapes corporate Bitcoin moves
This growth in corporate Bitcoin holdings came amid a period of intense market volatility driven by conflicts in Iran and unrest in global energy supplies. The turbulence affected not just Bitcoin but financial products across the board. The lion’s share of Bitcoin accumulation was fueled by strategic buying from a handful of major players.
Institutional buying strategies reveal sharp contrasts
Corporate Bitcoin acquisitions were far from evenly spread. The surge was primarily driven by the aggressive accumulation tactics of one major institution. As monetary expansion and geopolitical risk increased, the significance of Bitcoin on corporate balance sheets became a central topic of debate.
MicroStrategy took center stage in this trend, purchasing roughly 89,000 BTC on its own during Q1 2026. This lifted its total stash to 818,334 Bitcoin by the end of April. The company’s average acquisition cost reached around $75,537 per BTC.
CEO Michael Saylor maintained his buying strategy through steep market corrections in February and fluctuating oil prices. Despite Bitcoin recording its worst quarterly performance since 2018—losing more than 20% of its value—Saylor remained steadfast. MicroStrategy now controls 66% of all Bitcoin held by listed corporations.
Throughout the quarter, MicroStrategy continued its steady Bitcoin purchases and ended with $14.46 billion in unrealized losses.
Metaplanet rises as MARA pivots to selling
Japan-based Metaplanet made impressive moves as well, adding 5,075 BTC to its portfolio during Q1. The firm spent about $400 million on these purchases at an average price of $79,900 per Bitcoin. With these new acquisitions, Metaplanet’s total holdings climbed to 40,177 BTC, overtaking MARA Holdings to become the world’s third-largest corporate Bitcoin holder.
In contrast, MARA Holdings chose a different path, offloading about 15,133 Bitcoin in March. Its stash dropped from 53,822 BTC to 38,689 BTC, netting the company roughly $1.1 billion from the sales. MARA was not alone; all publicly traded mining companies together sold more than 32,000 Bitcoin in the first quarter, surpassing their total sales from 2025.
Shifting strategies push the market
The market dynamics hinge not just on sheer volumes but also on diverging buy and sell strategies among major holders. While MicroStrategy and Metaplanet continued stacking Bitcoin despite heightened risks, mining firms cut back their positions to meet cash demands.
MicroStrategy’s overall Bitcoin acquisition cost is now just 4% below the current market price. This positions the company at risk: any substantial drop in BTC’s value could leverage billions in losses onto its balance sheet. As institutional ownership accelerates, it remains clear that this momentum is heavily concentrated in the hands of one determined player.
