GuideTreasuriesList
Bitcoin treasury companies 2026: the complete list of firms holding BTC
- →Aggregate corporate balance-sheet holdings exceed 1.1 million BTC in 2026 — around 5.5% of total supply.
- →Strategy alone holds nearly 4% of supply; the next ten treasuries add another 1.2%.
- →Three live models — pure treasury, miner with retained BTC, and operating business with BTC — each with a distinct risk profile.
May 18, 2026·11 min read·SatsIntel Research
More analysis
StrategyTreasuries
Can a Bitcoin treasury company be forced to sell? Strategy's 2026 pivot
- →A Bitcoin treasury company with no secured debt cannot receive a margin call on its BTC: the real risk isn't collateral, it's the dollar cash needed to pay preferred dividends and interest.
- →Strategy owes roughly $1.76B a year in preferred dividends and interest, and has stated its dollar reserve — $3.75B as of July 26 — exists solely for that. In July it sold 3,588 BTC for ~$216M: the largest disposal in its history.
Jul 28, 202614 min
STRCSATA
STRC vs SATA: which Bitcoin preferred pays more — and which held up better? (July 2026)
- →SATA pays 13% a year in ~250 daily installments (compounded effective yield ~13.9%) and trades near par; STRC pays 12% semi-monthly and trades around $87, still ~13% below its $100 par.
- →Behind STRC sit 843,775 BTC and a $2.55B dollar reserve (17.4 months of coverage); behind SATA, 19,900 BTC with zero convertible debt and ~1.6x the issued par in Bitcoin collateral.
Jul 15, 202612 min
PreferredsDigital Credit
Bitcoin preferred stocks: what they are, how they work and who issues them (2026 guide)
- →A Bitcoin preferred is a perpetual security paying a fixed or variable dividend on a par value (typically $100), issued by a company whose solvency rests on its Bitcoin treasury and its access to capital markets.
- →Six instruments matter today: Strategy's STRK, STRF, STRD and STRC, Strive's SATA, and Metaplanet's Mercury series (pending its Japan listing). Coupons range from 4.9% to 13%.
Jul 14, 202610 min
CustodyETFs
Who custodies institutional Bitcoin? Coinbase, Fidelity, BitGo, Anchorage and Gemini, compared (2026)
- →Coinbase Custody is the dominant custodian of the US spot ETFs: it backs the vast majority of products on the market, including IBIT. Efficient, but it concentrates a single point of failure the market itself watches.
- →Fidelity is the structural exception: it custodies its own ETF (FBTC) with Fidelity Digital Assets, without depending on Coinbase. Gemini (VanEck's HODL) and BitGo (Hashdex's DEFI) complete the alternatives.
Jul 8, 202610 min
CompaniesTreasury
How to start a Bitcoin treasury at your company (2026): a step-by-step guide
- →The most common mistake is starting with the purchase: a defensible treasury starts with the mandate and the written treasury policy — how much, what for, with what limits and who executes.
- →There are three vehicles with different profiles: direct BTC under institutional custody, spot ETFs, and indirect exposure via listed treasury companies. The choice comes down to control, cost and the accounting-tax fit.
Jul 7, 202611 min
StrategyMicroStrategy
How many Bitcoin does Strategy (MicroStrategy) hold? Verified, up-to-date holdings (July 2026)
- →Strategy holds 847,363 BTC (June 2026): the world's largest corporate Bitcoin treasury, ~4% of total supply and close to 66% of all the BTC held by listed companies.
- →It has funded this without touching operating cash: at-the-market (ATM) equity raises, convertible debt and a ladder of perpetual preferreds (STRK, STRF, STRC, STRD).
Jun 25, 20267 min
ArgentinaCEDEAR
Bitcoin CEDEARs in Argentina: how to invest in BTC from BYMA (2026)
- →Two real routes for Bitcoin exposure via CEDEAR on BYMA: the spot ETF IBIT (tracks BTC's price) and the treasury Strategy (MSTR).
- →Gains on CEDEAR trading are exempt from income tax for resident individuals —0% versus the ~35% on direct crypto.
Jun 19, 20268 min
IndicatorsInstitutional Bitcoin
What percentage of Bitcoin is in institutional hands? (2026)
- →Listed treasuries, spot ETFs and sovereign states together hold around 2.5 million BTC: more than 12% of circulating Bitcoin.
- →Most of it sits in US spot ETFs and pure corporate treasuries, led by Strategy.
Jun 19, 20266 min
WidgetsBitcoin
How to add Bitcoin data to your website or blog for free (2026 guide)
- →A Bitcoin widget embeds with two lines of code and updates on its own daily: you never edit figures by hand again.
- →It works on any platform that lets you insert HTML or an iframe: WordPress, WIX, Webflow, Ghost, Squarespace or a custom site.
Jun 18, 20267 min
CompaniesLegal entities
Cryptocurrencies for legal entities: the legal, tax and operational guide (2026)
- →A legal entity (LLC, public company, foundation…) can buy and hold cryptocurrencies like any other balance-sheet asset: there is no general prohibition.
- →The framework to respect is MiCA (fully applicable since December 2024) operating with authorized providers, plus anti-money-laundering and reporting obligations.
16 Jun 202610 min
InflationTreasury
How to protect company cash from inflation (and why Bitcoin enters the conversation)
- →Cash on hand loses purchasing power to inflation: a real cost even if it never shows up in the income statement — the 'silent tax on liquidity'.
- →Traditional alternatives (government bonds, deposits) carry issuer risk and, above all, yields that often fail to beat real inflation: frequently negative real returns.
Jun 10, 20269 min
MicroStrategyStrategy
MicroStrategy's balance-sheet strategy: Strategy's financial engineering explained
- →Strategy's model is not 'buy and hold': it is raising capital in public markets (convertible debt, ATM offerings, preferreds) and deploying it into Bitcoin continuously.
- →The key is issuing capital when the stock trades at a premium to its Bitcoin value (mNAV > 1): each issuance buys more BTC than it dilutes, raising Bitcoin per share (BTC Yield).
Jun 9, 202610 min
Bitcoin stocksTreasuries
Bitcoin stocks: how to invest in Bitcoin treasury companies (2026)
- →The best-known 'Bitcoin stocks' are the treasuries: listed companies whose balance sheet is, in essence, Bitcoin (MicroStrategy, Metaplanet, Twenty One, Strive).
- →Unlike a spot ETF, they're ordinary listed shares accessible from most brokers (Interactive Brokers, DEGIRO, Trade Republic, eToro).
Jun 9, 20269 min
MicroStrategyMSTR
How to buy MicroStrategy (MSTR) stock
- →MSTR trades on Nasdaq: any broker with US market access offers it (Interactive Brokers, DEGIRO, Trade Republic, eToro…).
- →It doesn't track the Bitcoin price one-to-one: it trades with an mNAV and behaves like leveraged BTC exposure.
Jun 9, 20267 min
Metaplanet3350
How to buy Metaplanet (3350) stock
- →Metaplanet trades on the Tokyo Stock Exchange (ticker 3350.T): not every broker gives Japan access.
- →The two usual routes are Interactive Brokers and DEGIRO (Japanese market from around €6 per trade).
Jun 9, 20267 min
Twenty OneXXI
How to buy Twenty One (XXI) stock
- →Twenty One (XXI) is a pure Bitcoin-native treasury, backed by Tether, SoftBank and Cantor Fitzgerald.
- →It trades on Nasdaq: accessible from Interactive Brokers, DEGIRO, Trade Republic, eToro and most brokers.
Jun 9, 20266 min
StriveASST
How to buy Strive (ASST) stock
- →Strive (ASST) is a pure treasury after the merger with Asset Entities, backed by Vivek Ramaswamy's asset manager.
- →It trades on Nasdaq: accessible from Interactive Brokers, DEGIRO, Trade Republic, eToro and most brokers.
Jun 9, 20267 min
TaxationSpain
Bitcoin taxation in Spain 2026: income tax, Form 721 and inheritance
- →Holding Bitcoin isn't taxed; you're taxed when you sell it, swap it for another crypto or receive an airdrop. The gain goes to the IRPF savings base (≈19–30% in 2026).
- →Form 721 requires declaring (without paying) crypto held abroad above €50,000 as of December 31. And the tax authority is closing the net with DAC8 and CARF: blockchain traceability doesn't expire.
Jun 9, 202611 min
AccountingFASB
Bitcoin accounting for companies: FASB vs IFRS
- →Under US GAAP, FASB ASC 350-60 (mandatory for fiscal years starting after Dec 15, 2024) requires measuring Bitcoin at fair value, recognising gains and losses in the income statement.
- →Under IFRS — the EU framework — Bitcoin is treated as an intangible asset (IAS 38): cost-less-impairment, without the fair-value-through-profit option the US has.
Jun 8, 20269 min
CompaniesTreasury
How to buy Bitcoin for a company: a treasury execution guide (2026)
- →Before buying, a company needs a board-approved Bitcoin treasury policy: allocation target, cadence, custody, accounting and governance.
- →Two execution routes: buying and custodying BTC directly (institutional exchange + regulated custodian) or equity exposure without custody (treasury stocks and ETPs), each with its own operational risk profile.
Jun 7, 202610 min
Institutional investmentETF
Institutional Bitcoin investment 2026: ETFs, treasuries and states
- →Institutional capital enters Bitcoin through three lanes: spot ETFs (>$105B AUM, with Goldman, Morgan Stanley and sovereign funds among holders), corporate treasuries (>180 listed, ~1.1M BTC) and states (El Salvador).
- →Corporate treasuries buy at a pace well above newly mined supply; the model has globalised from the US to Asia (Metaplanet) and Latin America (OranjeBTC).
Jun 6, 202611 min
ETFIBIT
Best Bitcoin ETFs 2026: a comparison of the spot ETFs (IBIT, FBTC, GBTC and more)
- →All spot ETFs track the price of Bitcoin: the real differentiators are the fee (TER), size/liquidity, issuer and custodian.
- →IBIT (BlackRock) dominates by size and liquidity; MSBT (0.14%), EZBC (0.19%), BITB and HODL (0.20%) are the cheapest; GBTC (1.5%) is the most expensive due to its origin as a trust.
Jun 5, 202611 min
Fixed incomeDividends
Bitcoin dividends: how to generate income with BTC exposure (2026)
- →Bitcoin pays no dividends: it has no cash flow and cannot be staked (it uses proof of work). Any product promising 'yield for staking Bitcoin' is a loan with counterparty risk or outright fraud.
- →The institutional route to income with Bitcoin exposure is the perpetual preferreds of treasuries: STRC (12%, paid twice a month) and SATA (13%, paid every business day) carry the highest coupons.
Jun 4, 202610 min
ETFEU
Bitcoin ETFs from the EU: why you can't buy IBIT and what alternatives you have (2026)
- →The EU retail investor cannot buy IBIT, FBTC or any US spot Bitcoin ETF: the PRIIPs rules require a document (KID) that US ETFs don't issue.
- →The regulated, spot alternative is European Bitcoin ETPs (iShares, 21Shares, CoinShares, WisdomTree, VanEck), listed on Xetra, SIX and Euronext and buyable from brokers like DeGiro or Interactive Brokers.
Jun 4, 202611 min
El SalvadorChivo Wallet
Chivo Wallet, four years later: from the legal-tender experiment to El Salvador's sovereign Bitcoin treasury
- →Chivo Wallet, launched in September 2021 with a $30 BTC bonus, is being sold or wound down in 2026 after years of technical failures, fraud and low real adoption.
- →The Bitcoin Law reform (January 2025), a condition of the $1.4 billion IMF agreement, removed mandatory acceptance: Bitcoin use became voluntary.
Jun 2, 202612 min
LatamTreasuries
Bitcoin treasuries in Latin America 2026: was Mercado Libre the only one? The full map
- →OranjeBTC (B3: OBTC3) is Latin America's largest Bitcoin treasury with 3,762 BTC and a Strategy-style pure-play model; it went public in Brazil via a reverse merger.
- →Méliuz (B3: CASH3) was the first listed Brazilian company to adopt the Bitcoin treasury model and holds close to 600 BTC, surpassing Mercado Libre (570 BTC).
Jun 1, 202613 min
ColombiaChile
Bitcoin in Colombia, Chile and Peru: the 2026 Andean regulatory map
- →Chile leads Latam with the Fintech Law 21,521 (2022) and the CMF's NCG 502 — the most advanced crypto regulation in the region.
- →Colombia consolidates its SFC VASP Registry in 2026 with an obligation to report crypto transactions above $50,000 to the DIAN under Resolution 000240.
May 31, 202614 min
ArgentinaLemon
How to buy Bitcoin in Argentina 2026: from the retail broker to corporate treasuries
- →Lemon Cash, Buenbit and Ripio dominate Argentine retail crypto, all registered as VASPs at the CNV under General Resolution 1058/2025.
- →The Strategy (MSTR) CEDEAR already trades on BYMA with a unique tax advantage: gains on CEDEARs are exempt from income tax in Argentina.
May 29, 202613 min
MexicoBitso
How to buy Bitcoin in Mexico 2026: from the retail broker to corporate treasuries
- →Bitso leads Mexican retail: CNBV license, free unlimited SPEI and 0% commission on basic trading.
- →CNBV regulation bars commercial banks from operating with crypto; the entire retail ecosystem runs through Financial Technology Institutions (ITFs).
May 25, 202612 min
AnalysisHODL
HODL stocks: the listed companies that never sell their Bitcoin
- →A HODL stock is one of a listed company with BTC on the balance sheet AND a declared no-sell policy, backed by a track record.
- →A stricter category than 'Bitcoin treasury': it excludes Tesla (sold in 2022), exchanges and miners that rotate their position.
May 18, 20268 min
STRCDigital Credit
STRC and the rise of Digital Credit: Strategy's monthly preferred comes to the blockchain
- →STRC raised $2,521M in its July 2025 IPO: the largest perpetual preferred offering in the US since 2009 and the largest US IPO of the year.
- →The instrument pays 12% annually in two payments a month (11.5% monthly until June 2026) and is designed to trade near its $100 par, letting Strategy continuously issue new shares to buy Bitcoin.
May 7, 202612 min
GuideTreasuries
What is a Bitcoin treasury company? The complete guide (2026)
- →More than 50 public companies across 15 countries hold Bitcoin as a strategic reserve in 2026.
- →The model combines three ingredients: sustained accumulation, capital issuance, and native metrics like mNAV and BTC Yield.
Apr 20, 202613 min
GuidemNAV
mNAV explained: the key metric for valuing Bitcoin treasury companies
- →mNAV > 1 means a premium: the market pays more than the value of the BTC on the balance sheet.
- →mNAV < 1 means a discount: the stock trades below the value of its treasure.
Apr 20, 202612 min
GuideBTC Yield
BTC Yield explained: the metric reshaping corporate accounting
- →BTC Yield = (BTC per share at end − BTC per share at start) / BTC per share at start.
- →A positive BTC Yield means every shareholder holds more implied BTC than at the start of the period.
Apr 20, 202613 min
AnalysisBalance sheet
How to read a Bitcoin treasury's balance sheet: a practical investor guide
- →The value of the Bitcoin on the balance sheet is not the same as the company's value to the shareholder.
- →The capital structure (debt, preferreds, shares) determines the real risk you take on.
Apr 15, 20269 min
Standard 21Spain
Standard 21 and the birth of the corporate Bitcoin ecosystem in Spain
- →Standard 21 is Spain's first Bitcoin-native corporate treasury: built from day zero to accumulate BTC as a strategic reserve, not pivoting into it.
- →It aims to lead the corporate Bitcoin ecosystem across the Spanish-speaking world. It is currently private and does not publicly disclose its treasury metrics.
Apr 8, 20267 min
HalvingMining
Halvings, programmed scarcity and price: Bitcoin's deflationary mechanics explained
- →The April 2024 halving cut Bitcoin's issuance from 6.25 to 3.125 BTC per block.
- →Historically, halvings precede periods of strong price appreciation 12 to 18 months later.
Apr 1, 20269 min
MetaplanetJapan
Metaplanet: why the Japanese company is replicating the Saylor model with exceptional results
- →Metaplanet went from 117 BTC in April 2024 to more than 40,000 BTC by year-end.
- →It uses yen-denominated bonds to finance Bitcoin purchases, taking advantage of Japan's negative interest rates.
Mar 24, 20268 min
Lightning NetworkPayments
Lightning Network: how Bitcoin is solving the everyday-payments problem
- →Lightning enables payments in milliseconds with fees of fractions of a cent.
- →The Lightning network grew capacity by 400% over 2024–2025.
Mar 10, 20267 min
El SalvadorBhutan
El Salvador and Bhutan: two models of state-level Bitcoin sovereignty
- →El Salvador accumulates Bitcoin through daily purchases and a sovereign fund backed by tourism and geothermal mining.
- →Bhutan mines Bitcoin directly with state hydroelectric power, accumulating ~9,000 BTC at near-zero acquisition cost.
Mar 2, 20268 min
mNAVValuation
The mNAV thesis: when it's worth paying a premium over a company's Bitcoin value
- →An mNAV of 2x means the market values the company at twice the value of its Bitcoin.
- →The premium reflects the company's ability to keep accumulating BTC in the future.
Feb 17, 20267 min
STRKSTRF
Strategy's perpetual preferreds: fixed income with indirect Bitcoin exposure
- →Strategy's preferreds pay between 8% and 12% in fixed annual dividends.
- →They are perpetual instruments with no maturity, but the issuer can redeem them early.
Feb 3, 20268 min
BTC YieldMetrics
BTC Yield: the metric redefining how we measure a company's value
- →BTC Yield measures the increase in BTC per diluted share, not the asset's price.
- →Metaplanet posted a 310% BTC Yield in 2024, the highest of any treasury.
Jan 19, 20267 min
StrategyMichael Saylor
The Michael Saylor playbook: why companies are converting their cash into Bitcoin
- →Strategy holds more than 766,000 BTC with a total investment above $35 billion.
- →The model rests on a simple thesis: cash loses value; Bitcoin gains it.
Jan 5, 20266 min
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