The companies holding Bitcoin on their balance sheets now own 1,285,045 BTC across 179 companies, according to the data SatsIntel updates daily in its treasury directory. At July 26 prices that aggregate position is worth roughly $82.78 billion and equals 6.12% of the 21 million maximum supply of Bitcoin that will ever exist.
Almost two thirds is a single company
Concentration remains extreme. Strategy alone holds 843,775 BTC: 4.02% of the 21 million maximum, and close to 66% of all Bitcoin held in corporate treasuries. Behind it, the field thins out fast:
- Twenty One Capital — 43,514 BTC - Metaplanet — 43,000 BTC - MARA Holdings — 35,303 BTC - Bitcoin Standard Treasury — 30,021 BTC - Galaxy Digital — 25,723 BTC - Bullish — 23,300 BTC - Strive — 19,000 BTC
Put another way: the world's second-largest treasury holds less than 6% of the Bitcoin the largest one holds. The full list of Bitcoin treasury companies breaks down the rest of the sector.
Q2 was the largest quarter of corporate buying on record
And here is the figure that contradicts the pessimistic headline: according to River's estimates, companies bought between 110,000 and 115,000 BTC in the second quarter of 2026, the largest quarterly volume of corporate buying on record. Bitcoin's drawdown did not slow aggregate accumulation. It accelerated it.
Two apparently incompatible facts therefore coexist. On one side, the world's largest treasury has gone five weeks without buying and has sold Bitcoin twice in two months. On the other, the sector as a whole just posted its record quarter. The explanation is arithmetic: Strategy's weight distorts the reading. When number one stops, the headline says treasuries are stopping — but the other 178 kept buying.
Where the real strain is
The problem is not accumulated volume, it is the share price. Around a quarter of treasury companies trade below an mNAV of 1: the market pays less than the Bitcoin on their balance sheet is worth. For a company whose model is issuing shares to buy BTC, that switches off the funding engine.
You can follow the sector's aggregate evolution in the indicators and check how each company would hold up at different Bitcoin prices in the stress test. And if you are wondering under what conditions a treasury could be forced to unwind, we analyse it in can a Bitcoin treasury company be forced to sell?.
Treasury data as of July 26, 2026, aggregated from CoinGecko Public Companies Bitcoin Treasuries and processed by SatsIntel. Quarterly corporate buying estimate: River. This is information, not financial advice.
