Data Download: Saylor’s STRC Moment Arrives — Institutions Now Own $2.1 Billion in Digital Credit

February delivered a stark reversal in corporate Bitcoin momentum: 7,800 BTC was added to treasuries but was entirely offset by sales and balance sheet reductions.

That marks the first month of negative change since we standardized our data, yet Q1 is starting strong with 62,000 BTC in net additions to date, mainly by Strategy.

As Bitcoin buying fluctuates, one question dominates: what’s next for the sector? The answer is digital credit and preferred shares, now a central focus for both Strategy and Strive, allowing companies to finance Bitcoin buying while offering high yields.

This month’s edition of the BitcoinTreasuries.net Corporate Adoption Report spotlights the rapid expansion of these structures, with new data showing exceptional performance across preferred share classes and rising institutional participation. 

As we see it: direct accumulation is variable, but the financial architecture of corporate Bitcoin ownership is only deepening.

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1. Institutions now own $2.1 billion in digital credit

Examining Yahoo! Finance data, we find at least $2.1 billion in various digital credit instruments held by mutual funds and ETFs. That data also shows $471 million in institutional holdings of STRK, with overlap between the two categories unclear. 

We see this as a critical trend, as institutional holders provide access and liquidity to retail investors while signaling credibility to others in the financial sector, providing stability through large, long-term holdings.

2. Quarterly buying is strong despite weak February 

For the first time in this report series, public treasuries disposed of more Bitcoin than they added (+7,800 BTC and -8,600 BTC for a net change of -800 BTC).

February additions were largely driven by Strategy, which bought 5,075 BTC across all its weekly purchases. That makes up 65% of all February buying and preserves the company’s dominance over sector-wide cumulative Bitcoin holdings. 

But the most visible growth is net change for Q1 2026 — up about 62,000 BTC as of March 9, largely driven by Strategy’s strong buying in January and early March. 

3. Digital credit offers premium over U.S. Treasury rates

This month features findings from Bitcoin For Corporations on credit spreads — that is, how much digital credit returns compared to U.S. Treasury bonds and bills.

Their data indicates STRC’s floating-rate credit spread has a 7.60% premium over U.S. 3-month Treasury bills. Plus, three of Strategy’s fixed-rate products held steady over the last three weeks of February against 10-year U.S. Treasury bonds.

This also points to high returns. Five digital credit instruments (also including Strive’s SATA) were projected to pay out $435 million in dividends by the end of February.

4. Treasuries are absorbing up to 2.8x mining output

Another question we delved into this month: how much of the newly mined Bitcoin supply are treasury companies acquiring? 

Looking at data since the April 2024 halving, we find additions collectively outpaced Bitcoin mining output in 54 of 94 weeks that we surveyed. Over the entire period, treasury companies bought about 2.8x the amount of Bitcoin mined.

5. mNAV converges on 1.0x despite falling

Our latest findings on multiple to Bitcoin NAV (mNAV) point to a long-term downward trend, but also suggest that certain companies are converging toward 1.0x mNAV with a slight premium or discount.

Ryan Strauss, Managing Director at Bitcoin Consulting Group, tells us: “The market now appears to be valuing these firms more on their underlying businesses rather than simply their Bitcoin exposure ... falling mNAV ratios may not signal weakness, but rather a normalization as Bitcoin exposure becomes a more widely available and efficiently priced asset.”

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• AnchorWatch. AnchorWatch makes Bitcoin ownership safer and easier by combining advanced custody expertise with industry-grade insurance. As a Lloyd’s of London Coverholder, it writes specialized policies that address digital-asset risks, giving clients trusted coverage and peace of mind. Learn more: AnchorWatch

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• Cryptio. Cryptio is an enterprise-grade accounting software platform built specifically for digital assets and cryptocurrencies. It enables businesses to transform blockchain transaction data from multiple exchanges and custodians into auditable financial records, supporting compliance with GAAP and IFRS standards. Learn more: Cryptio

• The Hemisphere Foundation. Hemisphere develops open-source solutions designed to help treasury teams securely manage, deploy, and optimize their BTC holdings, with benefits of self-custody and Bitcoin native deployment. Learn more: The Hemisphere Foundation

• Orange Wheel Advisors. Orange Wheel Advisors is a strategic consulting firm that helps companies navigate Bitcoin’s impact on corporate finance and competitive strategy. With expertise spanning treasury management, payments, capital structure, mining, and investor communications, they provide executive education, tailored strategies, and execution support to guide businesses through the global monetary transition. Learn more: Orange Wheel Advisors

• o21 Solutions. o21 develops and implements Bitcoin-powered corporate strategy, transforming value chains with strategic expertise and tailored advisory services, with a focus on both Treasury and Operations - balance sheet accumulation, mining, and payments. Reduce cycle time through the corporate Bitcoin adoption journey through our pre-packaged or tailored engagements. Learn more: o21 Solutions

• Psalion. Psalion is a Bitcoin and digital-asset yield manager that offers institutional‑style investment strategies to professional investors, family offices, corporates, and private clients via separately managed accounts and yield funds. Learn more: Psalion

• Secure Digital Markets (SDM) provides unparalleled liquidity, execution speed, and bespoke customer service, making it the top choice for institutional investors seeking reliable digital asset trading solutions. With deep expertise in capital markets and strict regulatory standards, SDM stands out as the premier platform for all digital asset treasury teams looking to optimize their trading and treasury operations. Learn more: Secure Digital Markets (SDM)

• Stacking Sats Inc. Official IT partner at BitcoinTreasuries, Stacking Sats Inc via its subsidiary, Framework IT, is a managed IT services firm with a 17-year track record of providing best-in-class IT support, strategy, and cybersecurity, boasting high recurring revenue and long-term client contracts. It’s also one of the top 20 holders of Bitcoin among global private companies. Learn more: Stacking Sats Inc

• XCE. An executive recruitment group that combines a profitable recruitment business with a Bitcoin treasury strategy. The company turns over a decade of executive recruitment experience and four years of Bitcoin accumulation into a public Bitcoin‑powered growth engine, using a proven operating business to drive Bitcoin treasury accumulation. Learn more: XCE

• Zaprite. Zaprite is a non-custodial payment platform that allows individuals and businesses to seamlessly accept both bitcoin (on-chain and lightning) and fiat payments in a unified, customizable checkout experience. Users can easily issue invoices, generate payment links, and connect multiple wallets or custodial accounts, all while handling their own funds directly. Learn more: Zaprite

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