CoinBucha

Corporate Bitcoin treasuries in 2026: a record stack, and the split the market is now pricing.

Public companies hold more Bitcoin than ever, while the equity premium that funded the buying compresses. Both are true.

Explainer · reviewed 17 July 2026 · by Jukka Blomberg, ex-CMO of two crypto exchanges

Side one: the stack is at a record

As of 16 July 2026, the CoinGecko public-company treasuries dataset shows 1,285,045 BTC held across 179 public companies — the highest aggregate on record. Strategy (MSTR) holds about 843,775 BTC, close to 4% of all Bitcoin and more than every other public company combined.

#CompanyBTC held
1Strategy MSTR843,775
2Twenty One Capital XXI43,514
3Metaplanet 3350.T43,000
4MARA Holdings MARA35,303
5Bitcoin Standard Treasury Co. CEPO30,021

As of 16 July 2026, the same JSON the treasuries hub renders; the live signal carries current numbers.

Buying continued in the same fortnight:

Side two: the split, and “the premium era is over”

Coinpedia described the strategy in July 2026 as “splitting as corporate holders take different paths”. The window that saw the buys above also saw sales: Riot Platforms cut 2,325 BTC in April 2026 to 15,680 BTC; Strategy sold about 3,588 BTC to meet obligations such as debt service and preferred dividends; MARA Holdings sold more than 18,000 BTC across March–May before adding roughly 1,000 back in June.

DL News (2026) quoted John Fakhoury of Stacking Sats: “the premium era is over… only disciplined structures and real business execution are going to survive.” Attributed commentary, not a CoinBucha view — but it points at something observable. When a stock trades above the value of its coins it can issue shares at that premium and buy more Bitcoin per share than it gives up. When the premium compresses toward or below 1×, that flywheel slows.

mNAV = equity market cap ÷ (BTC held × BTC price)

On CoinBucha’s cohort methodology, in mid-July 2026 both Strategy and Metaplanet read at discounts, while a miner-plus-treasury name like MARA carried a premium reflecting its operating business. “A Bitcoin-treasury stock” is no longer one uniform bet. Current per-name ratios: live treasury-premium cohort; how to read them: mNAV explainer.

Why both can be true at once

Holdings are a stock — years of cumulative buying, which a few sellers barely dent against Strategy’s 843,775-coin anchor. The premium is a flow condition — how the market prices the equity against those coins today, and so how cheaply new coins can be financed next. The sector can sit at an all-time-high holding while the mechanism that grows it gets more expensive. Either half alone is misleading; together they describe a maturing, more selective market.

What to watch

Over weeks, not days: the direction of the aggregate stack (still rising; broadening beyond Strategy or concentrating?) and the direction of individual premiums (drifting toward or away from 1×, and does that line up with issuance, debt or a change in use?). Neither says a discount will close or a premium hold. Check each figure’s as-of date and the tracker’s share-count and price basis before comparing two of them.

Common questions

How much Bitcoin do public companies hold in 2026?

As of 16 July 2026, the CoinGecko public-company treasuries dataset CoinBucha reads shows about 1,285,045 BTC held across 179 public companies. Strategy (MSTR) is by far the largest holder at roughly 843,775 BTC — about 4% of Bitcoin's total supply — followed by Twenty One Capital (~43,514 BTC) and Metaplanet (43,000 BTC). These are dated, observable counts from public data, not a forecast. Information, not financial advice.

What does the "Bitcoin treasury split" mean?

It describes corporate holders no longer moving in lockstep. In 2026 some firms kept adding — Strive raised holdings to about 19,900 BTC (13 July), American Bitcoin to 8,000 BTC (6 July), CleanSpark bought 454 BTC (~7 July) to 13,924 BTC, Metaplanet reached 43,000 BTC (2 July) — while others trimmed: Riot reduced by 2,325 BTC in April to 15,680 BTC, Strategy sold about 3,588 BTC to meet obligations, and MARA sold more than 18,000 BTC across March–May before adding ~1,000 in June. Coinpedia framed this as the strategy 'splitting as corporate holders take different paths' (July 2026). It is a description of observed behaviour, not a recommendation.

What does "the premium era is over" mean for treasury companies?

It is attributed commentary, not a CoinBucha view. DL News (2026) quoted John Fakhoury of Stacking Sats saying 'the premium era is over' and that 'only disciplined structures and real business execution are going to survive.' The observable backdrop is that mNAV — a treasury company's equity value divided by the value of the Bitcoin it holds — has compressed for several names toward or below 1x. On CoinBucha's own cohort methodology, both Strategy and Metaplanet read at discounts (below 1x) in mid-July 2026. A discount is not a signal a stock is cheap and a premium is not a signal it is expensive; both are observable ratios. Information, not financial advice.

Sources

Holdings and premium figures are point-in-time, methodology-dependent and differ between trackers. Cohort method: methodology.