By Susie Violet Ward · Forbes · 18 March 2026
Public companies held more than 1.13 million bitcoin by March 2026, about 5.4% of total supply, but the label “bitcoin treasury company” now covers very different business models. Some hold bitcoin as a reserve, while others issue equity, debt or preferred shares to increase their bitcoin per share. When bitcoin fell from its 2025 highs, many of these companies traded below the value of the bitcoin they held.
The article explains how the capital-raising cycle depends on shares trading at a premium, why preferred share dividends are hard to fund for companies that only accumulate bitcoin, and why rules on distributable profits in England and Wales make Strategy’s approach harder for UK companies to follow. It includes comments from Jeff Walton of Strive, Cory Klippsten of Swan Bitcoin and Roy Kashi of FalconEdge, and separates owning bitcoin directly from owning shares in a company built around it.