Bitcoin Treasury Firms Hold 1.3M BTC Amid Funding Risks

Publicly listed Bitcoin treasury firms held approximately 1.3 million BTC across 180 companies as of October 30, according to a Bitfinex analysis. The holdings represent 6.2% of Bitcoin’s maximum supply of 21 million coins.

Strategy holds the largest reserve, with 848,517 BTC. Newer companies continue to raise capital and purchase Bitcoin.

Many treasury firms issue preferred shares to fund Bitcoin purchases. Investor demand for those shares depends partly on their market prices and dividend rates. Bitfinex warned that larger discounts could make new fundraising more difficult. Companies could also face pressure to sell Bitcoin to meet dividend payments if share sales do not generate enough cash.

Strategy plans to begin daily dividends for its STRC preferred stock on November 1, 2026. The company said more frequent payments are intended to reduce price changes around dividend dates. STRC closed at $99.34 on October 29, compared with a low of $71.25 in June.

Strategy also plans to begin daily dividends for its STRF, STRK and STRD preferred shares in January 2027. The company has not confirmed that those payments have started.

Strive has introduced daily dividend payments for its SATA preferred stock. SATA carries a variable 13% dividend, while SATS offers an annual dividend rate of 15%.

Strive raised $630 million through a discounted SATS offering in October. It used part of the funds to buy 6,182 BTC, bringing its holdings to 43,000 BTC. The company’s cash reserves reached $504.4 million on October 23.

Bitfinex said continued purchases could become harder to finance if preferred shares lose investor demand or trade at larger discounts.