Abstract
Corporate Bitcoin adoption in Q1 2026 became significantly more concentrated and uneven, with total public holdings increasing by 69,480 BTC—a figure entirely supported by Strategy’s 89,602 BTC accumulation
. Excluding Strategy, the public sector was a net seller of approximately 20,100 BTC, primarily driven by a 25,375.9 BTC liquidation from Bitcoin miners. These miners, including MARA and Core Scientific, are executing AI/HPC pivots, treating their BTC treasuries as a primary source of capital for infrastructure buildout. Despite high macro uncertainty following the Iran War, “Digital Credit” proved resilient; the asset class grew by $2.05 billion. The practical takeaway is that while miners are exiting to fund operational shifts, the emergence of yield-bearing preferreds like SATA and STRC provided a volatility-adjusted refuge, with SATA outperforming major macro assets like Gold and the S&P 500 during the quarter.