Q1 2026 Corporate Bitcoin Report
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 […]
STRC: The Global Bitcoin Dollar Cost Average
If you haven’t already, please read my last research note about takeaways from Strategy World 2026. I cover a wide range of things there, and today I want to narrow in on what I believe is the most important Bitcoin development in the last year: STRC. STRC and volatility Strategy designed STRC as a variable-rate financial instrument intended to […]
The Bitcoin Treasury Model With a Built-In Valuation Floor
There is a version of the Bitcoin treasury conversation that has become almost routine at this point. Bitcoin is hard money. Fiat debases. Companies that hold Bitcoin on their balance sheet are making a rational long-term decision. All of this is true, and none of it is the interesting question anymore. The interesting question is […]
Corporate Bitcoin Adoption 2026 Report
Abstract Abstract: Corporate Bitcoin Adoption 2026 Report The 2025 shift from simple accumulation to the securitization of BTC demonstrates that corporate demand is increasingly financing-enabled via capital markets tools like ATMs, PIPEs, and convertibles. While public companies added approximately 494,000 BTC , the emergence of “Digital Credit“—specifically multi-series perpetual preferred equity—has bifurcated the market into […]
S&P Rating on Strategy: Overview, Implications, and Industry Direction
Abstract The S&P rating on Strategy shows that when bitcoin is fully deducted from adjusted common equity, total adjusted capital turns negative and the rating is forced to anchor on weak capitalization. That outcome is predictable under the 2024 RACF and 2025 hybrid criteria. The practical takeaway for issuers seeking higher credit ratings is to […]
9 Ways MSCI’s Proposed Digital Asset Rule Could Undermine Index Neutrality
A major rule change is being considered by MSCI, one of the most influential index providers in global markets. If adopted, it would materially alter how public companies that hold digital assets—particularly Bitcoin—are classified and included in major equity indexes. For companies, investors, asset managers, and anyone who depends on index-based benchmarks, this proposal raises fundamental […]
Shortsighted Shift at MSCI Singles Out Bitcoin Treasury Companies and Undercuts Benchmark Neutrality
MSCI is considering a new rule that would remove companies from its Global Investable Market Indexes if 50% or more of their assets are held in digital assets such as Bitcoin. The proposal appears simple, but the implications are far-reaching. It would affect companies like Michael Saylor’s Strategy (formerly MicroStrategy), Eric and Donald Trump Jr’s American Bitcoin Corp (ABTC), and […]
These New Shareholder Tools Make Bitcoin Activism Easy to Launch and Hard to Ignore
For most of my life, the limiting factor in bringing my ideas to life has been code. I’ve always had a clear vision for the tools I wanted to build, but the execution gap was real. The ideas stayed on whiteboards, in notebooks, or in half-finished PhotoShop mockups. That barrier no longer exists.AI has collapsed […]
How a 2014 Essay Shockingly Predicted the Era of Corporate Bitcoin Treasuries
I. The Forgotten Blueprint In July 2014, when Bitcoin was trading near six hundred dollars and most executives dismissed it as an internet novelty, Pierre Rochard published an essay titled Speculative Attack. It was a dense, Austrian-leaning treatise that argued Bitcoin would not be adopted because it was “better technology,” but because economic reality would force adoption. People would eventually […]
The 3 Bitcoin Treasury Company Models According to Michael Saylor
As Bitcoin becomes a strategic asset class in public markets, a new class of corporate entity is emerging: the Bitcoin treasury company. These are firms that accumulate Bitcoin on their balance sheet as a core part of their capital strategy, leveraging it to unlock asymmetric upside, financial durability, and institutional credibility. But not all Bitcoin treasury companies […]