Bitcoin Treasury Data Shows Fewer Firms Hold BTC as Price Hits $80K

Key Insights

• 187 public companies held Bitcoin in Q1 2026, down 2.09% quarter-on-quarter.
• Corporate Bitcoin holdings rose to 1.15 million BTC, led by Strategy accumulation.
• Bitcoin price reached $80,000 as network activity fell to a two-year low.

Bitcoin treasury data showed a decline in the number of public companies holding BTC in the first quarter of 2026, even as total corporate exposure increased. According to a report from Bitwise Asset Management, 187 publicly listed firms held Bitcoin at the end of Q1, down 2.09% from the previous quarter.

The reduction followed several companies exiting their positions during the period. The shift occurred as Bitcoin traded near $80,000, marking its highest level since January. The data highlighted a divergence between declining participation and rising concentration among large holders.

Fewer Companies Hold Bitcoin Despite Market Recovery

The number of public companies with Bitcoin exposure declined during Q1, extending a trend that began after the 2025 market peak. At that time, more than 200 firms held BTC on their balance sheets. Since then, the count has gradually fallen as some companies reduced or fully exited their positions.

The decline reflected changing incentives for corporate treasury strategies. During earlier phases of the rally, firms benefited from valuation premiums tied to Bitcoin holdings. As prices corrected, many of those premiums narrowed or disappeared, reducing the appeal of holding BTC as a treasury asset.

Market conditions also influenced the shift. Volatility in late 2025 and early 2026 created uncertainty around balance sheet risk. Some companies chose to reduce exposure rather than maintain positions through fluctuating price cycles.

Despite fewer participants, total corporate Bitcoin holdings increased during the quarter. Bitwise data showed that public companies collectively held approximately 1.15 million BTC by the end of Q1, a 4.59% increase from the previous quarter.

This figure represented about 5.47% of Bitcoin’s maximum supply of 21 million coins. Updated data from Bitcoin Treasuries indicated that holdings had already risen further to around 1.22 million BTC after the quarter closed.

Exchange-traded funds remained the largest institutional holders, with roughly 1.5 million BTC under management. Corporate treasuries continued to represent a smaller but growing share of total supply.

Bitcoin Price Reaches $80,000 Amid Market Momentum

Bitcoin price reached $80,000 for the first time since January, reflecting a recovery trend that developed over recent weeks. The asset gained approximately 19% over the past 30 days, supported by renewed demand and improved market sentiment.

The price movement occurred despite Strategy pausing its weekly purchases ahead of its earnings release. The absence of this recurring buyer did not prevent BTC from advancing, suggesting that broader market demand supported the rally.

The recovery followed a period of consolidation earlier in the year, during which Bitcoin traded within a narrower range. The move toward $80,000 placed the asset near a key psychological and technical level, often associated with increased volatility.

Market participants now track whether Bitcoin can sustain momentum above this level or return to consolidation if demand weakens.

Network Activity Falls to Two-Year Low

On-chain data showed a contrasting trend as network activity declined even while price increased. According to data from Santiment, daily active Bitcoin wallets dropped to around 531,000, while new wallet creation averaged approximately 203,000 per day.

These figures represented the lowest activity levels in two years. Reduced activity suggested lower participation from retail users and smaller investors during the recent price recovery.

The divergence between rising price and declining activity created uncertainty around the strength of the rally. Lower participation can indicate weaker underlying demand, especially if price gains rely heavily on large holders or institutional flows.

However, activity declines can also reflect market cycles. Periods of reduced engagement often occur before renewed interest returns. In previous cycles, low activity levels sometimes preceded increases in participation as prices stabilized and regained momentum.

Analysts now monitor whether network activity begins to recover alongside price. A rise in active addresses and transaction volume would support the sustainability of the current trend. Without such confirmation, the market may remain sensitive to shifts in large-holder behavior.

Bitcoin treasury data now shows a market in which fewer public companies hold BTC, while total corporate exposure continues to rise. Strategy’s accumulation has reshaped ownership concentration, while Bitcoin price trades near $80,000 despite weak network activity. The next phase depends on whether broader participation returns or large holders continue to dominate market direction.

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