TD Cowen reports Bitcoin treasury companies may reach 2.1M BTC in aggregate holdings

Wall Street is starting to treat Bitcoin treasury companies the way it treats REITs or MLPs: as a distinct, analyzable asset class with its own coverage universe. TD Cowen, a division of TD Securities, formally initiated coverage of what it calls Public Bitcoin Treasury Companies, or PBTCs, in April 2026, and the firm now estimates aggregate holdings across this group could reach 2.1 million BTC. That figure, if accurate, would represent a meaningful slice of Bitcoin’s fixed 21 million coin supply, effectively concentrating a double-digit percentage of all Bitcoin that will ever exist inside a handful of public companies. Strategy leads the pack, by a wide margin The category has a very clear front-runner. Strategy, the company formerly known as MicroStrategy, reported holdings of 843,738 BTC as of May 2026. That is more than 4% of Bitcoin’s total supply sitting on one company’s balance sheet. The pace of accumulation is worth noting. Strategy bought 24,869 BTC in a single week during May 2026. To put that in perspective, the Bitcoin network only produces roughly 3,150 coins per week at current block reward levels, meaning Strategy was absorbing roughly eight times weekly new suppl...