Public Bitcoin Treasury Companies Hold Over 2 Million BTC as Investor Appetite Grows

TD Cowen, a division of TD Securities, has initiated coverage of Public Bitcoin Treasury Companies (PBTCs), a category it estimates could hold up to 2.1 million BTC in aggregate holdings.

This would represent a significant slice of the fixed 21 million coin supply, effectively concentrating a double-digit percentage of all Bitcoin within a handful of public companies.

Strategy, formerly known as MicroStrategy, leads the pack with reported holdings of 843,738 BTC as of May 2026, accounting for over 4% of the total supply. The company recently acquired 24,869 BTC in a single week, roughly eight times the weekly new supply produced by the Bitcoin network.

TD Cowen has issued Buy ratings on several other PBTCs, including Nakamoto and Strive, with adjusted price targets for Strategy ranging from $400 to $260 as Bitcoin price forecasts shifted. The firm notes that investors are increasingly seeking income and yield over direct Bitcoin exposure, making PBTCs an attractive option.