Institutions already have US$ 2.1 billion in digital credit backed by Bitcoin

February was the first month with a negative balance since BitcoinTreasuries.net standardized its data: public companies added 7,800 BTC to their treasuries, but disposed of positions amounting to 8,600 BTC, resulting in a net change of -800 BTC.

A Strategy accounted for 65% of the entire purchase for the month (5,075 BTC), which means that without it, the negative balance would have been considerably higher.

The figure alone would give rise to pessimistic narratives. O full report, published on March 12, tells a more complex story.

The institutional money didn't leave - it changed shape

By cross-referencing data from Yahoo Finance, BitcoinTreasuries identified at least US$ 2.1 billion in digital credit instruments held by mutual funds and ETFs. Another US$ 471 million is in STRK, Strategy's preferred stock, with some overlap between the categories.

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The logic of this move is: instead of buying Bitcoin directly, institutional funds are buying instruments that finance the purchase of Bitcoin by third parties - and receiving a premium for it. Five digital credit products (from Strategy and Strive, which launched SATA) were projected to pay out US$ 435 million in dividends by the end of February.

STRC, Strategy's floating rate product, trades at a spread of 7.6 percentage points above 3-month US Treasury bills. Three of the company's fixed-rate products remained stable in the last three weeks of February against 10-year Treasuries.

For the report, this is the most important signal: the financial architecture of corporate exposure to Bitcoin is deepening, regardless of the volatility in direct purchases.

Treasury absorbed 2.8 times the production of mining companies

Since the April 2024 halving, companies with Bitcoin treasuries have exceeded total mining production in 54 of the 94 weeks monitored - buying around 2.8 times the total BTC mined in the entire period. Strategy alone exceeded production in 29 of the 67 weeks analyzed in the most recent window, accumulating 1.8x what was mined in the period.

The accumulated net additions for the first quarter of 2026, up to March 9, already amounted to 62,000 BTC - mainly driven by Strategy's aggressive purchases in January and early March.

The mNAV is falling, and that could be healthy

One of the most interesting pieces of data in the report is the behavior of the mNAV (multiple over NAV in Bitcoin) of companies in the sector. The indicator has been falling in a long-term trend, with several companies converging on 1.0x - that is, being priced close to the market value of the Bitcoin they hold, no relevant prize.

The pessimistic reading would be: the market has lost its enthusiasm. The reading of Ryan Strauss, managing director of Bitcoin Consulting Group quoted in the report, is different:

“The market seems to be valuing these companies more on the basis of their underlying businesses than simply Bitcoin exposure. The drop in mNAV may not signal weakness, but rather a normalization as Bitcoin exposure becomes a more widely available and efficiently priced asset.”

In other words: the speculative premium is leaving, and what remains is more rational pricing. For a sector that is still young, this is maturity.