Strategy and Strive lead accumulation through preferred share issuances; SpaceX discloses 18,712 BTC holdings ahead of anticipated IPO
Public companies disclosed net Bitcoin treasury additions of 43,557 BTC worth $3.2 billion in May 2026, according to data compiled by BitcoinTreasuries.net. The accumulation marks sustained corporate demand even as Bitcoin traded 42% below its all-time high during the month.
Strategy maintained its position as the largest public company Bitcoin holder, acquiring 25,404 BTC in May through STRC preferred share issuances. The company raised $1.95 billion in ATM proceeds, capturing 27% of STRC’s trading volume. Michael Saylor, Executive Chair of Strategy, reiterated the company’s stance: “never be a net seller of Bitcoin.” Phong Le, CEO of Strategy, stated that sales will occur when accretive to Bitcoin per share, not out of financial distress.
Strategy disclosed a 32 BTC sale in early June, its first disclosed sale since 2022. The transaction represented 0.004% of the company’s holdings. Saylor stated the company intends to buy 10 to 20 BTC for every one it sells.
On June 8, Strategy won shareholder approval for twice-monthly STRC payouts, expanding the frequency of dividend distributions. STRC, the largest tradeable preferred share in the world by market cap at $10.5 billion, maintains 30-day average liquidity of $375 million, a 23 to 25 times multiplier versus next-largest comparables.
Strive outpaced Strategy on a percentage basis, adding 4,443 BTC over one month (1,943 BTC in May plus 2,500 BTC on June 2). The additions represented 30.5% of Strive’s existing stack, compared to Strategy’s 10% addition ratio over a similar period. Strive broke its single-day ATM record on May 29, raising $87 million, equivalent to approximately 1,180 BTC in buying power.
Matt Cole, CEO of Strive, described SATA preferred shares as “the first listed security in the history of U.S. capital markets to pay cash dividends every single business day.” SATA raised $276 million in ATM proceeds during May, representing 12.4% of digital credit ATM sales by dollar value. Strive announced SATA dividend payments will begin June 16.
SpaceX disclosed 18,712 BTC holdings, representing 33% of all public treasury additions before sales in May. The disclosure positions SpaceX to enter the top ten public Bitcoin treasury leaderboard on its anticipated IPO date of June 12. American Bitcoin added 500 BTC in May, climbing to No. 15 on the public treasury rankings.
The May accumulation reflects a shift in corporate capital allocation toward Bitcoin treasuries. Strategy’s STRC structure and Strive’s daily dividend mechanism have created new vehicles for public market participation in Bitcoin accumulation, while SpaceX’s entry signals broader adoption among large-cap corporations.
Preferred Share Mechanics Drive May Accumulation
Strategy and Strive funded their May additions primarily through preferred share issuances rather than traditional debt or equity offerings. Strategy’s STRC preferred shares generated $1.95 billion in May proceeds, while Strive’s SATA preferred shares raised $276 million. Both structures allow companies to raise capital while maintaining Bitcoin accumulation velocity without diluting common shareholders proportionally.
The preferred share approach has reshaped corporate treasury mechanics. STRC’s $375 million in 30-day average liquidity and 23 to 25 times multiplier versus comparable securities indicate institutional demand for Bitcoin-linked equity instruments. Strive’s daily dividend structure on SATA creates a unique cash distribution model that differentiates it from traditional preferred shares.
