Listed companies continued competing to hold bitcoin (BTC) on their balance sheets in May. Companies sustained large-scale buying and strengthened long-term holding strategies even as bitcoin stayed about 42 percent below its record high.

According to Bitcoin Magazine on June 11 local time, listed companies bought an additional 51,045 BTC or made new disclosures in May, based on BitcoinTreasuries.net's "May 2026 Corporate Adoption Report". Net growth after reflecting sales was tallied at 43,557 BTC. Its value reached about $3.2 billion at the May 31 closing price.

Strategy bought the most bitcoin. Strategy added 25,404 BTC in May, keeping its status as the listed company with the largest bitcoin holdings.

Market attention, however, focused on a sale of 32 BTC in early June. The sale was only 0.004 percent of total holdings, but it drew notice as the first time Strategy has disclosed a public sale since 2022.

Strategy board chairman Michael Saylor (마이클 세일러) said the sale was part of routine capital management. He said the company plans to buy an additional 10 to 20 BTC for every 1 BTC it sells, and stressed it has no intention of becoming a net seller of bitcoin. Chief executive Phong Le (퐁 레) also said sales would occur only if they help increase bitcoin value per share, not because of financial pressure.

Strategy actively used its preferred shares STRC to finance bitcoin purchases. STRC raised about $1.95 billion through at-the-market sales in May, and its market capitalisation reached $10.5 billion. Average liquidity over the past 30 days was also $375 million.

Strive stood out in the growth rate of holdings. Strive bought an additional 1,943 BTC in May and secured 2,500 BTC more on June 2, lifting its holdings by 4,443 BTC in about a month. That was about a 30 percent increase from its existing holdings, far above Strategy's growth rate of 10 percent over the same period.

Strive also raised funds through its preferred shares SATA. SATA secured about $276 million through at-the-market sales in May, and the company plans to introduce a structure that pays dividends every business day starting on the 16th.

Among new entrants, SpaceX drew the most attention. SpaceX disclosed it holds 18,712 BTC ahead of an initial public offering scheduled for June 12. That amounts to more than one third of the total increase in corporate bitcoin treasuries in May. The industry expects SpaceX to enter the top 10 list of bitcoin holdings among listed companies at the same time as its listing.

American Bitcoin also secured an additional 500 BTC in May, rising to 15th in holdings. The industry has described May as a month that saw both additional buying by existing large holders and the market entry of a new large player.