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 supply in that stretch alone.

TD Cowen has issued Buy ratings on several other names in the category, including Nakamoto and Strive. The firm has also adjusted price targets on Strategy multiple times, raising the target to $400 before pulling it back to $260 as Bitcoin price forecasts shifted. Digital credit operations now contribute roughly 28.5% of Strategy’s total assessed value, which matters because it shows these companies are evolving beyond pure treasury vehicles into something more complex.

Why investors want yield, not just coins

TD Cowen’s research notes that investors are increasingly signaling a preference for income and yield over direct Bitcoin exposure. Bitcoin treasury companies offer indirect Bitcoin exposure packaged inside a public equity structure, with the potential for structured products, convertible notes, and other yield-generating instruments layered on top.

Platforms like bitcointreasuries.net now track over 55 public companies that have integrated Bitcoin as a treasury asset since 2024 and 2025.

The broader investor commentary TD Cowen has picked up indicates appetite for leveraged or structured vehicles in crypto. An institutional investor can hold a convertible note issued by a Bitcoin treasury company inside a fixed-income sleeve of a portfolio. They cannot do the same with a cold wallet.

What this means for the market

The formalization of PBTC as a coverage category by a division of TD Bank signals that major sell-side desks now see enough institutional demand to justify dedicating analyst resources to the space.

For investors already in the space, the key risk is concentration. If aggregate PBTC holdings approach 2.1 million BTC, that represents a significant pool of coins that trades with equity market dynamics rather than crypto market dynamics.

For investors considering entry, the TD Cowen price target revisions on Strategy, from $400 down to $260, illustrate how quickly valuations can reset when Bitcoin’s price outlook changes. Strategy currently holds a commanding lead in total BTC, but Nakamoto, Strive, and other names receiving active Buy ratings from TD Cowen suggest the race to accumulate is ongoing.