Bitcoin Treasury Companies Head to Vegas After Surviving Drawdowns

Digital asset treasury (DAT) companies are emerging as the focal point at Bitcoin Conference 2026 in Las Vegas, according to BTC Inc. head of growth partnerships Sean Hagan. After months of market drawdowns, nearly all firms that loaded their balance sheets with Bitcoin remain operational and are preparing to outline their next steps at the event.

What Are Digital Asset Treasury Companies?

DATs are public firms that hold Bitcoin or other cryptocurrencies as core balance sheet assets, similar to how traditional companies hold cash or bonds. Strategy (formerly MicroStrategy) pioneered the model, while MetaPlanet brought the approach to Japan, followed by a wave of smaller firms.

The investor pitch is straightforward: buy the stock to gain leveraged exposure to Bitcoin without holding the coin directly. The theoretical risk is that a prolonged crash would force these companies to sell Bitcoin to cover obligations, simultaneously tanking both the stock and underlying asset.

Hagan explained why this scenario did not materialize: “They’re all well overcollateralized, at least from a traditional stance. There really is a lack of these forced liquidity events across the board with the way that they’ve been intentionally structured.”

Capital Raising and Differentiation

Surviving the drawdown is baseline performance. What separates leaders is which firms continued raising capital throughout the downturn. Strategy sits at the top of this hierarchy, according to Hagan’s analysis of their funding evolution.

Strategy progressed from convertible notes, to convertible notes paired with an at-the-market (ATM) program, to their latest innovation: STRC, a perpetual preferred stock offering that has attracted significant market attention. STRC functions as a hybrid between a bond and a stock, providing investors with regular income through an 11.5% dividend plus exposure to Strategy’s Bitcoin-heavy balance sheet. The security is also designed to maintain a stable $100 per share value, meaning investors assume minimal principal risk.

For Strategy, STRC represents capital with no expiration date and no forced repayment—exactly the funding structure that allows the company to hold through market downturns without being squeezed.

Strategy’s Recent Bitcoin Accumulation

On Monday, April 20th, Strategy announced it would purchase an additional 34,164 BTC, bringing its total holdings to 815,061 Bitcoin, worth over $61 billion at current prices. At the time of the announcement, a single Bitcoin traded at $75,625.

Strategy has now surpassed BlackRock’s Bitcoin ETF holdings and is approaching Michael Saylor’s stated goal of 1 million total Bitcoin for the company. Hagan noted: “Firms like MicroStrategy continue to innovate. They continue to have no problem raising capital.”

MetaPlanet and the Competitive Landscape

MetaPlanet has emerged as the second major standout in the DAT space. Its operations in the Japanese market create distinct dynamics that other DAT companies are monitoring closely. Hagan stated: “A lot of treasury companies actually kind of look to them for a bit of game planning.”

Both MetaPlanet’s Dylan LeClair and Simon Garovich are scheduled speakers at the Vegas conference.

Bitcoin Conference 2026 Details

The Bitcoin Conference will run April 27–29 at the Venetian Conference Center in Las Vegas. Tickets are available at 2026.b.tc with code RTB for 10% discount. Hotel bundles on the site also accept the RTB code.