The corporate bitcoin boom was not bought with cash flow. Across the 38 public companies in our dataset, disclosed treasury-linked convertible and exchangeable notes still outstanding total roughly $22.0 billion across 39 instruments from 21 issuers (as of August 31, 2026, excluding notes already repaid or converted) — paper that financed a meaningful share of the ~1.18 million BTC now sitting on public balance sheets. To our knowledge, no free tracker aggregates this number; it is assembled here from the individual filings and disclosures listed on each company's page. For scope: Keyrock's widely-cited "BTC Treasuries Uncovered" put convertible principal across the six main US-listed treasury issuers at ~$12.9B as of mid-2026; our figure is larger because it spans all 38 tracked companies, including exchange and platform issuers like Coinbase and Galaxy.

The shape of the wall

$608M2026$990M2027$2.2B2028$3.4B2029$6.5B2030$2.5B2031$4.9B2032
Disclosed treasury-linked convertible and exchangeable notes by stated maturity year, across the 38 companies in our dataset (Aug 31, 2026). Holder put dates can pull effective maturities 1–2 years earlier.

Two features stand out. First, the near years are light: roughly $610M matures in what remains of 2026 and just under $1.0B in 2027 — the sector's immediate refinancing burden is modest. Second, the real wall stands at 2028–2030, with roughly $2.2B, $3.4B and $6.5B due in successive years, before a second ridge of ~$4.9B in 2032. The weighted-average coupon across instruments with disclosed terms is about 0.6%, and 13 of the 39 outstanding sized instruments are zero-coupon — money borrowed at almost no running cost, on the theory that conversion would make repayment moot.

Why the stated dates flatter the picture

Convertible notes carry holder put rights — a noncontingent right to cash repurchase at par — that pull the effective maturity forward by one to two years. Strategy's Q2 2026 10-Q lays out the real schedule: the $1.01B 2028 notes are puttable September 15, 2027, the $2.0B 2030B notes March 1, 2028, and the $1.5B 2029 notes June 1, 2028— roughly $4.5B that can be put for cash within 21 months of this report. MARA's 2.125% notes due September 2031 are puttable March 2029. The conversion prices are the tell: Strategy's series convert between $149.77 and $672.40 per share, and its August 2026 8-K shows ATM stock sales clearing near $110 — every series out of the money. MARA's 2032s convert at $20.26, Twenty One's 2030s at $13.00, Trump Media's secured 2028s near $34.72. Whether those strikes are reachable decides whether this paper is future equity or future cash owed — and by the market's current pricing, most of it is cash.

Who owes what

  • Strategy (MSTR) — the largest single stack: six convertible series totaling ~$6.7B ($1.01B due 2028, $1.5B 2029, $2.0B + $0.8B 2030, $0.6B 2031, $0.8B 2032), after redeeming and reducing earlier series. Against 840,447 BTC (~$66B at current price), the leverage ratio is low — the concentration risk is the put schedule, not the size.
  • Coinbase (COIN) — ~$4.3B across three series (2029/2030/2032), issued against a diversified exchange business rather than a bitcoin-only balance sheet.
  • Trump Media (DJT) — $1.0B of 0% convertible senior secured notes due May 2028 from its 2025 bitcoin raise — secured paper puts creditors ahead of shareholders on the BTC itself.
  • Galaxy (GLXY)— includes the sector's nearest large test: $500M of 3.00% exchangeables due December 2026, the bulk of this year's maturity bar.
  • MARA, CleanSpark, Riot— miner balance sheets carry ~$2.3B, ~$1.8B and ~$0.6B respectively, much of it zero-coupon 2030–32 paper raised in the 2024–25 window (MARA's figure already reflects its ~$1.0B of March 2026 repurchases).
The wall is already forcing behavior. In March 2026, MARA sold 15,133 BTC for ~$1.1Band used the proceeds to repurchase roughly $1.0B of its zero-coupon notes. In May 2026, Strategy repurchased $1.5B of its 2029 notes for $1.38B cash — an 8% discount to par. In July 2026, Strategy made its first-ever large bitcoin sale: 3,588 BTC for $216M, to fund its preferred dividends. And Sequans — the sector's cautionary tale — sold 970 BTC, redeemed its converts, and ended its treasury program entirely. Deleveraging by selling the bitcoin the notes bought is no longer a hypothesis; it is the 2026 record.

The refinancing math

A convertible that cannot convert has three exits: refinance into new paper, repay from cash, or sell assets — and for a pure treasury vehicle, "assets" means the bitcoin. Which exit is available depends on where the equity trades, and that is where this report meets the mNAV compression: a company below 1.0× NAV cannot issue equity accretively to retire debt, and new converts get expensive when the old ones are underwater. NYDIG's critique of headline mNAV — that it treats convertibles as guaranteed conversions — is really a warning about exactly the years charted above. The wall is not tomorrow's problem, and that is the point: 2027 is when the puts open, and the preparation — or the forced selling — happens before the dates on the paper.

Every instrument behind these aggregates is listed with amount, coupon, maturity and source on the issuing company's page in the tracker, and in the downloadable dataset.

Sources

  1. InvestorsBitcoin dataset — per-instrument sources on each company page
  2. SEC 10-Q — Strategy Q2 2026 (notes and put schedule)
  3. Davis Polk — Galaxy $1.3B exchangeable senior notes
  4. CoinDesk — NYDIG on what mNAV misses, Nov 30, 2025
  5. Coinpedia — Sequans deleveraging and exit, Jul 2026
  6. SEC 10-Q — MARA Q2 2026 (notes, puts, repayment schedule)
  7. MARA IR — March 2026 note repurchases
  8. Strategy — sale of 3,588 BTC to fund preferred dividends, Jul 2026
  9. SEC 8-K — Strategy ATM sales Aug 17–23, 2026
  10. Keyrock — BTC Treasuries Uncovered (six-issuer scope)