A new corporate Bitcoin accumulator has entered the fray, with German firm Blocktrainer announcing the launch of a dedicated Bitcoin treasury company. The Blocktrainer Bitcoin Treasury Company (BTBTCTC) aims to become a publicly traded entity focused solely on accumulating Bitcoin, with the explicit goal of challenging Michael Saylor's MicroStrategy for leadership in the corporate treasury space.
Blocktrainer founder Roman Reher stated, "With more and more publicly traded companies having taken this path in recent months, it is now time for the birth of a new Bitcoin accumulation machine." The company's ambitious target is to accumulate 1 million Bitcoin by 2030. To achieve this, Blocktrainer plans to utilize capital markets and leverage, measuring its performance directly against Bitcoin's price with the goal of generating outperformance.
The firm has introduced performance metrics like Bitcoin Return Rate (BRR) and expects its multiple net asset value (mNAV) to reach 10x under its strategy. To go public, Blocktrainer is working on a reverse merger with AI-focused company Windeln.AI, after which it will trade under the ticker WNDLN. For funding, it is exploring various instruments, including a perpetual preferred share (ticker MAUL) that claims a 21% monthly dividend yield, aiming to connect the bond market to Bitcoin.
This announcement comes as the broader corporate Bitcoin treasury narrative shows signs of strain. Recent disclosures indicate a reversal, with several companies reducing exposure to prioritize liquidity and balance sheet strength amid sustained Bitcoin price weakness. Empery Digital Inc. sold 370 BTC to repay debt, Genius Group Limited fully exited its Bitcoin holdings to clear $8.5 million in debt, and miner Riot Platforms sold another 500 BTC on April 1.
This shift is attributed to Bitcoin's price decline from a peak near $126,000 to around $66,000, which has increased impairment risks and changed corporate strategies. Despite this, aggregate corporate holdings remain substantial, with 195 companies still holding approximately 1.165 million BTC worth about $77.89 billion.
Meanwhile, the current leader, MicroStrategy, recently paused its Bitcoin buying spree between March 23 and March 29, 2026, ending a 13-week accumulation streak that began in December 2025. The company still holds 762,099 BTC, purchased at an average price of $75,694 per coin. MicroStrategy is also working on capital-raising moves, including a $42 billion facility, to fund future Bitcoin purchases.
