Bitcoin treasury companies are still the biggest buyers this year. Data in the article shows businesses have purchased about 193,000 BTC in 2026. That is nearly 20 times the total bought by nation-states over the same period. The number stands out because Bitcoin has spent much of 2026 in a cold stretch, with prices failing to hold above major levels.
Strategy dominates corporate buying
Strategy, formerly MicroStrategy, is behind most of that demand. The company accounted for more than 91% of 2026 BTC purchases, roughly 175,000 BTC. Strategy and Strive together pulled in 197,000 BTC, while other conventional businesses bought more than 20,000 BTC. Robinhood also joined in this week with a $25 million Bitcoin purchase.
Not every treasury firm added at the same pace. Other Bitcoin treasury firms acquired 8,000 BTC, but total business holdings fell to 193,000 BTC after miners sold 33,000 BTC. Some miners are shifting toward AI infrastructure, which may explain part of that selling.
ETFs and individuals sell
Corporate buying contrasts with other holders. U.S. spot Bitcoin ETFs and hedge funds saw a small outflow of 594 BTC. Individuals sold around 93,000 BTC. That split suggests large companies and a few public-market vehicles are carrying demand while smaller holders take risk off the table.
Phong Le, Strategy’s CEO, called the broader adoption trend encouraging. He said it makes the firm even more bullish on Bitcoin. His comment fits Strategy’s long-running approach: it wants to give investors amplified exposure to Bitcoin through its stock, MSTR.
Digital credit model draws scrutiny
Strategy later added preferred stocks and built a digital credit model backed by its Bitcoin holdings. It has also tracked a composite Bitcoin adoption index across nations, companies, and related products. The firm once floated the idea of becoming a Bitcoin bank with more digital credit products beyond Stretch, or STRC.
The 12% yield paid to STRC and other preferred stocks comes from diluting MSTR shareholders. Critics have called the model a “Ponzi scheme” because the yield does not come directly from Strategy’s Bitcoin holdings. Supporters see it as a way to fund more Bitcoin purchases and expand access. It is not clear how Strategy will grow that pipeline.
What the flows mean for price
Bitcoin treasury firms led demand by $15 billion in 2026, though that was lower than in 2025. If this is an early bull market like 2023, the current pace of treasury inflows is still relatively strong.
Strategy has a cost basis near $75,000. U.S. spot Bitcoin ETFs have an average cost basis around $82,000. Those levels could act as support if the current pullback deepens. For now, corporate buyers remain the most committed group in the market, even as ETFs and individuals retreat.
