Bitcoin treasury companies keep buying while much of the market sits still. In 2026, businesses have bought about 193,000 BTC, according to the article. That is nearly 20 times the purchases made by nation-states over the same period. The demand is narrow, though. Strategy alone accounted for more than 91% of corporate Bitcoin purchases this year, roughly 175,000 BTC.
The buying has not been matched by everyone. U.S. spot Bitcoin ETFs and hedge funds saw a small outflow of 594 BTC. Individual investors sold about 93,000 BTC. Even so, analysts have noted the corporate buying as a bright spot, especially with Bitcoin stuck in a winter market for most of 2026.
Strategy and Strive Lead the Pack
Strategy and Strive together pulled in 197,000 BTC. Other traditional businesses bought more than 20,000 BTC. Robinhood also joined in this week with a $25 million Bitcoin purchase. Other Bitcoin treasury firms acquired 8,000 BTC. After adjusting for total business holdings, the stash fell to 193,000 BTC because miners offloaded 33,000 BTC as some move toward AI.
Strategy CEO Phong Le called the trend positive and said it cemented the company’s Bitcoin bet. He pointed to adoption by corporations, institutions, banks, and nation-states as encouraging. For him, that broader uptake makes the firm even more bullish on Bitcoin.
Why Strategy Keeps Betting on Bitcoin
Strategy’s first Bitcoin play was to give clients amplified exposure through its stock, MSTR. The stock was designed to move in multiples of Bitcoin’s gains and losses. With preferred stocks, the firm has doubled down on a digital credit model backed by its Bitcoin holdings. Recently, it has tracked a composite Bitcoin adoption index across nations, firms, and related products. The company has also floated the idea of becoming the first Bitcoin bank, offering more digital credit products beyond Stretch, or STRC.
There are questions about the model. At present, the 12% yield paid to STRC and other preferred stocks comes from diluting MSTR shareholders. Some critics have called it a Ponzi scheme because the yield is not paid directly from Strategy’s Bitcoin holdings. How Strategy will grow its digital credit pipeline is still unclear.
Demand Is Strong, but Below 2025
Bitcoin treasury firms led demand by about $15 billion in 2026. That is still low compared with 2025. If this is an early bull market like 2023, however, the current pace from treasuries looks relatively strong. Strategy has a cost basis near $75,000, while U.S. spot Bitcoin ETFs have an average cost basis of $82,000. Those levels could become important support if the Bitcoin pullback deepens.
