Bitcoin treasury companies remain the dominant buyers in 2026, accumulating roughly 193,000 BTC — nearly 20 times the amount purchased by nation-states over the same period. Strategy, formerly MicroStrategy, accounts for more than 91% of that corporate demand with about 175,000 BTC. Combined with Strive, the two firms were cited for 197,000 BTC in acquisitions, while other conventional businesses bought more than 20,000 BTC. Robinhood also joined the trend this week with a $25 million Bitcoin purchase.
Corporate buying contrasts sharply with other market participants. U.S. spot Bitcoin ETFs and hedge funds recorded a small outflow of 594 BTC, and individuals sold around 93,000 BTC. Miners sold 33,000 BTC, with some shifting toward AI infrastructure. Strategy CEO Phong Le said the broader adoption trend is encouraging and makes the firm even more bullish on Bitcoin.
Michael Saylor added fresh speculation on Oct. 11 with an X post reading “There’s always room for more orange.” Strategy had previously disclosed a 334 BTC purchase for $28.7 million between Sept. 28 and Oct. 4, lifting its total to 848,000 BTC. The average price on that buy was about $85,839 per coin, above the company’s long-term average cost of around $75,441. The firm also repurchased about 1.77 million STRC preferred shares for $176.3 million in the same period.
Funding details show $15.7 million of the latest Bitcoin purchase came from MSTR stock sales and $13 million from cash. Strategy raised $5.41 billion from new common stock in Q3, but only 9.5% was allocated directly to Bitcoin purchases, according to analyst Shanaka Anslem Perera. The company maintains a $4.88 billion reserve for preferred dividends and debt interest, plus $833.4 million in cash for general corporate purposes. Perera noted that raising capital does not necessarily mean buying bitcoin, though retained cash can fund later purchases.
Strategy’s broader model — including preferred stock and a digital credit structure backed by Bitcoin — remains polarizing. Critics have called the yield model a “Ponzi scheme” because it is funded by diluting MSTR shareholders rather than directly by Bitcoin holdings, while supporters see it as a way to expand Bitcoin access. The next official 8-K filing is unlikely before Tuesday because of the Columbus Day holiday.
