Corporate Bitcoin treasury firms have emerged as the dominant buyers of the asset in 2026, accumulating 193,000 Bitcoin—nearly 20 times the amount purchased by nation-states over the same period.
Strategy led the corporate buying surge, acquiring approximately 175,000 BTC, representing over 91% of total business purchases. Other Bitcoin treasury firms, including Strive, acquired the remainder, while additional conventional businesses purchased over 20,000 BTC. Robinhood joined the trend with a $25 million Bitcoin purchase this week.
The buying activity occurred despite Bitcoin facing challenging market conditions for much of 2026. U.S. spot Bitcoin ETFs and hedge funds experienced a combined outflow of 594 BTC, while individuals sold 93,000 BTC during the period.
Strategy's Bitcoin strategy and holdings
Strategy initially structured its Bitcoin exposure through its stock ticker MSTR to provide amplified gains and losses relative to Bitcoin price swings. The firm has since expanded its approach through preferred stocks and what it describes as a "digital credit" model backed by its Bitcoin holdings.
Strategy's cost basis for its Bitcoin purchases averages around $75,000 per coin. By comparison, the U.S. Spot Bitcoin ETF has an average cost basis of $82,000.
Recently, Strategy has tracked a composite Bitcoin adoption index across nations, firms, and associated products. The firm has explored becoming a Bitcoin bank to offer additional digital credit products, though the sustainability of its current yield model—which pays 12% to preferred shareholders—remains under scrutiny.
Broader adoption signals
Strategy's CEO characterized the trend of corporate, institutional, and nation-state Bitcoin adoption as positive and reinforcing the firm's bullish stance on the asset. Corporate Bitcoin treasury purchases totaled approximately $15 billion in 2026, though this remained lower than 2025 levels.
