Strive purchased 2,822 BTC on October 12-13, according to a filing released October 14. The purchase reflects ongoing activity from one of two firms controlling most of the year's reported corporate Bitcoin accumulation.
According to a River business-adoption report released October 8, Strive and Strategy's combined 2026 holdings additions totaled 197,000 BTC through October 5—exceeding the 193,000 BTC net increase reported for all businesses combined during the same period.
Concentration Among Major Holders
River's data showed conventional businesses added approximately 20,000 BTC and other Bitcoin treasury companies added about 8,000 BTC through October 5, while large miners sold 32,800 BTC. The concentration among the two leading firms suggests that despite growth in the number of corporate holders, purchasing power remains heavily concentrated.
River reported a 10% increase over the past year in the number of public companies holding Bitcoin, indicating broader participation in corporate ownership even as the largest purchases remain concentrated.
Funding Sources and Capital Allocation
Strive's October 12-13 purchase came at an average price of approximately $83,266 per coin, including fees and expenses. The same period saw warrant exercises that generated expected gross proceeds of $369.2 million, though disclosures did not specify how much of that capital directly funded the Bitcoin purchase.
Strategy purchased 250 BTC for $21.5 million during October 5-11, bringing its holdings to 848,250 BTC by October 11. Of that amount, $21 million came from net proceeds of common stock sales and $500,000 from cash reserves. During the same period, Strategy spent $192.4 million repurchasing preferred shares—a use of capital that did not represent Bitcoin demand.
Mergers Complicate Measurement
Strive's acquisition of Semler Scientific earlier in 2026 illustrates challenges in measuring corporate demand growth. The merger transferred 5,048.1 BTC from Semler to Strive—an increase in Strive's consolidated holdings that did not represent a new purchase from the market. Available reports do not clarify how this transaction was treated in aggregate corporate Bitcoin figures.
Distinguishing between fresh purchases and coins transferred between corporate owners requires transaction-level analysis that aggregate data does not provide, leaving the precise breakdown of new demand versus consolidated ownership unclear.
Broader Adoption Questions
While the number of corporate Bitcoin holders has grown, concentration of purchasing power among the two largest firms raises questions about demand diversification. Evidence of larger purchases across other businesses would strengthen the case for a broader corporate bid extending beyond the two dominant firms.
