Bitcoin treasury companies — firms that hold Bitcoin directly on their balance sheets — remained the most bullish players on the asset in 2026. Businesses have so far accumulated the largest stash of the year — 193,000 BTC — nearly 20 times more than the overall purchases made by nation-states over the same period.

Corporate buyers dominate 2026 demand

U.S. spot Bitcoin exchange-traded funds (ETFs) and hedge funds recorded a small outflow of 594 BTC, while individuals sold off a substantial 93,000 BTC. With those groups as net sellers, corporate treasuries were left as the primary source of the year's net accumulation. Out of the broad appetite among businesses, Strategy accounted for over 91% of 2026 BTC purchases, or about 175,000 BTC. Analysts pointed to the buying spree even as Bitcoin remained stuck in a winter market — a prolonged stretch of weak prices — for most of the year.

For Phong Le, Strategy's chief executive officer, the trend was positive and cemented the company's Bitcoin bet: “The trend towards corporate, institution, bank, and nation-state adoption of Bitcoin is encouraging and makes us even more bullish on Bitcoin.”

Strategy and Strive together hauled in 197,000 BTC. Other conventional businesses also bought more than 20,000 BTC in 2026, and even Robinhood joined the trend with a $25 million Bitcoin purchase this week. Other Bitcoin treasury firms acquired 8,000 BTC, but after adjusting for total business holdings, the stash fell to 193,000 BTC, as miners offloaded 33,000 BTC while some pursue an AI pivot. Whether that miner selling persists is one variable to watch in the corporate tally going forward.

Why Strategy is betting on broader Bitcoin adoption

Strategy's initial Bitcoin bet was to offer clients amplified exposure to the asset through its stock, MSTR, which would deliver several multiples of gains and losses relative to Bitcoin's swings. With preferred stocks, however, the firm doubled down on a 'digital credit' model backed by its Bitcoin holdings — preferred shares being instruments that sit ahead of common stock in a company's capital structure.

Recently, the company has been closely tracking a composite Bitcoin adoption index across nations, firms, and associated products tied to the asset — the same adoption trend its chief executive cited as grounds for optimism. Notably, the firm initially floated the idea of becoming the first Bitcoin bank, offering more digital credit products beyond Stretch [STRC].

Currently, the 12% yield paid to STRC and other preferred stocks is generated by diluting MSTR shareholders. Some have criticized the model as a 'Ponzi scheme' because the yield does not come directly from its vast BTC holdings. It remains to be seen how Strategy will scale its digital credit pipeline — a question that carries extra weight given how much of this year's corporate demand has come from a single buyer.

Demand pace and cost bases in focus

Despite leading the demand front with $15 billion in purchases in 2026, Bitcoin treasury firms' buying was still low relative to 2025. However, assuming the market is in an early bull phase similar to 2023, the current pace of inflows from Bitcoin treasuries was relatively higher and strong.

Strategy carries a cost basis of about $75,000, while U.S. spot Bitcoin ETFs have an average cost basis of $82,000 — the average prices at which those holders built their positions. As such, these levels could act as crucial support if the ongoing Bitcoin pullback deepens.

For Strategy's part, its chief executive said the trend toward corporate, institutional, banking, and nation-state adoption has made the firm even more bullish on Bitcoin.