Bitcoin treasury firms remain the most bullish players on the asset in 2026. So far, businesses have bought the largest stash of 193K Bitcoin, nearly 20x more than overall purchases made by nation-states over the same period.
The U.S. spot Bitcoin ETFs (exchange-traded funds) and hedge funds had a small outflow of 594 BTC, while individuals dumped a whopping 93K BTC.
Out of the massive appetite seen amongst businesses, Strategy accounted for over 91% of 2026 BTC purchases, or about 175K BTC. Analysts hailed the buying spree, given that Bitcoin has been stuck in a winter market for most of 2026.
For Phong Le, Strategy CEO, however, the trend was positive and cemented their 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 both hauled in 197K BTC. Other conventional businesses also bought over 20K BTC in 2026. In fact, even Robinhood joined the trend with a $25 million Bitcoin purchase this week.
Other Bitcoin treasury firms acquired 8K BTC, but after adjusting for total business holdings, the stash fell to 193K BTC because miners offloaded 33K BTC as some pursue an AI pivot.
Why Strategy is betting on Bitcoin’s broader adoption
Strategy’s initial Bitcoin bet was to offer amplified exposure to clients via its stock MSTR. The stock would offer several multiples of gains and losses relative to Bitcoin swings.
However, with preferred stocks, the firm doubled down on the ‘digital credit’ model backed by its Bitcoin holdings.
Recently, the firm has been closely tracking a composite Bitcoin adoption index across nations, firms, and associated products tied to the asset. Worth noting that the firm initially floated the idea of becoming the first Bitcoin bank to offer more digital credit products beyond Stretch [STRC].
Currently, the 12% yield paid to STRC and other preferred stocks is generated by diluting MSTR shareholders. In fact, some have criticized the model as a ‘Ponzi scheme’ because the yield is not coming directly from its vast BTC holdings.
It remains to be seen how Strategy will scale its digital credit pipeline.
That said, despite Bitcoin treasury firms leading the demand front by $15 billion in 2026, this was still low relative to 2025.
However, assuming this is an early bull market like in 2023, the current pace of inflows from Bitcoin treasuries was relatively higher and strong.
Strategy has a cost basis of about $75K, while the U.S. Spot Bitcoin ETF has an average cost basis of $82K. As such, these levels could act as crucial support if the ongoing Bitcoin pullback deepens.
Final Summary
- Strategy bought 175K BTC of the 193K BTC (91%) acquired by businesses in 2026
- Strategy’s CEO said the institutional and state adoption trend has made them even more bullish on Bitcoin