Strategy Dominates Bitcoin Purchases as Corporate Activity Declines
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In a notable shift within the cryptocurrency landscape, corporate demand for Bitcoin appears to be dwindling, with Strategy standing as the sole significant buyer. A recent report from Cryptoquant highlighted that in the past month, Strategy acquired approximately 45,000 Bitcoin, marking its most vigorous buying spree in nearly a year.
Meanwhile, other companies that traditionally participated in the Bitcoin treasury sector have dramatically reduced their purchases, collectively acquiring fewer than 1,000 Bitcoin. This represents a staggering 99% decrease compared to their peak activity in August 2025, when they purchased 69,000 Bitcoin, illustrating a sharp contrast in corporate strategies.
Cryptoquant’s analysis delineates this divergence in corporate purchasing behavior. While Strategy has maintained a consistent acquisition rate of four to five purchases every month, other publicly traded entities have largely ceased their Bitcoin purchases. In the past month alone, just 13 purchases were made outside of Strategy, a significant decline from 54 purchases during the height of what was termed “Bitcoin Treasury Summer” in August of last year.
The ramifications of this shift are evident in the holdings of Bitcoin among treasury companies. So far in 2026, Strategy has boosted its holdings by 90,000 Bitcoin, while its competitors have collectively added only 4,000 Bitcoin. As a result, Strategy now controls about 76% of all Bitcoin held by publicly listed treasury firms, with total holdings reaching 762,099 Bitcoin.
In stark comparison, the next closest contender, Twenty One Capital, holds just 43,514 Bitcoin, placing it far behind Strategy in the rankings. Another firm, MARA Holdings, faced setbacks after selling 15,133 Bitcoin to retire debt, leaving it with 38,689 Bitcoin in its treasury.
Cryptoquant’s data further underscores this trend, revealing that the broader corporate market for Bitcoin has narrowed considerably. Companies outside of Strategy, which once made up a significant portion of corporate Bitcoin acquisitions, now account for a mere 2% of total purchases.
This concentrated buying pattern indicates that while Strategy continues to expand its treasury, other firms might be reevaluating their positions in light of current market conditions. The decline in purchases raises questions about potential constraints on balance sheets, shifting investment strategies, or general caution regarding Bitcoin valuations.
The findings suggest a future where corporate Bitcoin treasury dynamics are increasingly influenced by the actions of a singular dominant player, with Strategy’s strategy reshaping the landscape as others retreat.
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Sofia Russo
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