Businesses Bought 193,000 Bitcoin In 2026, But Two Companies Account For More Than All Of It
Businesses are still the biggest buyers of Bitcoin in 2026. A new River Financial report shows that claim is far more concentrated than it sounds.
193,000 COINS, TWO COMPANIES
River's report, published October 8, puts year-to-date business purchases at 193,000 BTC, lifting total corporate holdings to 1.64 million BTC, or 7.8% of Bitcoin's supply. That makes 2026 the second straight year businesses have been the largest net buyers of Bitcoin. But Strategy and Strive together added 197,000 BTC on their own, more than the entire sector's net increase. Every other Bitcoin treasury company combined added just 8,000 BTC. Business inflows totaled $15.7 billion for the year, down roughly two-thirds from the same point in 2025.
MINERS SOLD WHILE TREASURIES BOUGHT
Public Bitcoin miners sold about 32,800 BTC this year, much of it tied to capital spending on AI infrastructure build-outs rather than Bitcoin conviction. That selling ran against the buying from Strategy and Strive, which is part of why the sector-wide net number looks healthier than the underlying picture. River also tracked 93,000 BTC leaving individual holders' wallets net this year, alongside roughly 594 BTC of net outflows from funds and ETFs, though ETF flows split through the year rather than moving in one direction.
THE BROADER ADOPTION PICTURE
Away from the treasury concentration, River points to real breadth. The number of public companies holding Bitcoin on their balance sheet grew 10% over the past year, with Robinhood and SpaceX among the most notable new entrants, both going public in June and disclosing more than $1.5 billion in combined Bitcoin holdings. Among River's more than 4,000 business clients, companies reported putting an average of 20% of net income into Bitcoin in a September 2026 survey, with Bitcoin making up 39% of treasury holdings on average and roughly 30% of clients keeping more than half their treasury in it. Known merchants accepting Bitcoin grew 36% over the year.
A SLOWER PACE, NOT A REVERSAL
River's own conclusion is that business purchases have slowed from last year's pace but adoption keeps broadening across sectors, not just inside Bitcoin treasury companies. The $15.7 billion in business inflows this year is a fraction of 2025's pace, and the buying that remains is leaning harder on fewer names. Whether that's a sign the treasury trade burned out with the 2025 bull market, or just a pause before the next leg, the report doesn't resolve. What it does show is that the "businesses are buying" headline needs a second line under it naming which two.
This story comes from the Simply Bitcoin Live show. Watch the full episode.
