Bitcoin Treasury Companies Pull Back in 2026 as Strategy Accelerates Purchases: Cryptoquant

Cryptoquant Says Bitcoin Treasury Summer Is Over Outside Strategy

The information reveals a stark divided successful the firm bitcoin market. Strategy‘s buying represents its highest 30-day acquisition volume since April 2025. Every different publically traded institution holding bitcoin successful treasury has, by comparison, astir stopped buying.

Cryptoquant researchers tracked the illness successful detail. Non-Strategy treasury companies purchased a combined 1,000 BTC successful the past 30 days—a 99% diminution from the August 2025 highest of 69,000 BTC. Their stock of full firm bitcoin purchases has fallen to 2%, down from 95% successful October 2024.

Participation breadth has besides narrowed. Companies extracurricular Strategy made 13 abstracted bitcoin purchases implicit the past 30 days. At the tallness of what Cryptoquant called “ Bitcoin Treasury Summer” successful August 2025, that fig stood astatine 54. The fig of progressive buyers has dropped by 76%.

Strategy’s buying cadence, by contrast, has stayed steady. The institution has consistently executed 4 to 5 purchases per 30-day period, a bushed that has held adjacent arsenic peers person stepped back.

The spread successful holdings has widened accordingly. Strategy has added 90,000 BTC to its equilibrium expanse truthful acold this year. All different treasury companies combined person added a nett 4,000 BTC implicit the aforesaid period. Their corporate stock of full treasury-company holdings fell from 26% successful November 2025 to 24% today.

Strategy present holds astir 76% of each bitcoin held by publically listed treasury companies, according to Cryptoquant. The company’s full holdings basal astatine 762,099 BTC.

The adjacent 2 largest holders are not close. According to bitcointreasuries.net, Twenty One Capital—ticker XXI—holds 43,514 BTC, placing it 2nd globally and up of MARA Holdings, which recently sold 15,133 BTC to discontinue $957 cardinal successful zero-coupon convertible notes. MARA present holds 38,689 BTC.

Metaplanet Inc., the Japan-based steadfast trading nether MPJPY, holds 35,102 BTC and sits fourth. Bitcoin Standard Treasury Company holds 30,021 BTC successful 5th place, per bitcointreasuries.net data.

Cryptoquant notes that XXI and Metaplanet unneurotic relationship for conscionable 4.3% and 3.5% of full treasury-company BTC holdings, respectively. The remainder of the assemblage divides a shrinking slice.

The signifier points to a bitcoin treasury assemblage that has consolidated astir a azygous ascendant buyer. Strategy continues to turn its presumption astatine scale. The companies that followed its exemplary successful 2025 have, for now, stopped pursuing its pace.

Whether that reflects equilibrium expanse constraints, shifting superior priorities, oregon broader caution astir bitcoin astatine existent prices is not specified successful the Cryptoquant data. What the numbers amusement is straightforward: 1 institution is buying, and the remainder are waiting.

FAQ 🔎

• What is Strategy’s existent bitcoin treasury holding? Strategy holds 762,099 BTC, representing astir 76% of each bitcoin held by publically listed treasury companies.
• Why did MARA Holdings driblet successful the bitcoin treasury rankings? MARA sold 15,133 BTC to repurchase $957 cardinal successful zero-coupon convertible notes, reducing its holdings to 38,689 BTC.
• How overmuch bitcoin has Twenty One Capital accumulated? Twenty One Capital holds 43,514 BTC, making it the second-largest nationalist bitcoin treasury institution globally, per Bitcointreasuries.net.
• Are different companies inactive buying bitcoin for their treasuries? Corporate bitcoin purchases extracurricular of Strategy person fallen 99% from their August 2025 peak, with conscionable 1,000 BTC bought collectively successful the past 30 days.