Strategy, the Bitcoin investment company chaired by Michael Saylor, accounted for 71% of the increase in corporate holdings, highlighting the growing concentration of digital assets among listed businesses despite wider adoption of cryptocurrency treasury strategies.
CryptoQuant calculated that publicly traded companies added 304,337 Bitcoin between August 14, 2025, and October 2026. Strategy contributed approximately 216,000 Bitcoin to that increase, leaving other companies collectively responsible for less than one-third of the additional holdings.
The findings, published on October 28, reveal a sharp slowdown in purchases outside Strategy. Monthly acquisitions by other listed companies declined from 55,804 Bitcoin in July 2025 to just 5,090 Bitcoin in September 2026, representing a contraction of approximately 91%.
The slowdown contrasts with the continued expansion of aggregate corporate reserves. While the total number of Bitcoin held on company balance sheets has increased substantially, fewer businesses are actively purchasing the cryptocurrency, suggesting that accumulation has become increasingly concentrated.
CryptoQuant identified 205 publicly traded companies with a history of holding Bitcoin. Only 50 purchased additional coins during the preceding six months, indicating that approximately three-quarters of the tracked businesses had not expanded their positions during that period.
The data also identified a slowdown in companies entering the Bitcoin treasury market. Just 11 new corporate participants were recorded during 2026 through the reporting period, compared with 23 entrants during September 2025 alone.
The figures indicate that corporate demand has become more dependent on established holders rather than sustained participation from newly listed treasury businesses. They also distinguish between companies maintaining existing reserves and those deploying additional capital into cryptocurrency purchases.
Strategy remains the largest publicly traded corporate Bitcoin holder by a considerable margin. Treasury tracking data placed its holdings at approximately 848,500 Bitcoin during October, representing roughly two-thirds of the cryptocurrency held by listed companies.
Its position also accounts for more than 4% of Bitcoin’s maximum programmed supply of 21 million coins. That concentration gives Strategy an unusually prominent position within the corporate cryptocurrency market, where investment decisions by individual companies can significantly influence aggregate holdings.
Other major corporate holders include Japan’s Metaplanet, Twenty One Capital, Strive and cryptocurrency mining company MARA Holdings. Their individual reserves remain substantially smaller than Strategy’s, although several have pursued dedicated treasury strategies or retained Bitcoin acquired through mining operations.
Independent corporate treasury trackers broadly support CryptoQuant’s assessment of substantial listed-company ownership, although their precise totals differ. Variations reflect differences in company coverage, disclosure dates, classifications and the treatment of holdings that have not been independently updated.
One tracker covering 173 companies placed aggregate holdings at approximately 1.28 million Bitcoin on October 29. Another, following 181 listed businesses, recorded approximately 1.24 million Bitcoin using its latest available company disclosures.
These differences underline the limitations of measuring corporate cryptocurrency ownership through publicly available information. Companies disclose their reserves at different intervals, and some trackers include businesses that others exclude because of reporting requirements or classification rules.
CryptoQuant’s findings also distinguish growth in Bitcoin holdings from the market value of those assets. A company can report unchanged cryptocurrency reserves while the dollar value of its treasury rises or falls considerably as Bitcoin prices fluctuate.
For businesses financing acquisitions through share sales, borrowing or other capital-raising arrangements, changes in cryptocurrency prices can affect their ability to fund additional purchases. Such financing conditions differ considerably between established treasury companies and smaller entrants.
The concentration identified by CryptoQuant therefore provides a more detailed picture of corporate accumulation than the headline increase alone. The 31% expansion reflects net additions across the tracked sector rather than evidence that every participating company increased its exposure.
Bitcoin treasury businesses also differ from exchange-traded funds, which hold cryptocurrency on behalf of investors. Corporate holdings generally appear on company balance sheets, while investment funds operate through separate structures with their own disclosure and custody arrangements.
CryptoQuant’s six-month purchasing figures measure the number of companies adding Bitcoin, rather than the value of transactions. Its September comparison measures purchases during two individual months, not the cumulative acquisitions throughout the intervening period.
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