Strategy and Strive are the two companies that account for all net purchases.

Written by: Sam Baker, River

Translated by: Chopper, Foresight News

In 2026, companies remain the largest buyers of Bitcoin, although the overall pace of accumulation has slowed compared to last year.

In this report, we will analyze which companies are buying or selling Bitcoin, how River's more than 4,000 corporate clients use Bitcoin, and how Bitcoin payments are becoming more popular.

Corporate Bitcoin Holdings Continue to Grow

So far in 2026, companies have accumulated an additional 193,000 Bitcoins, becoming the largest buyers of Bitcoin for the second consecutive year. The total corporate holding has reached 1.64 million BTC, accounting for 7.8% of the total Bitcoin supply.

However, the pace of accumulation has slowed. This year, the net inflow of corporate funds amounted to $15.7 billion, a decrease of approximately two-thirds compared to the same period in 2025.

The slowdown in accumulation can be attributed to three main factors:

• The enthusiasm in the market for Bitcoin treasury companies has waned, with substantial purchases coming from only two companies: Strategy and Strive.
• Bitcoin miners have become significant net sellers to invest in AI infrastructure.
• Traditional companies are still planning their Bitcoin investments, but the implementation speed has slowed compared to the bull market in 2025.

So far in 2026, Strategy and Strive have cumulatively added 197,000 BTC, with almost all net increases in the corporate sector coming from these two companies. As of October, Strategy alone holds 848,000 BTC, accounting for more than half of the total corporate holding of 1.64 million BTC.

All other Bitcoin treasury companies have collectively added only 8,000 BTC, making it difficult for long-tail companies to attract investor demand. After a sixfold increase in 2025, the number of Bitcoin treasury companies has dropped this year. As Bitcoin prices decline, consolidation and asset re-evaluation among treasury companies are to be expected.

Large miners have sold a total of 32,800 BTC this year, reversing a long-standing trend of accumulation. The main reason is that the industry has collectively shifted to investing in AI infrastructure, which requires significant capital expenditures.

Meanwhile, the number of publicly listed companies holding Bitcoin has grown by 10% over the past year. The most notable new entrants include Robinhood and SpaceX, which completed its IPO in June and disclosed that its Bitcoin holdings exceed $1.5 billion.

In summary, this year's pace of corporate adoption has returned to a long-term level seen since 2020. Since 2020, companies have averaged a cumulative hoarding of about 19,000 Bitcoins per month. If this pace continues, in the next five years, corporate Bitcoin holdings may increase by 1 million BTC, raising their proportion of the total supply to 13%.

How River's Corporate Clients Allocate Bitcoin

Over 4,000 companies are purchasing and holding Bitcoin through River. Despite being in a bear market, these small and medium-sized private enterprises still show strong growth in their demand for Bitcoin allocation.

Our corporate clients cover almost all economic sectors, with real estate companies comprising the highest proportion, followed by the service and hospitality industries.

In a survey conducted in September 2026, participating corporate clients indicated that they would invest 20% of their net profits into Bitcoin.

On average, Bitcoin accounts for 39% of these companies' financial department assets; about 30% of the companies have Bitcoin constituting over half of their financial department assets.

More than half of the respondents stated that their primary concern regarding holding Bitcoin is accounting treatment and tax handling, with few questioning the intrinsic value logic of Bitcoin itself.

Bitcoin Payments are Accelerating

Bitcoin payments are becoming increasingly popular among merchants. Compared to traditional credit card transactions, their fees are lower. Especially when settled through the Lightning Network, the fees are often just a fraction of credit card fees. Additionally, they offer advantages such as fast settlement speed, global usability, and reduced reliance on intermediaries.

In November 2025, Block launched its native Bitcoin payment function on its Square cash register network. By May of this year, approximately 1 million businesses in the United States could accept Bitcoin payments.

According to data from BTCMap, the number of merchants in the U.S. that have completed Bitcoin payment transactions is close to 30,000, representing a 36% increase this year.

More than a quarter of the enterprises on the River platform support receiving Bitcoin payments, with 10.6% of companies listing Bitcoin as their preferred payment method.

Conclusion

Although the pace of Bitcoin purchases by companies in 2026 has slowed, the degree of Bitcoin adoption continues to expand. Companies have become the largest buyers of Bitcoin for the second consecutive year, with companies from various industries recognizing the value of Bitcoin.

We believe that eventually every company will allocate Bitcoin on their balance sheets. For corporate finance departments that typically hold large amounts of cash, Bitcoin is a reasonable hedge against inflation.