Corporations bought 115,000 Bitcoin in Q2 as supply squeeze intensifies

Corporations accumulated 115,000 Bitcoin worth $7.4 billion during the second quarter of 2026, with buying volumes outpacing miner production by more than two-to-one, according to a River Intelligence report published July 23.

"Public companies specifically purchased around 110,000 BTC during the quarter, representing a 1.8x increase over the prior two quarters combined," River's report said. The firm's data shows total corporate Bitcoin holdings have now crossed 1.26 million BTC, valued at approximately $79 billion and accounting for more than 6 percent of Bitcoin's fixed 21 million supply.

Strategy, formerly MicroStrategy, remains the dominant holder with more than 847,000 BTC on its balance sheet. Two other notable holders have entered the conversation at scale: Twenty One Capital with roughly 43,500 BTC and Metaplanet with around 43,000 BTC. River's data also highlights that private businesses, not just public companies, are reinvesting profits directly into Bitcoin, further tightening available supply.

Since the start of 2026, corporations have purchased approximately 166,984 BTC. Miners, by early July, had produced roughly 81,153 BTC year-to-date. Corporate buyers are consuming new Bitcoin supply at more than double the rate it's being created, with River's report framing retail as the net seller in this dynamic. The imbalance means corporate treasuries are absorbing Bitcoin faster than miners can produce it, a structural shift that could amplify price volatility and create upward pressure on the asset.

What this means for supply dynamics

The corporate accumulation rate has accelerated sharply. The 110,000 BTC purchased by public companies in Q2 alone represents a near-doubling of the pace seen in the first quarter, when combined buying across Q1 and late 2025 totaled roughly 57,000 BTC. At current run rates, corporate holdings could approach 1.5 million BTC by year-end, further reducing the float available to retail and institutional traders on exchanges.

The trend is not limited to dedicated Bitcoin treasury plays. Tesla held 11,509 BTC unchanged through Q2, while Franklin Templeton filed with the SEC in June to launch two exchange-traded funds that would automatically convert stock dividends into Bitcoin, potentially bringing a new class of passive institutional buyers into the market.

The supply-demand math

With Bitcoin's post-halving block reward at 3.125 BTC per block, miners produce roughly 450 BTC per day, or about 41,000 BTC per quarter. Corporate buying at Q2's pace of 115,000 BTC per quarter consumes nearly three times the quarterly miner output. River's data shows retail investors have been the primary counterparty, selling into corporate demand. If corporate buying continues at or above current levels, the available supply on exchanges could shrink further, potentially driving Bitcoin prices higher as demand outpaces new issuance.

This article is for informational purposes only and does not constitute investment advice.