Key Notes
- Monthly Bitcoin purchases excluding Strategy fell from 55,804 BTC in July 2025 to 5,090 BTC in September 2026.
- Strategy supplied 71% of growth in tracked public-company Bitcoin holdings over 14 months.
- Only 50 of 205 companies with a Bitcoin history bought any during the past six months, according to CryptoQuant.
Monthly Bitcoin purchases by public companies other than Strategy fell about 91% between July 2025 and September 2026, according to CryptoQuant. The decline points to a much narrower corporate buying base despite an increase in the sector’s total holdings.
In its October 28 research thread, the analytics firm said public companies now hold approximately 1.3 million BTC, up 31% over 14 months. Strategy accounted for 71% of that growth.
CryptoQuant examines the concentration of corporate Bitcoin accumulation.
September Purchases Fall Far Below the 2025 Peak
Companies excluding Strategy bought 5,090 BTC in September 2026, compared with 55,804 BTC in July 2025. That is a decline of approximately 90.9%, rounded to 91%. The comparison is between two monthly totals 14 months apart, rather than a year-over-year change or a measure of October buying.
Only 50 of the 205 companies with a history of holding Bitcoin bought any during the past six months, CryptoQuant said. A large existing balance therefore does not necessarily indicate continuing purchases.
The research also counts just 11 new corporate entrants during 2026 so far, versus 23 in September 2025 alone. One figure covers a year to date and the other a single month; together they illustrate the slowdown without being equivalent reporting periods.
Rising Holdings Mask a Narrower Buying Base
CryptoQuant’s dashboard describes a sector increasingly dependent on its largest participant. Its snapshot puts Strategy’s holdings at 848,517 BTC and the top ten companies’ combined share at 86.1% of the tracked total.
The 71% figure measures Strategy’s contribution to growth over the review period. It is not Strategy’s share of all corporate Bitcoin holdings, and it does not mean the company made 71% of every month’s purchases.
Our October 19 coverage reported Strategy’s separate acquisition of 267 BTC, taking its disclosed holdings to 848,517 BTC as of October 18. That company update provides a dated balance-sheet reference for the amount in CryptoQuant’s analysis.
More Sale Entries, With a Correction to Strategy’s Timeline
CryptoQuant counts 8–18 corporate Bitcoin sale entries per month in 2026, compared with 1–9 in 2025. Those are entries in its dataset, rather than the amount of Bitcoin sold or necessarily the number of distinct companies selling each month.
The thread also describes Strategy as having sold 6,948 BTC across four sales in June–August. Its company filings require a more precise distinction.
The July 6 filing reports 1,363 BTC sold during June 29–30 and 2,225 BTC during July 1–5. The August 3 update adds 1,638 BTC for July 27–August 2, while the August 10 update reports another 1,690 BTC for August 3–9.
Those four reporting periods total 6,916 BTC. A separate June 1 filing disclosed 32 BTC sold in May, bringing the five-period total to 6,948 BTC. The larger number should therefore not be assigned entirely to June–August.
Corporate Demand Has Slowed, Not Disappeared
Purchases continue outside Strategy. Our Strive report covered an October 19 announcement of a 1,223 BTC acquisition tranche, part of a larger weekly purchase. Individual buyers can remain active while aggregate activity falls.
CryptoQuant’s findings describe concentration and declining participation within its tracked corporate cohort. They do not establish that all companies have stopped buying, nor do they measure demand through ETFs, private investors or every other Bitcoin ownership channel.
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