Strategy drives listed companies’ Bitcoin holdings to 1.3 million

Publicly traded companies now own around 1.3 million Bitcoin, a 31% rise over the past 14 months, but much of this growth is concentrated in a single firm, according to new data from blockchain analytics company CryptoQuant. The Bitcoin investment firm chaired by Michael Saylor, called Strategy, is responsible for 71% of the increase in corporate holdings, showing how digital assets are becoming more concentrated among listed businesses despite growing cryptocurrency treasury strategies.

Between August 14, 2025, and October 2026, publicly traded companies added 304,337 Bitcoin. Strategy contributed about 216,000 of those, meaning other companies collectively added less than a third. The report, released on October 28, shows a major slowdown in purchases outside Strategy, with monthly acquisitions dropping from 55,804 Bitcoin in July 2025 to just 5,090 Bitcoin in September 2026, a 91% decrease.

Despite aggregate corporate Bitcoin reserves growing substantially, fewer firms are actively buying the cryptocurrency, suggesting that accumulation is increasingly concentrated. CryptoQuant identified 205 publicly traded companies with a history of holding Bitcoin, but only 50 made purchases in the past six months, indicating that around three-quarters of the tracked businesses did not expand their positions during that period.

The data also shows a slowdown in new corporate participants in the Bitcoin treasury market, with only 11 new entrants recorded in 2026 compared to 23 in September 2025. This suggests corporate demand has become more dependent on established holders rather than new entrants. Strategy remains the largest publicly traded corporate Bitcoin holder by a significant margin, with approximately 848,500 Bitcoin, representing roughly two-thirds of the cryptocurrency held by listed companies and more than 4% of Bitcoin's maximum supply.

This gives Strategy an unusually prominent position in the corporate cryptocurrency market, where decisions by individual companies can significantly influence total holdings. Other major corporate holders include Japan's Metaplanet, Twenty One Capital, Strive, and mining company MARA Holdings. Their individual reserves are smaller than Strategy's, but several have pursued dedicated treasury strategies or retained Bitcoin from mining operations.

Independent corporate treasury trackers generally support CryptoQuant's assessment of substantial listed-company ownership, but their totals vary due to differences in coverage, disclosure dates, classifications, and treatment of unupdated holdings. CryptoQuant's figures distinguish growth in Bitcoin holdings from the market value of those assets, as changes in cryptocurrency prices can affect a company's ability to fund additional purchases, especially for those financing acquisitions through share sales or borrowing.

The concentration of Bitcoin holdings among established companies provides a more detailed picture of corporate accumulation than the headline increase alone.