Public companies purchased a total of 166,984 Bitcoin in 2023. This total is significant because it is approximately double the amount mined during the same timeframe.
To elaborate, Bitcoin’s distribution schedule indicates that around 328,500 new BTC came into existence in 2023, prior to the scheduled halving occurring in April 2024. During this period, public companies absorbed more than half of that newly minted Bitcoin via direct purchases.
Among these corporate buyers, MicroStrategy, recently rebranded as Strategy, stands out as the leading purchaser. Since 2020, the company has taken an aggressive stance on accumulating Bitcoin, treating it more like a vital treasury asset rather than a speculative investment. To fund these acquisitions, Strategy has opted to issue convertible notes and equity, achieving a rate of purchase that leaves other buyers appearing passive.
As of mid-2026, around 198 companies have integrated Bitcoin into their treasury strategies, owning over 1.26 million BTC collectively. This quantity represents a significant portion of Bitcoin's 21 million maximum supply and continues to grow steadily.
Notably, companies such as GameStop have begun to adopt Bitcoin for treasury purposes as well, reflecting a broader trend of corporate integration into Bitcoin.
Given Bitcoin's fixed issuance schedule, the April 2024 halving will reduce the block reward from 6.25 BTC to 3.125 BTC, leading to an annual new supply around 164,250 BTC. If public companies maintain the buying rate seen in 2023, they could absorb more newly mined Bitcoin than is produced in a whole year.
With 198 public companies collectively holding more than 1.26 million BTC, a considerable portion of this supply has been effectively removed from circulation, as these companies generally have no immediate plans to sell. This is more than just day trading; these decisions are often backed by board approvals, shareholder votes, and formal disclosures.
Nevertheless, the landscape is not without risk. A prolonged downturn in the market could compel companies with leveraged Bitcoin holdings to liquidate their positions under distress, exacerbating market volatility. Furthermore, changes in regulatory frameworks—especially concerning how digital assets are accounted for on corporate books—could shift current incentives. The risk of concentration also poses a concern; should Strategy face a forced liquidation of its holdings, the ensuing market reaction could be significant.