Businesses added 193,000 BTC so far in 2026, yet Strategy and Strive alone accumulated 197,000 BTC — more than the entire net corporate total, according to a River Financial report published October 8, 2026. Every other Bitcoin treasury company combined contributed just 8,000 BTC, meaning the broader corporate field was a net drag on the headline number.

Over the same period, individuals were net sellers of 93,000 BTC. The data covers the year through early October and positions corporations as the largest net buyer cohort for the second consecutive year.

How concentrated is the corporate bid?

River's figures put total corporate Bitcoin holdings at 1.64 million BTC, equal to 7.8% of the total Bitcoin supply. Strategy alone now holds 848,000 BTC — a position that dwarfs the combined treasuries of every other public company in the dataset.

The dollar flows confirm the slowdown. Year-to-date business inflows reached $15.7 billion, down roughly two-thirds from the same point in 2025.

River ties the deceleration to fading momentum in Bitcoin treasury strategies after the 2025 crypto bull market. The report's framing points to reduced demand for the treasury model itself, not merely a pause in purchasing, and suggests corporations may adopt more conservative treasury strategies going forward.

What are miners and individuals doing?

Bitcoin miners sit on the other side of the trade. River's report shows miners net sold 32,800 BTC this year, and the firm attributes that selling to spending on artificial intelligence infrastructure.

That shift carries operational consequences: a portion of newly issued Bitcoin supply is being converted into capital for a separate industry. If the pattern holds, miner selling may increasingly track AI spending cycles rather than Bitcoin's own economics — a structural change in how new supply reaches the market.

Individual investors followed a more complicated path. River's data shows they were net sellers of approximately 140,000 BTC in the first half of 2026, then flipped to net accumulation of 107,000 BTC in the third quarter. That Q3 swing is the most notable change in direction in the report. Even with the rebound, individuals remain net sellers of 93,000 BTC year-to-date.

What does this mean for Bitcoin's market structure?

For anyone tracking Bitcoin supply and demand, the headline business number can mislead. A 193,000 BTC net purchase reads like broad institutional adoption. In practice, it reflects the conviction of two companies, offset by net selling from the rest of the corporate field.

The composition of demand matters as much as its size. If corporate buying remains dependent on two issuers, the treasury bid becomes a concentrated risk factor rather than a diversified institutional base. A slowdown at either firm would remove more demand than the rest of the corporate universe currently supplies.

River's report implies the next test arrives in the coming quarters: whether retail accumulation, which turned positive in Q3, can persist — and whether miner selling tied to AI capex stabilizes — as corporate treasury demand continues to cool from its 2025 peak.