Two firms control corporate Bitcoin buys, even as business adoption broadens

Bitcoin treasury company Strive bought 2,822 BTC during Oct. 12-13, according to a filing released Oct. 14. The purchase adds fresh demand from one of the two firms dominating this year’s reported corporate accumulation.

The update follows River’s Oct. 8 business-adoption report, which put Strategy and Strive’s combined 2026 holdings additions at 197,000 BTC. That exceeded the 193,000 BTC net increase River reported for businesses overall in charts dated Oct. 5.

Strive’s new purchase accompanies a separate financing disclosure. Meanwhile, Strategy reported buying Bitcoin while spending more on repurchasing preferred shares. Both cases show why an expanding roster of corporate holders does not automatically create an equally broad source of new buying.

River’s category chart shows conventional businesses adding about 20,000 BTC and other Bitcoin treasury companies adding about 8,000 BTC in 2026 through Oct. 5, with River’s text reporting 32,800 BTC sold by large miners.

The roughly 4,000 BTC separating those figures cannot be read as a direct measure of market selling by everyone else. Positive additions in some categories coexist with reductions in another, and the displayed totals are rounded.

River also reports a 10% increase over the past year in the number of public companies holding Bitcoin.

For demand to diversify, purchases outside the leading treasury firms would need to carry more weight. A growing holder count measures the spread of ownership; repeated purchases by a wider group would demonstrate a broader source of demand.

Strive’s Oct. 14 filing records that the company bought 2,822 BTC during Oct. 12-13 at an average price of approximately $83,266 per coin, including fees and expenses.

For the same two days, it separately reported warrant exercises expected to generate $369.2 million in gross proceeds. It said no traditional warrants issued in its private investment in public equity transaction remained outstanding at the Oct. 13 close.

Those statements do not show that all expected proceeds settled as cash, how much remained after costs, or that those proceeds funded the concurrent purchase.

The absence of remaining traditional PIPE warrants changes that particular financing channel without establishing the size or funding of Strive’s next purchase. The financing disclosure describes a source of capital, subject to the limits of expected gross proceeds.

That latest purchase follows a separate window covered by Strive’s Oct. 13 disclosure. That earlier update reported buying 3,311 BTC during Oct. 5-9 and holding 32,773 BTC as of Oct. 9. It also recorded $310.3 million in cash and equivalents on that date, alongside increases in reported common and preferred share counts.

Strategy’s Oct. 12 capital update makes the funding link explicit for its Bitcoin purchases. During Oct. 5-11, it bought 250 BTC for $21.5 million, bringing holdings to 848,250 BTC on Oct. 11.

Of that purchase amount, $21 million came from net proceeds of MSTR common-share sales and $500,000 from dollars. In the same reporting period, Strategy spent $192.4 million repurchasing 1,932,145 STRC preferred shares.