Strive bought 2,822 bitcoin between October 12 and 13, underscoring that new corporate demand remains concentrated among a small number of bitcoin treasury companies. River data through October 5 shows that Strategy and Strive had accumulated a combined 197,000 bitcoin this year, more than the 193,000-coin net increase across corporates as a whole. The number of listed companies holding bitcoin has risen 10% over the past year, but a broader holder base does not necessarily mean new purchases are coming from a wider range of buyers.
Strategy and Strive account for most corporate accumulation
River's category data shows traditional companies added about 20,000 bitcoin in 2026 through October 5, while other bitcoin treasury firms added roughly 8,000. River's accompanying discussion said large miners sold 32,800 bitcoin. Buying and selling took place across several categories at the same time, and the chart figures were rounded. The roughly 4,000-bitcoin gap between the category figures therefore cannot be treated directly as the net selling volume of all other market participants.
River puts total corporate net accumulation at 193,000 bitcoin, compared with 197,000 bitcoin accumulated by Strategy and Strive combined. The key question in assessing whether corporate demand is broadening is not simply how many companies hold bitcoin, but whether firms outside the leading treasury companies are continuing to make purchases of meaningful size.
Strive discloses 2,822-bitcoin purchase and warrant proceeds
A filing submitted by Strive on October 14 said the company bought 2,822 bitcoin between October 12 and 13 at an average price of about $83,266 per coin, including fees and expenses. The same disclosure said Strive exercised warrants and expected gross proceeds of $369.2 million. As of the close of trading on October 13, all of the traditional warrants issued in the private placement had been exercised.
The filing did not say whether the expected proceeds had been fully settled in cash or how much remained after costs. It also did not confirm that the funds were used for the bitcoin purchases made during the same period. The financing disclosure therefore cannot be treated as direct evidence of the source of funds for the purchase, nor does it establish the size or funding structure of Strive's next acquisition.
Before that purchase, Strive disclosed on October 13 that it had bought 3,311 bitcoin between October 5 and 9 and held 32,773 bitcoin as of October 9. The company reported $310.3 million in cash and cash equivalents that day, while its reported shares outstanding for common and preferred stock also increased.
Strategy buys bitcoin while repurchasing preferred stock
Strategy's capital update on October 12 said the company bought 250 bitcoin between October 5 and 11 for $21.5 million, bringing its holdings to 848,250 bitcoin as of October 11. Of the purchase cost, $21 million came from net proceeds from sales of MSTR common stock and $500,000 came from dollar-denominated funds.
During the same period, Strategy spent $192.4 million to repurchase 1,932,145 shares of STRC preferred stock. The preferred-stock repurchase and the bitcoin purchase were separate uses of capital. The company did not identify the specific source of the repurchase funds, so the disclosure does not establish that Strategy sold bitcoin to finance the buyback or that the repurchase amount represented capital that otherwise would have been available for bitcoin purchases.
As of October 11, Strategy held $4.88 billion in dollar reserves to support preferred-stock dividends and debt interest. It also held $640.5 million in cash available for broader treasury purposes. Buying bitcoin increases the company's holdings, while a preferred-stock repurchase returns capital to holders of the relevant securities. The two transactions can occur in the same week, but they carry different implications for demand in the bitcoin market.
Semler's bitcoin transfer into Strive was not new market demand
When Strive and Semler announced shareholder approval of their transaction on January 13, they disclosed that Semler already held 5,048.1 bitcoin. The same announcement said Strive separately bought 123 bitcoin, leaving it with 7,749.8 bitcoin before the acquisition. A closing announcement dated January 16 confirmed that the acquisition had been completed, with the combined company holding about 12,797.9 bitcoin.
Semler's bitcoin was transferred into Strive's combined treasury, increasing the holdings reported under Strive's name. The coins were transferred between companies, however, rather than bought again by Strive in the market. River's report and category chart do not explain how the transaction was treated in its combined Strategy-and-Strive figures. The available data therefore does not allow the 5,048.1 bitcoin to be deducted directly or the share of new purchases to be recalculated on an acquisition-adjusted basis.
The purchase periods disclosed recently by Strive and Strategy both fall after River's October 5 data cutoff, and the two filings cover different date ranges. Combining those transactions with industry data would require consistent timing and methodology. The information currently available points to a highly concentrated corporate bitcoin base, while assessing whether new demand is becoming more distributed still requires separating completed market purchases, transfers between companies, and financing proceeds that were actually received and deployed for bitcoin.