Key Insights:
- Bitcoin treasury firms bought 110,000 BTC in Q2 which is nearly 2x what they bought in 2026 Q1 and 2025 Q4
- Strategy dominates acquisition as these firms are currently under market pressure due to BTC’s poor price performance.
- Digital credit struggles caused Strategy to change its policy on Bitcoin sales, but investors remain bullish on the product.
Public companies acquired about 110,000 Bitcoin during the second quarter of 2026, according to Bitcoin Treasuries data. The buying showed continued corporate demand despite weaker Bitcoin prices and growing pressure on treasury-focused stocks.
However, the quarterly total masked a sharp slowdown by June. Strategy also shifted its capital framework, raising questions about future corporate Bitcoin acquisition rates.
Strategy Dominated Purchase in Q2, but Policy Change Set to Change That
As in previous quarters, Strategy was the largest bitcoin buyer among public companies in Q2. It bought 85,000 BTC, which is around 80% of the total purchase in that period.
However, its dominance now looks set to change with the firm adjusting its playbook by selling Bitcoin for the first time in years last month. Strategy had a net purchase of only 3,625 BTC in June after selling 32 BTC.
The sale by Strategy followed the struggles of its preferred shares STRC, which were meant to trade at $100 but fell as low as $76. MSTR also dropped below $100.
In response to the struggles, Strategy announced new policies that could see it reduce acquisition and even sell Bitcoin to boost its USD reserves. It is already implementing that policy by selling 3,558 BTC for $216 million in July.
Given its dominance in acquisitions, public companies’ purchases of Bitcoin could decline sharply in the next few months.
However, Strategy remains positioned to maintain its position as the largest public Bitcoin holder, with its cumulative holding at the end of June still standing at 847,000 BTC, compared to 418,000 for all other companies.
Investors Remain Confident in Digital Credit as Bitcoin Sees Slight Recovery
Meanwhile, the Bitcoin Treasuries report noted that the depegging of Strategy’s STRC and Strive’s SATA did not have much impact on investors. A survey of investors showed that most did not sell their digital credit when it dropped below $100.
84% of the respondents who said they own either SATA or STRC did not sell it after its drop, while 78% even expect it to grow by the end of 2023. About a quarter of the investors are even bullish that it could surpass $50 billion by then.
Despite the struggles of preferred stocks in June, digital credit trading volume still surpassed $10 billion, indicating that interest remains high.
There are also signs that Bitcoin is in a late-stage bear market as it continues to trade below the short-term holder cost basis. This has now been on for five consecutive months, leading analysts to believe that a bottom might be building. The flagship crypto asset also recorded 2% gain today, rising above $63,000.
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