Public companies went on a Bitcoin shopping spree in Q2 2026 that makes their prior accumulation look like a warm-up lap. Over the quarter, publicly traded firms collectively scooped up 110,000 BTC, a figure that’s 1.8 times the total they acquired across the previous two quarters combined.

Total corporate Bitcoin holdings now exceed 1.26 million BTC, valued at roughly $79 billion. That’s more than 6% of Bitcoin’s hard-capped 21 million supply locked up in public company balance sheets.

Corporations are outpacing the miners

Year-to-date through early July 2026, public companies have added a net 166,984 BTC to their reserves. During that same stretch, Bitcoin miners produced approximately 81,153 BTC.

In English: corporations are buying more than twice the amount of new Bitcoin entering existence. When a growing number of buyers compete for a shrinking pool of available coins, the float gets squeezed.

Who’s doing the buying

No surprise at the top of the leaderboard. Strategy, the firm formerly known as MicroStrategy, remains the undisputed heavyweight champion of corporate Bitcoin accumulation. The company holds approximately 843,775 to 847,000 BTC.

Interestingly, even Strategy isn’t purely in accumulation mode anymore. The company sold 3,588 BTC in late June and early July, a tiny fraction of its total stack but notable because it represents one of the few times the firm has moved coins out the door rather than in.

Behind Strategy, two names have emerged as serious contenders. Twenty One Capital holds around 43,500 BTC, while Metaplanet has built a position of roughly 43,000 BTC.

The concentration is worth noting. Strategy alone accounts for roughly two-thirds of all publicly held corporate Bitcoin. The remaining third is spread across a growing but still relatively small cohort of companies.

What this means for investors

The supply-demand imbalance is the headline risk and opportunity. With corporate buyers absorbing more than double the new supply being mined, Bitcoin’s available float is shrinking in real time.

There’s a reflexivity problem worth watching. Many of these companies fund their Bitcoin purchases by issuing equity or convertible notes. That works beautifully when Bitcoin’s price is rising and investor appetite for these instruments is strong. It works considerably less well during drawdowns, when the same companies face margin pressure and potentially need to sell into weakness. Strategy’s small sale in late June could be a one-off, or it could be a preview of what happens when even the most committed holders need liquidity.

The 6% supply concentration in public company hands also introduces a new category of systemic risk. If a major holder ever faced a forced liquidation, whether from regulatory action, a corporate restructuring, or a leveraged position gone wrong, the market impact could be severe. Bitcoin has never had this much supply held by entities subject to quarterly earnings calls and SEC filings.