This is more than three times the amount mined during the same period. The bulk of these holdings are concentrated among a small number of firms, led by Strategy, while institutional demand via spot Bitcoin ETFs continues to absorb a large share of new issuance. At the same time, recent developments at Strive and Semler Scientific shed some light on the volatility that is often associated with Bitcoin treasury pivots. Strive’s stock slid by almost 12% on Tuesday after the asset manager announced an all-stock acquisition of Semler Scientific.
Corporate Bitcoin Buying Outpaces New Supply
Corporate demand for Bitcoin continued to accelerate over the past six months, with digital asset treasuries accumulating far more BTC than the network has been able to produce through mining. According to on-chain analytics firm Glassnode, public and private companies added a net 260,000 Bitcoin to their balance sheets during the period, compared with an estimated 82,000 BTC mined globally. The data shed some light on a growing supply imbalance driven by sustained corporate accumulation rather than short-term trading activity.
Glassnode reported that corporate Bitcoin treasuries expanded from roughly 854,000 BTC to about 1.11 million BTC over six months. This translates to average monthly net purchases of around 43,000 BTC. With miners producing roughly 450 BTC per day, corporate buyers have absorbed more than three times the new supply entering circulation over the same timeframe.
BTC’s price action over the past 24 hours (Source: CoinCodex)
The majority of corporate-held Bitcoin is concentrated among a small number of firms, led overwhelmingly by Strategy, the company co-founded by Michael Saylor. Strategy currently holds 687,410 BTC, representing roughly 60% of all Bitcoin held in corporate treasuries and valued at about $65.5 billion.
After a brief pause, the company resumed purchases earlier this month. In fact, Strategy revealed an acquisition of 13,627 BTC between January 5 and 11, its largest single purchase since July. Beyond Strategy, the next-largest corporate holder is MARA Holdings, which holds 53,250 BTC worth roughly $5 billion, according to data from Bitcoin Treasuries.
Top Bitcoin treasury companies (Source: BitcoinTreasuries.NET)
Exchange-traded funds (ETFs) may intensify these supply pressures even more if demand stays resilient. Bitwise chief investment officer Matt Hougan recently argued that Bitcoin’s price could move sharply higher if ETF inflows persist over the long term. Since their launch in early 2024, US spot Bitcoin ETFs collectively purchased more than 100% of newly mined supply.
In 2025, US spot Bitcoin ETFs recorded nearly $22 billion in net inflows, led by BlackRock’s iShares Bitcoin Trust. While inflows have been more uneven at the start of 2026, current data still shows a modest net positive balance, suggesting that institutional demand is still an important structural force in Bitcoin markets alongside growing corporate treasuries.
Strive Shares Slide After Semler Bitcoin Deal
In other Bitcoin treasury-related news, Strive’s stock slid by almost 12% on Tuesday after the asset manager announced an all-stock acquisition of Semler Scientific. The deal will greatly expand its Bitcoin treasury and reshape its balance sheet.
Strive’s stock price over the past 24 hours (Source: CoinCodex)
The company, co-founded by Vivek Ramaswamy, said it secured shareholder approval for the transaction, which would add Semler Scientific’s 5,048.1 Bitcoin to Strive’s existing holdings. Once completed, Strive’s total Bitcoin treasury would rise to 12,797.9 BTC, making it the 11th-largest publicly traded corporate Bitcoin holder. Separately, Strive also disclosed the recent purchase of an additional 123 Bitcoin, bringing its standalone holdings to 7,749.8 BTC before the merger.
Under the terms of the deal, Strive intends to monetize Semler Scientific’s operating business and reduce liabilities on the acquired balance sheet. The company said it plans to pursue the retirement of existing obligations, including a $100 million convertible note and a $20 million loan from Coinbase, subject to market conditions. The transaction also includes a 1-for-20 reverse stock split of the combined company’s Class A and Class B shares to reduce the number of shares outstanding and potentially stabilize trading dynamics.
Announcement from Strive
The sharp decline in Strive’s share price follows a familiar pattern seen among other companies that pivot toward Bitcoin-heavy treasury strategies. After initially announcing its Bitcoin strategy on May 7, Strive’s stock surged from $0.61 to a high of $13.01 by May 22, a gain of more than 2,000%, before reversing most of those gains. Shares are now trading near $0.97.
Semler Scientific experienced a similar boom-and-bust cycle after announcing in May 2024 that it would adopt Bitcoin as its primary treasury reserve asset. Following the purchase of 581 BTC, its shares climbed from roughly $30 to more than $67 by early December before sliding back to around $20.
