Businesses are the largest buyers of bitcoin in 2026, even as their overall pace slowed from last year.
In this report, we break down which businesses are buying (and who’s selling), how River’s 4,000+ business clients are using bitcoin, and how bitcoin payments are spreading.
Business bitcoin holdings keep growing
Businesses have added 193,000 BTC so far in 2026, making them the largest buyers of bitcoin for the second straight year. This brings total business holdings to 1.64 million BTC, or 7.8% of bitcoin’s supply.
But the pace of buying has slowed. Business inflows total $15.7 billion so far this year, down about two-thirds from the same point in 2025.
Three factors explain the slowdown:
- The euphoria around Bitcoin Treasury Companies has faded; large purchases come from just two companies: Strategy and Strive.
- Bitcoin miners became large net sellers to fund AI infrastructure.
- Conventional businesses are still adopting bitcoin, but at a slower rate compared to the 2025 bull market.
Strategy and Strive added 197,000 BTC so far this year, accounting for over 100% of net business purchases. As of October, Strategy alone holds 848,000 BTC, more than half of business bitcoin holdings (1.64M).
Purchases by all other Bitcoin Treasury Companies combined total 8,000 BTC, as the long tail of these firms has lacked investor demand.
This year, the number of Bitcoin Treasury Companies has declined, following a 6X increase in 2025. With bitcoin’s price down, some consolidation and revaluation of treasury companies was to be expected.
Large miners sold 32,800 BTC this year, reversing years of steady accumulation. This is largely due to the industry-wide pivot towards building out AI infrastructure, which requires large capital expenditures.
Meanwhile, the total number of public companies holding bitcoin has grown by 10% over the past year. The most notable new entrants include Robinhood and SpaceX, which went public in June and disclosed more than $1.5 billion in bitcoin holdings.
In summary, adoption so far this year mirrors the rate businesses have maintained since 2020. Over this time period, businesses have accumulated roughly 19,000 bitcoin each month. If this pace continues, business bitcoin holdings could grow by 1 million over the next five years, reaching 13% of the total supply.
How River’s business clients are adopting bitcoin
More than 4,000 businesses use River to purchase and hold bitcoin for their treasuries. Despite the bear market, we continue to see strong growth in business bitcoin adoption among these smaller private businesses.
Our business clients come from nearly every sector of the economy. Real estate firms make up the largest share, followed by services and hospitality.
In a September 2026 survey, our business clients reported putting an average of 20% of their net income into bitcoin.
On average, bitcoin makes up 39% of their treasury holdings, and about 30% keep more than half of their treasury in bitcoin.
Accounting and tax treatment remains the most common concern about holding bitcoin, cited by more than half of respondents. Few question bitcoin’s value proposition.
Bitcoin payments adoption is accelerating
Bitcoin payments are rising in popularity for merchants. They are significantly cheaper than traditional credit card transactions, particularly when processed over the Lightning Network where fees are often a fraction of card processing costs. They also offer fast settlement, global reach, and reduced reliance on intermediaries.
In November 2025, Block rolled out native bitcoin payments on its Square point-of-sale network. By May of this year, approximately 1 million businesses across the United States can accept bitcoin.
According to data from BTCMap, the number of American businesses that have processed a bitcoin payment stands at nearly 30,000, an increase of 36% this year.
More than a quarter of businesses on River accept bitcoin as payment, and 10.6% say it’s their preferred method.
Conclusion
While business bitcoin purchases have slowed in 2026, adoption continues to broaden. Businesses remain the largest buyers of bitcoin for the second straight year, as firms across every sector of the economy recognize its value proposition.
We believe that every business will eventually hold bitcoin on their balance sheet. For corporate treasuries that are typically cash-heavy, it’s a sensible hedge against inflation.
River’s business services
River is the premier Bitcoin platform for businesses, trusted by thousands of corporations, trusts, non-profits, and more. Onboard your business in less than 24 hours at river.com/business.
