Two firms control corporate Bitcoin buys, even as business adoption broadens
Strive disclosed buying 2,822 BTC on Oct. 12-13 at an average price of about $83,266, following a separate purchase of 3,311 BTC earlier in October. It also reported warrant exercises expected to generate $369.2 million, but did not establish that the proceeds funded the latest purchase. River’s data shows that Strategy and Strive account for much of reported corporate Bitcoin accumulation, while conventional businesses and other treasury firms added far less and large miners sold Bitcoin. Strategy bought 250 BTC during Oct. 5-11, mainly using proceeds from common-share sales, while also repurchasing preferred shares. The figures indicate that more public companies hold Bitcoin, but ownership growth does not necessarily mean broader fresh demand. Acquisitions can also increase a company’s reported holdings without new market purchases, and River’s totals do not permit a precise merger-adjusted estimate of buying.
