The wave of corporations adopting Bitcoin as a reserve asset reached an unprecedented level of concentration in the first month of 2026. According to the latest January 2026 corporate adoption report from BitcoinTreasuries.net, Strategy (MSTR) accounted for an astonishing 97.5% of net new corporate Bitcoin purchases in January. This figure not only highlights the widening gap between industry leaders and followers, but also prompts the market to reassess the real impact of "corporate treasury strategies" in the digital asset cycle.
Drawing on the latest market data, this article breaks down the structural signals behind the report and provides an analysis of Bitcoin (BTC) market trends as of February 13, 2026.
What Does a 97.5% Share Mean?
The report shows that in January 2026, Strategy purchased a total of 40,150 BTC. After factoring in reductions from some mining companies and smaller firms, Strategy’s net purchases represented 97.5% of all net increases in Bitcoin holdings among publicly traded companies. This proportion is significantly higher than the same period last year, bringing Strategy’s total holdings to 712,647 BTC by the end of January.
Number of BTC held by Strategy, source: BitcoinTreasuries.net
This means:
- Two-thirds of corporate Bitcoin holdings are concentrated in one company: Currently, all publicly traded companies collectively hold about 1.13 million BTC, with Strategy alone controlling nearly two-thirds.
- Corporate treasury net inflows are driven by a single entity: Excluding Strategy, the corporate sector actually saw a slight net outflow in January, mainly due to miners reducing their holdings (Riot, Bitdeer, and others decreased their combined holdings by about 290.9 BTC).
Such extreme concentration certainly strengthens the correlation between Strategy’s stock price and Bitcoin, but it also signals that the "corporate adoption" narrative is shifting from broad expansion to a single leader’s dominance. For the wider crypto market, diversification of institutional capital still depends on further efforts from ETFs and non-US companies.
Rise of Digital Credit Instruments: From MSTR to STRK, STRD
Beyond spot purchases, Strategy is deepening its Bitcoin exposure through financial engineering. The report systematically tracks the digital credit market for the first time—a new financing layer represented by preferred shares and hybrid instruments.
Strategy’s products, including STRC, STRD, STRF, and STRK, currently dominate this sector. Yields range from 4.9% to the low teens, attracting institutional capital seeking fixed income. This model enables Strategy to continuously raise funds for future purchases without directly selling BTC.
The maturation of digital credit products means that corporate BTC holdings are no longer just a balance sheet item—they’re evolving into a layered, tradable capital structure. This provides a blueprint for more publicly traded companies to follow a "MSTR-like" path.
Not Just the Giants: Steady Accumulation by Small and Medium Enterprises
Despite Strategy’s impressive numbers, the market isn’t without other highlights. Data shows that among 194 publicly traded companies holding Bitcoin, about one-third have averaged at least 1 BTC added per day since implementing their treasury strategies; 20 of these companies have averaged more than 10 BTC per day.
Additionally, since October 2025, 21 new companies worldwide have incorporated Bitcoin into their treasury strategies for the first time, spanning South Korea, the US, China, Japan, and Canada, with a combined purchase volume of about 880 BTC.
While individual purchases can’t match Strategy’s scale, the consensus around Bitcoin as a corporate reserve asset is spreading to more regions and industries. This is a slow-moving trend, but its direction remains clear.
Price Pressure and Treasury Strategy Stress Test
The high concentration of corporate purchasing power also introduces vulnerability. The report notes that Bitcoin briefly fell below $65,000 in early February, causing stocks centered on "treasury strategies" to drop 30% to 35%. While Strategy’s stock remains closely tied to BTC, its liquidity coverage ratio is still at a robust level.
Michael Saylor recently reiterated: "We will never sell Bitcoin. Our plan is to buy every quarter, forever." He also emphasized that the company’s current cash reserves are sufficient to cover 2.5 years of dividends and debt payments, so even if Bitcoin enters a prolonged downturn, forced liquidation won’t be necessary.
Bitcoin (BTC) Price Analysis
Current Spot Performance
- Bitcoin (BTC) Price: $66,215.9
- 24-hour Trading Volume: $790.5M
- Market Cap: $1.31T
- Market Dominance: 55.42%
- 24-hour Price Change: -1.37%
| Time Period | Price Change |
|---|---|
| 24 hours | -2.34% |
| 7 days | +4.97% |
| 30 days | -30.79% |
| 1 year | -32.51% |
Key Support and Resistance Levels
- 24-hour Low: $65,111
- 24-hour High: $68,419.7
- All-time High: $126,080
- All-time Low: $67.81
Market sentiment is currently "bullish," but in the short term, the tug-of-war between buyers and sellers is focused around the $65,000 mark.
Price Forecast (2026 – 2031)
Based on current market structure and halving cycle models, Gate’s long-term projections show:
| Year | Lowest Price | Highest Price | Average Price | Potential Return (vs. current) |
|---|---|---|---|---|
| 2026 | $62,752.15 | $78,605.33 | $66,054.9 | — |
| 2027 | $60,033.99 | $84,626.23 | $72,330.11 | +9.00% |
| 2028 | $54,934.72 | $113,793.35 | $78,478.17 | +18.00% |
| 2031 | $87,518.92 | $176,253.38 | $121,554.06 | +84.00% |
Conclusion
For crypto market participants, there’s no need to panic over the dominance of a single institution, nor to overlook the steady accumulation by new entrants. On-chain data clearly shows that, despite sharp price fluctuations, quality companies continue to increase their holdings with a "dollar-cost averaging mindset."
Gate will keep monitoring institutional holdings, large on-chain movements, and compliance developments to provide you with real-time data insights and market analysis.
