Strategy Monopolizes Corporate Bitcoin - 98% of Purchases in One Month

The corporate Bitcoin investment market has effectively turned into a one-player game. Over the past 30 days, Strategy (formerly MicroStrategy) purchased approximately 45,000 BTC, while all other public companies combined bought only around 1,000 BTC. The share of purchases from competitors has shrunk from 95% in October 2025 to just 2% in March 2026.

The Scale of Dominance

According to CNBC, Strategy purchased approximately 45,000 BTC over the past month - its fastest buying pace since April 2025. By comparison, all other companies holding Bitcoin on their balance sheets bought fewer than 1,000 BTC during the same period. This means 98% of new corporate purchases came from a single company.

Why Rivals Stopped Buying

The "Bitcoin treasury" model gained popularity in 2024-2025, when dozens of public companies began copying Michael Saylor's strategy. However, Bitcoin's price decline from $110,000 to below $70,000 left most followers deep in losses. According to CoinDesk, demand from treasury companies has fallen 99% from its August 2025 peak.

GameStop, which recently entered the crypto space, has already recorded $151 million in Bitcoin losses. Most other companies have halted new purchases and focused on holding existing positions. Strategy, in parallel, continues aggressively expanding its portfolio, funding purchases through common stock offerings.

Concentration Risks

A scenario where one company controls 76% of all corporate Bitcoin creates systemic risk for the market. If Strategy is forced to sell - due to debt pressure, regulatory concerns, or a sharp price decline - it could trigger a cascading selloff.

• Debt exposure: Strategy has funded purchases through convertible bonds and stock issuances totaling $33.1 billion.
• Price risk: the average purchase price of $66,384 leaves less than 2% margin at the current price of ~$67,400.
• Liquidity: selling even a portion of 762,099 BTC would crash the market, as daily spot trading volume is limited.

Implications for the Market

The concentration of corporate purchases in a single company undermines the narrative of "broad institutional Bitcoin adoption." Instead of numerous corporations diversifying their balance sheets with crypto, the market has one mega-buyer and dozens of companies that have pulled back.

In parallel, spot Bitcoin ETFs recorded $296 million in outflows last week, further signaling cooling institutional interest. For those considering buying Bitcoin with hryvnia, the current situation calls for caution: single-player dominance makes the market less predictable.

Bernstein analysts, despite these risks, maintain a bullish outlook with a $150,000 target by the end of 2026, pointing to the historical tendency of Ethereum and Bitcoin to recover sharply after periods of extreme pessimism.