Bitcoin from MicroStrategy [BTC] The accumulation strategy has been steadily expanding since August 2020, when the company entered the market with an initial purchase of 21,454 BTC.
From then on, takeovers repeatedly appeared in both bullish and bearish market phases. As Bitcoin recovered in 2021, the company accelerated purchases, pushing its total holdings above 100,000 BTC.
Activity slowed during the 2022 market downturn, but the buying didn’t stop. Instead, smaller and more measured additions continued, reinforcing a long-term government bond allocation rather than a short-term trading strategy.
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Purchases increased again in 2023 and 2024, as larger purchasing clusters appeared as Bitcoin recovered.
By early 2026, MicroStrategy’s reserves had grown to approximately 720,737 BTC, with a total value of almost $48.54 billion and an average acquisition cost of almost $75,985.
Michael Saylor hinted in an X after That.
‘The second century begins.’
The comment suggested that a new phase of accumulation could follow, implying that MicroStrategy could extend its Bitcoin buying streak beyond the first 100 acquisition events.
Business accumulation is reshaping Bitcoin’s supply dynamics
Corporate adoption is steadily reducing the circulating supply of Bitcoin, changing the way liquidity moves across the market. Since 2020, companies have increasingly adopted Bitcoin as a treasury reserve.
In March 2026, there were approximately 193 public companies collective owned 1,138 million BTC, which amounts to over 5.4% of the total supply.
Source: BitcoinTreasuries
This growth accelerated from just 74 companies in 2024, highlighting rapid institutional expansion. Large accumulators such as MicroStrategy, MARAand Metaplanet anchors this shift through sustainable government bond allocations.
As these entities accumulate, significant volumes move into long-term storage rather than active trading circulation.
At the same time, currency balances gradually decrease as corporate portfolios withdraw coins. Reduced currency liquidity reduces the supply available to market participants.
Over time, this structural shift strengthens the influence of long-term holders.
Institutional accumulation therefore reinforces Bitcoin’s scarcity dynamics, while its freely traded supply gradually decreases, which can lead to greater price volatility and greater concentration of ownership among large holders.
Corporate purchases indicate an institutional shift
Business Bitcoin purchases still influence market sentiment, although their direct price impact has gradually weakened.
Between 2020 and 2022, large acquisitions often resulted in a 5 to 15% increase within 48 hours, as purchases of more than 10,000 BTC quickly absorbed market liquidity.
However, recent buying events show a different reaction. MicroStrategy’s 3,015 BTC purchase end of February 2026 in line with price stabilization around $67,700, rather than a quick breakout.
At the same time the US Spot ETFs have attracted cumulative inflows of $55 billion, creating more stable institutional demand.
These flows increasingly anchor Bitcoin demand in institutional accumulation rather than retail-driven momentum. Because companies view Bitcoin as a treasury reserve, adoption could increase if prices continue to rise.
Over time, continued business accumulation could block circulating supply, reducing market liquidity.
Final summary
- Bitcoin corporate bond adoption continues to expand, shrinking the circulating supply and strengthening long-term holders’ dominance across market cycles.
- Growing institutional demand for Bitcoin signals a structural shift toward government bond-driven accumulation, which could gradually reduce tradable liquidity.