Pine & Saguaro Research
Bitcoin — Adoption
U.S. revision, October 31, 2026.
Bitcoin adoption is broad and persistent, running through four distinct channels: Strategy (848,517 BTC), other companies (~726,000), U.S. spot ETFs (~1.29 million) and U.S. government custody (an estimated ~328,000). Corporate and fund holdings held firm through the 2026 bear market. Strategy added about 176,000 BTC in 2026 and other companies about 29,000, while ETF balances recovered from mid-year outflows to end near where they began the year.
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