Public companies have purchased a net 166,984 BTC so far in 2026, more than double the 81,153 BTC mined over the same period, according to BTC Treasuries data shared by Cointelegraph on July 4. For every new coin the network has produced this year, corporate treasuries have absorbed roughly two.
The figure is a net number. It already accounts for the companies that sold, which makes it more meaningful than a gross tally. Corporate demand is running at 206% of new issuance halfway through the year.
Two Coins Absorbed for Every One Created
Since the April 2024 halving, the Bitcoin network issues about 450 BTC per day, or roughly 3.125 BTC per block. Across the first 185 days of 2026, that works out to the 81,153 BTC that BTC Treasuries reports as mined year to date.
Public companies took in 166,984 BTC net over the same stretch. At current prices near $63,000, that is roughly $10.5 billion in corporate accumulation in six months. The gap has to be filled from somewhere: existing holders, miners selling reserves, exchanges drawing down inventory, or long-dormant supply coming back into circulation.
This is the structural argument treasury bulls have made since the halving. New supply is fixed and shrinking, so any buyer class that consistently outbids issuance forces the market to source coins from people who already own them.
The Price Has Ignored the Math So Far
The uncomfortable part of the story is the price chart. Bitcoin trades at $63,072 as of July 4, 2026, up 1.4% on the day but well below its January levels, and the Fear and Greed index sits at 26, in Fear territory.
Corporate buying at twice the mining rate has coexisted with a drawdown deep enough that more of the supply sits underwater than in profit, a first for this cycle. Supply absorption is a slow structural force. It does not cancel out ETF redemptions, leveraged liquidations, or macro-driven selling in any given week. The 10-day, $2.7 billion ETF outflow streak that only just ended is a reminder that institutional flows run in both directions.
Read another way, the data says treasuries have been accumulating into weakness rather than chasing strength. That is a different posture from the 2024-2025 phase, when corporate announcements tended to cluster around price breakouts.
Not Every Treasury Is Buying
The net figure hides churn underneath. K Wave Media sold its entire Bitcoin position this month to fund a pivot to AI, and Riot Platforms moved 500 BTC to NYDIG custody in a step widely read as pre-sale positioning. Smaller treasury companies holding coins bought above $70,000 face real balance-sheet pressure at current prices.
That the aggregate stays deeply net positive despite these exits suggests the buying is concentrated among a smaller set of large, committed accumulators rather than spread evenly across the roughly 300 public companies that hold BTC. Concentration cuts both ways: it makes the demand base sturdier in a drawdown, but it also means a strategy change at one or two large holders would move the aggregate sharply.
The Second-Half Question
Whether the 2x ratio holds through December depends on two things: whether large accumulators keep raising capital to buy at these levels, and whether the underwater cohort of smaller treasuries capitulates. Financing conditions matter here. Convertible note issuance, the main funding tool for treasury companies, gets harder to place when the underlying stock trades below the value of its coin holdings.
For now, the scoreboard reads 166,984 bought against 81,153 mined. If the second half merely matches the first, public companies will have absorbed well over 300,000 BTC in a single year, against roughly 164,000 coins of new issuance.
Overview
BTC Treasuries data shared by Cointelegraph on July 4 shows public companies bought a net 166,984 BTC in the first half of 2026, more than double the 81,153 BTC mined in the same period. The accumulation, worth roughly $10.5 billion at the current $63,072 price, has continued through a drawdown that has the Fear and Greed index at 26. The net figure masks churn: K Wave Media exited entirely and Riot Platforms signaled a possible sale, which points to buying concentrated among a smaller group of large holders. The ratio's durability through the second half depends on financing conditions for treasury companies and whether underwater holders capitulate.
