Saylor's Strategy Led Q1 Crypto Inflows as Retail and Institutions Stayed on the Sidelines, JPMorgan Says

Strategy, led by Michael Saylor, was one of the few steady buyers of Bitcoin (BTC) in the first quarter of 2026, according to JPMorgan analysts. They said corporate treasury buying and crypto venture-capital funding accounted for most of the quarter's $11 billion in digital-asset flows. Some smaller companies sold bitcoin holdings to finance share buybacks. Strategy largely funded its bitcoin purchases through equity issuance during the quarter. Retail and institutional investors were largely absent, while other corporate treasuries maintained what JPMorgan described as a "defensive stance" toward bitcoin.