Bitcoin treasury firms are holding record amounts of BTC but are scaling back the size of individual purchases, signaling waning institutional conviction.
CryptoQuant data shows aggregate treasury balances reached 840,000 BTC this year, led by Strategy with 637,000 BTC. Yet average purchase sizes fell 86% from early 2025 levels, with Strategy buying just 1,200 BTC per deal in August and peers averaging 343 BTC.
Despite strong transaction activity, total volumes have slumped. Strategy acquired only 3,700 BTC in August versus 134,000 BTC at its 2024 peak. Other firms slipped to 14,800 BTC from highs of 66,000 BTC.
While new entrants continue to emerge—28 treasury firms launched in July and August, adding 140,000 BTC—analysts caution that smaller deal sizes could weaken bitcoin’s price momentum if sustained. Taiwan’s Sora Ventures is seeking to counterbalance the trend with a $1 billion fund to seed Asian treasury companies.
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