August Sees Slower Corporate BTC Buying as Treasury Holdings Rise by $5B

Corporate Bitcoin Accumulation Slows in August Despite Milestones

Bitcoin’s momentum cooled in August, coinciding with a slowdown in corporate accumulation of the digital asset.

Tracked treasury entities purchased 47,718 BTC last month, valued at $5.2 billion—a notable decline from more than 100,000 BTC added in July, according to the latest Bitcoin Treasuries Adoption Report. Total holdings across public companies, private firms, governments, and ETFs reached 3.68 million BTC, worth $400 billion at month-end. August’s 1.2% increase lagged far behind July’s 4.6% growth.

The slower pace of acquisitions may help explain why Bitcoin’s mid-August high of $123,000 was unsustainable, as the price dropped over 11.5% to settle below $109,000 by the end of the month.

Even amid the slowdown, key milestones were achieved. Public company Bitcoin holdings surpassed 1 million BTC for the first time, doubling since late 2024. Notable purchases included healthcare firm KindlyMD with 5,744 BTC ($679 million), and Japan’s Metaplanet adding 1,859 BTC across four transactions.

Crypto exchange Bullish (BLSH) also entered the treasury rankings following its August IPO, revealing 24,000 BTC holdings since March, valued at $2.6 billion. CEO Tom Farley described the accumulation as part of an ongoing institutional wave, telling CNBC, “It feels like institutional investors think this could be the moment.” (Bullish Global, Bullish’s parent, also owns CoinDesk.)

Despite these headline purchases, the aggregate value of tracked treasuries declined from $428 billion in July to $400 billion in August as Bitcoin’s price eased to $108,695.

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