Corporate Treasuries Buy Just 5,900 Bitcoin Over Three Months

Corporate treasuries purchased only about 5,900 bitcoin over the past three months, while several other indicators point to subdued demand as BTC attempts to sustain its recovery.

Publicly traded companies have shown limited interest in adding bitcoin, suggesting that an important source of demand during the 2024–25 bull market remains relatively soft.

According to Glassnode, corporate treasuries accumulated roughly 5,900 BTC during the latest three-month period, a sharp slowdown from the pace seen last year. Strategy, the Nasdaq-listed bitcoin treasury company, accounted for much of the buying, including its purchase of 4,603 BTC in late August.

At a bitcoin price of around $76,400, the 5,900 BTC accumulated during the period would be worth approximately $451 million. While that represents a significant amount of capital, it is considerably smaller than corporate purchases during the comparable period a year earlier, when bitcoin was trading above $100,000.

Corporate treasuries acquired more than 100,000 BTC during that earlier period, including approximately 89,000 BTC in July alone. The recent three-month total of 5,900 BTC therefore represents less than 7% of the July 2025 figure. With bitcoin above $100,000 at the time, those July purchases were worth more than $8.9 billion, an amount larger than the market capitalization of most cryptocurrencies outside the top 15.

“Corporate treasuries were a big buyer through 2025, and they have stepped back,” Glassnode said. “Their average entry, the Corporate Treasury Cost Basis, sits at $80.5K, about 6% above spot, so the group as a whole is under water.”

Bitcoin recently moved above the $80.5K level but was unable to hold the gains.

Bitcoin Treasuries data now estimates that 181 publicly listed companies collectively hold approximately 1.22 million BTC. Strategy remains by far the largest corporate holder, with around 845,050 BTC, while Tokyo-listed Metaplanet ranks among the other companies with sizable bitcoin holdings.

As a group, corporate bitcoin treasuries remain below their average acquisition price at current market levels.

“A reclaim of $80.5K would put the treasuries back in profit and remove one layer of overhead supply; until then their entry is one more ceiling,” Glassnode added.

Other Demand Indicators Remain Mixed

U.S.-listed spot bitcoin ETFs have attracted billions of dollars since the beginning of August, pointing to a recovery in institutional interest. However, the funds remain approximately $1 billion below breakeven for the year, according to SoSoValue.

The Coinbase premium has also remained mostly negative since May, apart from a brief move into positive territory on Sept. 5, according to CoinGlass. A negative reading indicates that bitcoin is trading at a lower price on Coinbase than on offshore exchange Binance. The metric is often viewed as a sign that demand from U.S. buyers is weaker than demand from traders in offshore markets.

Stablecoin supply provides another indication of the amount of fresh capital available to enter crypto markets. Total stablecoin supply, which analysts commonly use as a proxy for new fiat liquidity entering the sector, has remained broadly unchanged at about $300 billion to $310 billion this year.

Stablecoin supply has also been largely stagnant in recent weeks despite bitcoin’s mid-August rally. That suggests new capital entering the crypto market through stablecoins remains limited.

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