Bitcoin treasury companies, firms whose primary business is holding BTC for price appreciation, are showing less interest in accumulating the world's largest cryptocurrency. This indicates that demand from the key institutional group, which fueled the 2024-2025 rally, remains weak as the cryptocurrency struggles to sustain its recovery.
According to Glassnode, these companies acquired only about 5,900 BTC in the past three months. This figure is significantly lower than last year's pace. Michael Saylor's Strategy accounted for most of this purchase, including an acquisition of 4,603 BTC in late August.
To put this in perspective, during the same period last year, these companies added over 100,000 BTC to their treasuries, with 89,000 units purchased in July alone. The recent purchase of 5,900 BTC is therefore less than 7% of the July 2025 acquisition. At that time, Bitcoin traded above 100,000 USD, making the July 2025 purchases alone worth over 8,9 billion USD.
Glassnode analysts note that treasury companies were significant buyers in 2025 but have now slowed. The corporate treasury cost basis for this group is currently 80,500 USD, about 6% higher than the spot BTC price. This means they are collectively at a loss.
Public companies currently hold about 1,22 million BTC, distributed among 181 listed businesses, according to data from Bitcoin Treasuries. Strategy remains the largest corporate holder of Bitcoin, with approximately 845,050 BTC. Metaplanet, a Tokyo-listed company, is among the next largest corporate Bitcoin holders.
While US spot Bitcoin exchange-traded funds (ETFs) have attracted billions of USD since early August, indicating recovering institutional demand for the cryptocurrency, overall inflows remain insufficient. According to data from SoSoValue, these funds still need about 1 billion USD to turn positive year-to-date.
Further indicating a slowdown, the Coinbase Premium index has largely remained negative since May, according to CoinGlass data. A negative index means Bitcoin is trading at a lower price on the US-based Coinbase exchange compared to Binance in markets outside the US. This suggests lower demand from American investors compared to other markets.
In another development, the total stablecoin supply – an indicator experts monitor as a proxy for new fiat capital entering the cryptocurrency market – has been largely flat this year, hovering around 300-310 billion USD. Supply has not increased significantly in recent weeks, even with Bitcoin's sharp rise in mid-August. This indicates that new capital flowing into the market remains quite low.
Tieu Gu (according to CoinDesk)
