Corporate Bitcoin Buying Collapses to 5,900 Coins in Three Months, Leaving Treasuries Underwater
Listed companies added a fraction of last year's purchases, and ETF inflows, the Coinbase premium and stablecoin supply all point to tepid demand.
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Publicly traded companies have slowed their bitcoin accumulation to a near-standstill, eroding one of the main demand engines behind the last bull market just as the cryptocurrency tries to hold onto its recovery, Glassnode data shows.
Listed firms bought roughly 5,900 BTC over the past three months, according to the analytics firm. That is a small share of the pace set in 2025. Nasdaq-listed Strategy drove most of the recent total, including a purchase of 4,603 BTC in late August. At a spot price near $76,400, the entire three-month haul is worth about $451 million.
The contrast with a year ago is stark. Corporate treasuries acquired more than 100,000 BTC in the equivalent 2025 window, with 89,000 coins purchased in July alone, when bitcoin traded above $100,000. That single month of buying was worth more than $8.9 billion, and the recent total amounts to under 7% of it.
"Corporate treasuries were a big buyer through 2025, and they have stepped back," Glassnode said. The firm calculates that the group's average entry price — its Corporate Treasury Cost Basis — sits at $80,500, roughly 6% above current spot, leaving aggregate holdings at a loss. Bitcoin briefly climbed back above that level recently but could not hold it. "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," the firm added.
The wider scoreboard
Other gauges of demand are not doing much better. U.S. spot bitcoin ETFs have drawn billions of dollars in inflows since early August, a sign of recovering institutional interest, yet they are still about $1 billion below positive year-to-date flows, per SoSoValue.
The Coinbase premium — the gap between bitcoin prices on the U.S. exchange Coinbase and the offshore venue Binance — has been negative for most of the period since May, with a lone dip into positive territory on Sept. 5, CoinGlass data shows. A negative reading implies American buyers are less aggressive than traders elsewhere.
Stablecoin supply, often used as a proxy for fresh fiat money flowing into crypto, has hovered in a narrow $300 billion to $310 billion band all year and has barely moved in recent weeks, even through bitcoin's mid-August rally — another indication that new capital is scarce.
Bitcoin Treasuries, a data provider that tracks corporate holdings, counts about 1.22 million BTC across 181 listed companies. Strategy accounts for roughly 845,050 BTC, with Tokyo-listed Metaplanet among the next-largest holders. Until prices recover past the $80,500 average entry, the sector's aggregate position remains in the red.
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