Companies Added Just 5,900 Bitcoin in Three Months as Demand Cools

Corporate treasuries added only around 5,900 BTC over the past three months, highlighting a sharp slowdown in one of bitcoin’s key sources of demand during the 2024–25 bull market.

Publicly listed companies have been purchasing bitcoin at a much slower rate than they did a year ago. Glassnode data shows that corporate treasuries accumulated approximately 5,900 BTC during the latest three-month period, with Strategy responsible for much of the buying.

Strategy’s purchases included 4,603 BTC acquired in late August.

At a spot bitcoin price of roughly $76,400, the 5,900 BTC accumulated by companies is worth about $451 million. The figure is significantly below corporate buying during the comparable period last year, when bitcoin traded above $100,000.

Corporate treasuries purchased more than 100,000 BTC during that period, including roughly 89,000 BTC in July alone. The latest three-month total therefore amounts to less than 7% of the BTC companies bought in July 2025. At bitcoin prices above $100,000, those July purchases had a combined value exceeding $8.9 billion.

Glassnode said corporate treasuries were major bitcoin buyers throughout 2025 but have since reduced their activity. The group’s Corporate Treasury Cost Basis is approximately $80.5K, about 6% above the current spot price, leaving corporate holders collectively below their average entry price.

Bitcoin recently traded above $80.5K before giving up those gains.

Bitcoin Treasuries data shows that 181 publicly listed companies collectively hold around 1.22 million BTC. Strategy remains the largest holder with approximately 845,050 BTC, while Tokyo-listed Metaplanet is among the other major corporate holders.

The broader group remains below its aggregate acquisition cost at current bitcoin prices.

Glassnode said reclaiming $80.5K would return corporate treasuries to profit and eliminate one potential source of overhead supply. Until bitcoin moves back above that level, the corporate cost basis remains a potential ceiling.

Institutional Flow Data Sends Mixed Signals

U.S. spot bitcoin ETFs have attracted billions of dollars since early August, suggesting renewed institutional participation in the market. However, the funds remain approximately $1 billion negative on a year-to-date basis, according to SoSoValue.

The Coinbase premium has also remained mostly below zero since May, apart from a brief positive reading on Sept. 5, according to CoinGlass.

When the Coinbase premium is negative, bitcoin trades at a discount on Coinbase compared with offshore exchange Binance. The measure is commonly watched as an indication of relative U.S. spot demand, with a negative reading suggesting weaker buying pressure from U.S. investors.

Stablecoin supply provides another indication of available crypto-market liquidity. The combined supply of stablecoins has remained largely between $300 billion and $310 billion throughout the year.

There has been little expansion in recent weeks despite bitcoin’s mid-August rally. The lack of growth indicates that fresh capital entering crypto through stablecoins remains limited.