Corporate Bitcoin treasury demand has narrowed sharply. Data cited by CryptoQuant shows that over the past 30 days, Strategy bought 45,000 BTC, while every other corporate treasury company combined purchased only about 1,000 BTC. The report describes that shift as a 99% collapse in participation from everyone except Michael Saylor.
Strategy now holds 76% of corporate Bitcoin
According to CryptoQuant, Strategy now controls roughly 76% of all Bitcoin held by corporate treasury companies. In the latest 30-day buying window, the share attributed to other firms fell to just 2%. At the peak of the corporate buying wave, that figure had been 95%. CryptoQuant’s conclusion was blunt: there is no broad corporate demand at this point.
The timing matters. The article says corporate buying participation reached 69,000 BTC in August 2025, when Bitcoin was rising and the treasury narrative was gaining traction. After prices dropped, that conviction faded across much of the group.
Some treasury firms are now cutting positions
The retreat is visible in company holdings. Bitdeer Technologies reduced its Bitcoin position from 2,029 BTC to zero. Genius Group sold roughly 58% of its Bitcoin holdings to repay a Bitcoin-backed loan. Cango also sold nearly 60% of its stack.
These were not minor participants. The article notes that they were public companies that had openly adopted Bitcoin treasury strategies and bought near the top. Strategy moved the other way, accelerating accumulation during the price decline. The piece says this is the firm’s fastest pace of accumulation since April 2025.
The corporate “floor” narrative is getting thinner
Corporate buying and long-term holding had been one of the major structural arguments behind Bitcoin’s run to above $126,000 in 2025, because it implied that supply was being pulled off the market. Now that thesis rests on very few names.
Beyond Strategy, the article identifies Metaplanet as the only other company still actively expanding its Bitcoin reserves. The Tokyo-listed firm holds 35,102 BTC, making it the fourth-largest corporate Bitcoin holder. This month, Metaplanet raised $234 million through a new warrant structure specifically to buy more Bitcoin, with a stated target of 100,000 BTC by the end of 2026.
The latest figures do not show corporate treasury demand disappearing entirely. They do show a market where buying is heavily concentrated, with only a small number of companies still adding while others stay inactive or sell into the drawdown.