Public companies bought only about 5,900 BTC over the past three months, a sharp slowdown in corporate treasury demand for bitcoin. Glassnode said the group’s average purchase price is around $80,500, while bitcoin is trading near $76,400, leaving corporate treasuries as a whole under water at current levels.
Public-company buying has slowed sharply
According to Glassnode, publicly listed companies added just 5,900 BTC in the last three months, only a fraction of the pace seen a year earlier. Nasdaq-listed Strategy accounted for most of that demand, including a purchase of 4,603 BTC in late August.
At a spot price near $76,400, those 5,900 coins are worth roughly $451 million. That is still a meaningful amount, but it is small next to the same stretch a year ago, when bitcoin was trading above $100,000. During that earlier period, corporate treasuries added more than 100,000 BTC, including 89,000 BTC in July alone.
On that comparison, the recent 5,900-BTC increase comes to less than 7% of the July 2025 total. With bitcoin above $100,000 at the time, that month’s buying was worth more than $8.9 billion, larger than the market capitalization of most cryptocurrencies outside the top 15.
Glassnode said, 「Corporate treasuries were a big buyer through 2025, and they have stepped back. 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.」
Strategy remains the dominant holder
Data from Bitcoin Treasuries now shows public-company holdings at about 1.22 million BTC across 181 listed firms. Strategy remains the largest buyer and holder by a wide margin, with about 845,050 BTC. Tokyo-listed Metaplanet is also among the larger corporate holders.
At current prices, the corporate treasury cohort remains under water as a group. Glassnode added, 「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.」 Bitcoin recently moved above that level but failed to hold the gain.
Other demand indicators show a mixed picture
Outside corporate treasury buying, other demand signals are also uneven. U.S.-listed spot bitcoin ETFs have attracted billions of dollars since early August, pointing to a rebound in institutional demand. Even so, SoSoValue data shows those ETFs are still roughly $1 billion short of turning positive on a year-to-date basis.
CoinGlass data shows the Coinbase premium indicator has stayed mostly negative since May, aside from a brief move into positive territory on Sept. 5. A negative reading means bitcoin is trading at a discount on Coinbase relative to offshore exchange Binance, which suggests weaker demand from U.S. buyers than from traders elsewhere.
Total stablecoin supply has also offered little sign of stronger inflows. Analysts often track stablecoin supply as a proxy for new fiat capital entering the crypto market, and that total has remained largely flat at around $300 billion to $310 billion this year. Supply has also been stagnant in recent weeks even as bitcoin surged in mid-August.
That leaves the stablecoin channel pointing to only limited fresh capital entering the market for now.