Corporate bitcoin demand is narrowing sharply around one buyer. A CryptoQuant report published this week said Strategy purchased roughly 45,000 BTC over the past 30 days, marking its fastest accumulation pace since April 2025.
All other treasury companies combined bought only about 1,000 BTC during the same stretch. That is a 99% drop from the peak of 69,000 BTC recorded in August last year, and their share of total purchases has fallen from 95% at the height of the trade to just 2%. CryptoQuant data also shows that Strategy now controls about 76% of all bitcoin held by treasury companies.
Galaxy’s warning from last summer is now visible in the data
The figures line up with a warning Galaxy Digital made in a July report last year. Galaxy argued that the digital asset treasury company model functioned like a liquidity derivative, viable only while those companies’ shares traded at a premium to the bitcoin sitting on their balance sheets.
If that premium compressed, the mechanism would reverse. Lower equity prices would reduce net asset values, wipe out the premium, and turn share issuance from accretive to dilutive. The current setup, as described in the report, has unfolded in almost the same way.
Companies that bought near the top are now under pressure
During July and August 2025, when treasury firms were building positions aggressively, BTC was trading above $110,000. CoinDesk market data now shows bitcoin trading below $70,000 as it continues a gradual recovery after the October 10 crash.
Galaxy’s analysis said companies that bought heavily near the top of the cycle, including Metaplanet and Nakamoto Holdings, had average acquisition costs above $107,000 as of December. At current prices, those positions remain deeply underwater.
Strategy keeps buying while peers lose momentum
Strategy has also taken defensive steps. In December, the company disclosed a $1.44 billion cash reserve and said it aims to build that reserve to a level that can cover 24 months of dividend and interest obligations.
That has not slowed its bitcoin purchases. What stands out instead is the absence of comparable buying elsewhere: CryptoQuant’s data suggests no other firm is matching Strategy’s pace, and most have largely stopped trying.
The result is a much more concentrated corporate demand profile than the market was once sold. At Bitcoin Asia in Hong Kong last summer, treasury firms presented themselves as a scalable class of corporate buyers that could absorb bitcoin supply and outperform passive exposure. For now, that thesis has narrowed to a single balance sheet.