Corporate Bitcoin Treasuries Lose Momentum Amid Paper Losses
Corporate Bitcoin treasuries have lost momentum in recent months, according to new on-chain analysis by Glassnode. The data shows that listed companies added only around 5,900 BTC to their treasuries between July and September this year.
This is a significant decrease from the peak buying activity seen in mid-2025, when companies accumulated approximately 89,000 BTC while the price of Bitcoin was above $100,000. The current slowdown in corporate purchases means that treasuries are not acting as active demand drivers, but rather as overhead supply.
The blended cost basis for existing corporate holdings remains above current spot levels, with an average cost basis of around $80.5K. This means that many companies are still trading at a loss, which has led to a decrease in buying activity.
ETF flows have also turned negative again, with US spot Bitcoin ETFs recording net outflows of $462.7 million over the past five trading days. Glassnode frames this as a 'market in waiting,' where demand is not being expressed aggressively at current levels.