Corporate Treasuries Ditch Bitcoin Amid Bear Market Uncertainty

Corporate treasuries have significantly reduced their purchases of Bitcoin in recent months. According to data from Glassnode, these companies bought just 5,900 BTC over the past three months, a fraction of the 89,000 BTC they purchased in July 2025 when the price was above $100,000.

The average cost basis for corporate treasuries is currently $80,500, which is about 6% above the current spot price. This means that these companies are holding unrealized losses on their Bitcoin holdings. Glassnode notes that a reclaim of this cost basis would be necessary to put them back in profit and remove one layer of overhead supply.

Strategy, the world's largest Bitcoin treasury holder, made its most recent purchase at the end of August, adding 4,603 BTC to its holdings. The company's cost basis for its 845,050 BTC is currently $75,412.

The trend highlights changes in sentiment that have accompanied Bitcoin's ongoing bear market. Glassnode attributes the lack of fresh buyer appetite to a 'market in waiting', which is characterized by low capital inflows and a lack of price strength. The US Federal Reserve's recent interest-rate hike has also contributed to this trend.