Corporate Treasuries Pull Back on Bitcoin Buying, Slowing Demand

Corporate treasuries, once major buyers in the Bitcoin market, have significantly reduced their purchases. In the past three months, publicly traded companies added approximately 5,900 BTC to their holdings, worth around $451 million at current prices.

This slowdown raises concerns about where the next wave of corporate demand for Bitcoin will come from. A year ago, during a similar period, corporate treasuries bought more than 100,000 BTC, with July 2025 seeing an influx of 89,000 coins alone.

Nasdaq-listed Strategy (MSTR) drove most of the recent activity, acquiring 4,603 BTC in late August for $370 million at an average price of $80,318. However, despite this significant purchase, Strategy's overall holdings remain unchanged, with its cost basis sitting near $80,500 per BTC, indicating a paper loss.

The broader market picture is less positive than the headline suggests. Corporate treasuries collectively hold around 1.22 million BTC across 181 firms, but much of this stack is underwater at current prices. The Coinbase premium indicator and stablecoin supply trends also point to tepid demand from institutional and retail buyers.