Corporate Treasuries Slow Down Bitcoin Purchases Amid Unrealized Losses

Corporate treasuries have been hesitant to buy Bitcoin in recent months, with only 5,900 BTC acquired over three months. This is a significant decrease from July 2025, when companies bought 89,000 BTC.

The current average cost basis for these corporate treasuries sits at $80,500, which is approximately 6% above the current spot price. This means that most of these treasuries are still holding unrealized losses on their Bitcoin holdings.

Analysts at Glassnode note that a reclaim of $80,5K would put the treasuries back in profit and remove one layer of overhead supply, but until then, their entry is one more ceiling. This suggests that corporate treasuries may be waiting for better market conditions before making further purchases.

The trend highlights the challenges facing Bitcoin's price action, as it struggles to attract fresh buyer appetite at current prices. Glassnode attributes this lack of enthusiasm to a 'market in waiting', where investors are uncertain about BTC price strength going forward.