Public Companies’ Bitcoin Purchases Plummet to 5-Year Low

Public companies have significantly reduced their Bitcoin purchases in recent months. According to Glassnode data, corporate treasuries added approximately 5,900 BTC (Bitcoin) in the last three months, a far cry from the over 100,000 BTC purchased in the same period last year.

The total value of these recent purchases is around $451 million, calculated at an average price of $76,400 per Bitcoin. This pales in comparison to the $8.9 billion worth of purchases made during the same period last year, when the Bitcoin price was over $100,000.

Nasdaq-listed Strategy accounted for the bulk of these recent purchases, with 4,603 BTC purchased at the end of August. However, total institutional demand has failed to match the strong pace of last year.