TLDR
- Public companies added only about 5,900 BTC over the past three months, far below last year’s buying pace.
- Strategy accounted for most recent purchases, including a late-August acquisition of 4,603 BTC.
- Corporate treasuries hold about 1.22 million BTC, with their average cost basis near $80,500.
- Bitcoin remains below that average entry price, leaving many corporate holdings underwater at current levels.
- ETF inflows have improved, but negative Coinbase premiums and flat stablecoin supply point to mixed broader demand.
Publicly listed companies have slowed their Bitcoin purchases, leaving corporate treasuries as a weaker source of demand during the latest market rebound. Glassnode data shows these firms added only about 5,900 BTC during the past three months.
Strategy accounted for most of the buying, including 4,603 BTC purchased in late August. At a Bitcoin price near $76,400, the total three-month accumulation equals roughly $451 million.
Corporate Treasuries Cut Bitcoin Buying
The latest pace stands far below levels recorded one year earlier. Public companies added more than 100,000 BTC over the comparable period, including about 89,000 BTC in July 2025 alone.
Glassnode said the group’s average Bitcoin entry price sits near $80,500. That level remains around 6% above spot prices, leaving the group below its average cost basis at current market levels.
Bitcoin recently moved above $80,500 but failed to hold the level. Glassnode said another move above that price would return the group to profit and reduce selling pressure around its average entry zone.
Strategy Still Dominates Company Holdings
Bitcoin Treasuries data places public-company holdings near 1.22 million BTC across 181 listed firms. Strategy controls about 845,050 BTC, making it the largest listed corporate Bitcoin holder by a wide margin.
Tokyo-listed Metaplanet also ranks among the larger holders. However, recent buying remains concentrated among a small number of companies rather than spread widely across listed firms.
A recent report on Strategy’s Bitcoin purchase pause showed that the company kept its holdings unchanged at 845,050 BTC for a second straight week. Strategy instead spent $139.3 million buying back STRC preferred stock between September 8 and September 13.
Other Bitcoin Demand Signals Stay Mixed
U.S. spot Bitcoin ETFs have attracted billions of dollars since early August. Even so, SoSoValue data shows the funds remain about $1 billion short of positive net flows for 2026.
CoinGlass data also shows the Coinbase premium has stayed mostly negative since May. Bitcoin therefore trades at a discount on Coinbase compared with Binance, pointing to softer U.S. buying activity.
Stablecoin supply has also stayed near $300 billion to $310 billion this year. The total changed little during Bitcoin’s mid-August rally, showing limited fresh capital entering crypto markets through stablecoins. That pattern keeps broader market liquidity growth relatively subdued.
The post Corporate Treasuries Retreat as Bitcoin Tests $80K appeared first on Blockonomi.
