Publicly traded companies have histrionically scaled back their Bitcoin purchases, acquiring only around 5,900 BTC across the past three months, according to blockchain analytics firm Glassnode. That figure represents a prominent drop from the pace seen a year earlier, when corporate treasuries were among the strongest sources of demand fueling the 2024–25 bull run.
Most of the recent buying came from a single player: Nasdaq-listed Strategy, the software company turned Bitcoin treasury vehicle, which shattered up 4,603 BTC in late August alone. With Bitcoin hovering near $76,400, those 5,900 coins carry a value of incompletely $451 million, a respectable sum in quarantine, but modest against the backdrop of what corporations were buying twelve months ago.
Last Year’s Pace Dwarfs Today’s Corporate Appetite
The contrast becomes sharper when you look at the equal window last year. During that stretch, corporate treasuries raised up more than 100,000 BTC, with July 2025 alone accounting for 89,000 coins. The recent three-month pull amounts to under 7% of what companies bought in that single month. And because Bitcoin was trading above $100,000 back then, July’s buying binge carried a price tag exceeding $8.9 billion, more than the entire market capitalization of most cryptocurrencies sitting outside the top 15.
Treasuries Sit Underwater At $80,500 Cost Basis
Glassnode summed up the shift plainly, noting that corporate treasuries were aggressive buyers throughout 2025 but have since pulled back considerably. The firm pegs the group’s Corporate Treasury Cost Basis, fundamentally their collective average entry price, at roughly $80,500, sitting about 6% above where Bitcoin currently trades. In other words, corporate holders as a whole are underwater on their positions. Bitcoin did briefly climb above that inception recently but couldn’t hold the gains.
ICYMI: Listed companies added just 5.9K $BTC over three months, versus 89K in July 2025 alone.
With spot just below their $80.5K average cost basis, corporate buyers face modest unrealized losses while providing little fresh demand.
This week’s analysis:
https://t.co/av9yaWA4nd https://t.co/uAA7lqJZes— glassnode (@glassnode) September 17, 2026
According to data from Bitcoin Treasuries, public companies cooperatively hold around 1.22 million BTC spread across 181 listed firms. Strategy remains far and away the dominant holder with approximately 845,050 BTC on its books, while Tokyo-listed Metaplanet ranks among the next largest corporate stacks. Glassnode added that reclaiming the $80,500 level would flip these treasuries back into profit and clear away one layer of overhead supply, but until that happens, their average entry point efficiently functions as another price ceiling.
Other Demand Indicators Paint A Mixed Picture
Corporate buying isn’t the only demand signal flashing yellow. U.S.-listed spot Bitcoin ETFs have pulled in billions of dollars since early August, which does point toward renewed institutional enthusiasm, yet they still sit roughly $1 billion short of turning positive for the year to date, based on figures from SoSoValue.
The Coinbase premium indicator tells a similar story. That metric has stayed largely in undesirable territory since May, briefly flipping positive on September 5 before slipping back, according to CoinGlass data. A negative reading means Bitcoin trades at a concession on Coinbase compared with offshore exchange Binance, which typically signals that American buyers aren’t stepping up as influentially as traders in other markets.
Then there’s stablecoin supply, which analysts often watch as a rough gauge of fresh fiat money entering crypto markets. Total supply has barely moved this year, holding in a range of roughly $300 billion to $310 billion. It stayed flat even through Bitcoin’s mid-August surge, suggesting that new capital flowing into the market via stablecoins remains tepid at best.
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