Publicly traded companies have scaled back their Bitcoin acquisitions over the past three months, adding only around 5,900 BTC in total and marking a notable slowdown in corporate demand for the cryptocurrency. This drop comes as Bitcoin has struggled to maintain momentum above key levels in recent weeks.
Corporate buying pace falls sharply
Data from blockchain analytics firm Glassnode indicates that public companies’ recent Bitcoin purchases represent a fraction of last year’s activity. In the same three-month period a year ago, these firms had accumulated over 100,000 BTC, with July 2025 alone accounting for about 89,000 BTC.
Strategy led the latest round of accumulation, purchasing 4,603 BTC in late August. With Bitcoin trading around $76,400 at that time, the total value of recent corporate acquisitions reached approximately $451 million.
On average, public companies hold Bitcoin at an entry price close to $80,500, according to Glassnode, which places their collective positions around 6% under water at current market prices.
After briefly pushing higher, Bitcoin retreated below $80,500. If Bitcoin were to reclaim and sustain above this average cost basis, Glassnode suggested that corporate treasuries would return to profit, potentially easing pressure on these firms to sell at a loss.
Strategy holds largest share of corporate Bitcoin
Public-company Bitcoin treasury holdings now stand near 1.22 million BTC, based on Bitcoin Treasuries data across 181 listed firms. Strategy remains the single largest holder in this segment, maintaining about 845,050 BTC in its portfolio.
Tokyo-based Metaplanet is also among the largest corporate holders, though current accumulation trends are concentrated among a limited number of major players rather than broadly distributed across the sector.
Even as Strategy maintained its stash of 845,050 BTC for a second consecutive week, the firm allocated $139.3 million to buy back STRC preferred stock between September 8 and September 13, marking a shift from new Bitcoin purchases.
Broader demand signals remain mixed
Spot Bitcoin ETFs in the US have drawn billions of dollars in inflows since early August, though SoSoValue data shows aggregate net flows for 2026 remain nearly $1 billion below break-even.
The Coinbase premium—a pricing measure comparing Bitcoin prices on the US-based exchange to global averages—has stayed mostly negative since May. Bitcoin has often traded at a discount on Coinbase compared to Binance, suggesting subdued demand from US-based buyers.
Meanwhile, the overall supply of stablecoins has hovered between $300 billion and $310 billion throughout this year. The sideways movement during Bitcoin’s mid-August rally points to a lack of fresh capital entering crypto markets via stablecoins, limiting market-wide liquidity growth.
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