MarketsCorporate treasuries purchased merely 5,900 bitcoin in the last three months, indicating a significant decline in demand.
Corporate treasuries acquired only 5,900 bitcoin in three months, reflecting weak overall demand.
By Omkar Godbole17 min ago2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on
Corporate demand for BTC remains low. (Christian Mack/Unsplash)Corporate treasuries have purchased approximately 5,900 Bitcoin over the last three months, a noticeable decrease from last year’s activity.- Publicly traded companies acquired about 5,900 Bitcoin in the past three months, marking a significant decline compared to last year.
- The average purchase price for corporate treasuries stands at around $80,500, which means they are currently at a loss as Bitcoin trades close to $76,400.
Publicly traded companies appear to have little interest in Bitcoin BTC$77,392.70, indicating that a significant source of demand for the anticipated 2024–25 bull market is quite weak as the cryptocurrency seeks a sustained recovery.
These companies collectively acquired only about 5,900 BTC in the last three months, as reported by Glassnode, a stark contrast to the previous year's buying pace. Strategy MSTR$132.26·Market Closed, listed on Nasdaq, was responsible for the bulk of these purchases, including a notable acquisition of 4,603 BTC in late August.
At a spot price near $76,400, the total value of the 5,900 coins is roughly $451 million. While this is a considerable amount, it pales in comparison to the same period last year when Bitcoin was trading above $100,000.
Corporate treasuries amassed over 100,000 BTC during the same timeframe last year, including a staggering 89,000 coins in July alone. In contrast, the recent acquisition of 5,900 BTC represents less than 7% of the July 2025 total. Given that Bitcoin was priced above $100,000 at the time, that month's purchases were valued at over $8.9 billion, surpassing the market capitalization of most cryptocurrencies outside the top 15.
“Corporate treasuries were significant buyers throughout 2025, but they have now retreated,” stated Glassnode. “Their average entry point, known as the Corporate Treasury Cost Basis, is $80.5K, which is about 6% higher than the current spot price, indicating that the group is collectively at a loss.”
Recently, Bitcoin managed to surpass that price level but could not maintain its gains.
Demand from corporate treasuries remains low. (Glassnode)According to Bitcoin Treasuries, publicly traded companies now hold approximately 1.22 million BTC across 181 firms. Strategy remains the leading buyer and holder, with about 845,050 BTC. As a collective, these treasuries continue to face losses at current market prices.
“A return to $80.5K would restore profits for the treasuries and eliminate one layer of selling pressure; until that occurs, their entry price acts as a ceiling,” Glassnode added.
Mixed signals from other demand indicators
U.S.-listed spot Bitcoin ETFs have drawn billions since early August, indicating a revival in institutional interest in the cryptocurrency. Nevertheless, they still fall about $1 billion short of achieving a positive year-to-date performance, according to SoSoValue data.
The Coinbase premium indicator has remained largely negative since May, with a brief positive spike on September 5, based on CoinGlass data. A negative reading implies that Bitcoin is trading at a lower price on Coinbase compared to offshore exchange Binance, suggesting that U.S. buyers are exhibiting weaker demand than their international counterparts.
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Crypto Daybook Americas - The latest moves in crypto markets, in contextMarket analysis for crypto traders and investors.PreviewSign upBy signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policyIn addition, the total supply of stablecoins, which analysts monitor as a gauge of new fiat capital entering the crypto market, has remained relatively stable at around $300 billion to $310 billion this year. The supply has also stagnated recently, even as Bitcoin experienced a surge in mid-August, indicating that new capital entering the market through stablecoins is at best lukewarm.
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