Publicly listed companies purchased only about 5,900 BTC over the past three months, highlighting a sharp slowdown in corporate demand as bitcoin works to extend its recovery.
Corporate treasury buying was an important source of demand during the 2024–25 bull market, but recent purchases suggest that companies are currently adding bitcoin at a much slower pace.
Glassnode estimates that listed firms accumulated roughly 5,900 BTC during the latest three-month period. Strategy made up the largest portion of those purchases, including its acquisition of 4,603 BTC in late August.
Based on a bitcoin price of around $76,400, the newly acquired coins are worth approximately $451 million. That figure is relatively small compared with corporate accumulation during the corresponding period a year earlier, when bitcoin traded above $100,000.
Corporate treasuries bought more than 100,000 BTC during that earlier period, including about 89,000 BTC in July alone. The latest 5,900-BTC total represents less than 7% of the July 2025 purchases. At prices above $100,000, the July accumulation was worth more than $8.9 billion.
Glassnode said corporate treasuries were major bitcoin buyers throughout 2025 but have since pulled back. Their average acquisition level, measured by the Corporate Treasury Cost Basis, is approximately $80.5K, about 6% above spot prices, meaning the group is collectively below its average purchase price.
Bitcoin recently climbed above $80.5K but failed to hold the level.
Bitcoin Treasuries data shows that 181 listed companies collectively hold approximately 1.22 million BTC. Strategy accounts for about 845,050 BTC, making it the largest corporate holder, while Tokyo-listed Metaplanet is among the next-largest holders.
At current market prices, the broader group of corporate treasuries remains below its aggregate cost basis.
Glassnode said bitcoin would need to regain $80.5K to bring corporate holdings back into profit and remove that level as a potential source of overhead supply.
Institutional Demand Shows Uneven Signals
Spot bitcoin ETFs listed in the U.S. have attracted billions of dollars since early August, providing evidence of renewed institutional buying. Even so, their combined net flows remain roughly $1 billion negative for the year, according to SoSoValue.
Another demand measure, the Coinbase premium, has stayed mostly negative since May. CoinGlass data shows the indicator briefly turned positive on Sept. 5 before returning below zero.
A negative Coinbase premium means bitcoin is trading at a discount on Coinbase compared with offshore exchange Binance. The measure is often used as an indication that U.S. spot demand is weaker than demand in offshore markets.
Stablecoin supply is also showing limited expansion. Analysts often track the amount of stablecoins in circulation as an indicator of potential new fiat liquidity entering crypto. Total supply has remained broadly within the $300 billion-$310 billion range this year.
Stablecoin supply has remained flat in recent weeks despite bitcoin’s mid-August surge, indicating that fresh capital entering the market through stablecoins has yet to accelerate significantly.
