Bitcoin treasury holdings are at record highs, but average purchase sizes have collapsed, signaling weaker institutional appetite.
CryptoQuant data shows treasuries now hold 840,000 BTC, led by Strategy with 637,000 BTC. Yet average transaction sizes have fallen 86% from early 2025 peaks—Strategy averaged just 1,200 BTC per deal in August, while peers averaged 343 BTC.
Transaction counts remain strong, but the amount of BTC acquired has shrunk sharply. Strategy bought only 3,700 BTC in August versus 134,000 BTC last year, while other firms dropped to 14,800 BTC from 66,000 BTC.
Analysts warn that more cautious buying could undermine price sustainability, given treasury activity drove much of bitcoin’s second-quarter rally. Still, growth continues, with 28 new treasury firms launched this summer, and Taiwan’s Sora Ventures preparing a $1 billion fund to seed Asia-based treasuries.
