CoinDesk
Publicly listed companies added only about 5,900 BTC over the past three months, a sharp slowdown from more than 100,000 BTC during the comparable period last year. At a Bitcoin price near $76,400, the recent purchases are worth roughly $451 million. Their average entry price is about $80,500, leaving the group underwater.
Why it matters
Corporate treasuries were a major Bitcoin buyer through 2025, but that demand has faded. The latest three-month total amounts to less than 7% of the 89,000 BTC companies added in July 2025 alone, when that buying was worth more than $8.9 billion.
Public companies still hold about 1.22 million BTC across 181 listed firms. Strategy remains the dominant holder with about 845,050 BTC, while Tokyo-listed Metaplanet is among the next-largest corporate stacks. The scale of those holdings means treasury buying and selling can influence available market supply.
Market impact
Glassnode places the corporate treasury cost basis at $80,500, about 6% above spot. Bitcoin recently topped that level but failed to hold the gain. A sustained reclaim would return treasuries to profit and remove one layer of overhead supply. Until then, the level remains a potential ceiling.
Other demand indicators are also mixed. U.S.-listed spot Bitcoin ETFs have attracted billions of dollars since early August but remain roughly $1 billion short of positive year-to-date flows. The Coinbase premium has stayed mostly negative since May, while stablecoin supply has remained broadly flat near $300 billion to $310 billion. Together, the signals point to weaker fresh demand despite Bitcoin’s mid-August rally.
Frequently asked questions
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How much Bitcoin did public companies buy in the past three months?
Publicly listed companies added about 5,900 BTC over the past three months.
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How does recent corporate Bitcoin buying compare with last year?
The latest 5,900 BTC total is less than 7% of the 89,000 BTC companies added in July 2025 and far below the more than 100,000 BTC added during the comparable period last year.
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At what price would corporate Bitcoin treasuries return to profit?
Glassnode places the average corporate treasury cost basis at about $80,500. A sustained Bitcoin move above that level would return the group to profit.
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How much Bitcoin do public companies hold?
Public companies hold about 1.22 million BTC across 181 listed firms. Strategy accounts for about 845,050 BTC.
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What other indicators point to weaker Bitcoin demand?
U.S. spot Bitcoin ETFs remain roughly $1 billion short of positive year-to-date flows, the Coinbase premium is mostly negative, and stablecoin supply is flat near $300 billion to $310 billion.
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