Public companies added only about 5,900 bitcoin over the past three months, pointing to weaker corporate demand as BTC attempts to establish a sustained recovery.
Corporate treasuries have shown limited willingness to expand their bitcoin holdings, removing an important source of buying that contributed to the 2024–25 market rally.
Glassnode data shows publicly listed companies purchased roughly 5,900 BTC during the latest three-month period, far below the amount accumulated during the same period last year. Strategy accounted for much of the recent activity, including its acquisition of 4,603 BTC toward the end of August.
At a bitcoin price near $76,400, the 5,900 BTC purchased over the period would be worth approximately $451 million. Although substantial, that figure is modest compared with corporate buying a year earlier, when bitcoin was trading above $100,000.
Corporate treasuries accumulated more than 100,000 BTC during that earlier period, with about 89,000 BTC purchased in July alone. The latest three-month total is less than 7% of the July 2025 figure. At bitcoin prices above $100,000, the July purchases were valued at more than $8.9 billion.
Glassnode said corporate treasuries had been major bitcoin buyers during 2025 but have since reduced their activity. The group’s average purchase price, known as the Corporate Treasury Cost Basis, is around $80.5K, roughly 6% above the current spot price, leaving corporate holders collectively below their average entry.
Bitcoin recently traded above $80.5K but failed to maintain that level.
Data from Bitcoin Treasuries shows that 181 publicly listed companies now hold about 1.22 million BTC. Strategy remains the largest holder, with approximately 845,050 BTC, while Tokyo-listed Metaplanet is among the other companies with large bitcoin positions.
At current prices, corporate treasuries collectively remain below their average acquisition costs.
Glassnode said a sustained move back above $80.5K would return the group to profitability and remove one potential source of selling pressure. Until then, the level could continue to act as resistance.
Bitcoin ETF Flows Offer a Mixed Signal
U.S.-listed spot bitcoin ETFs have attracted billions of dollars since early August, indicating renewed institutional participation. Despite those inflows, the funds remain roughly $1 billion below a positive year-to-date flow balance, according to SoSoValue.
The Coinbase premium has also mostly stayed below zero since May, with only a short-lived move into positive territory on Sept. 5, CoinGlass data shows. A negative premium means bitcoin is priced lower on Coinbase than on offshore exchange Binance and can indicate comparatively weaker demand from U.S. buyers.
Stablecoin liquidity offers another measure of fresh capital entering crypto. Total stablecoin supply has remained largely flat between $300 billion and $310 billion this year, according to the data cited.
Supply has also shown little growth in recent weeks, even as bitcoin rallied during mid-August. The lack of expansion suggests that new liquidity entering the market through stablecoins remains relatively subdued.
