Bitcoin treasury companies remain active, but shrinking deal sizes highlight institutional caution—just as Asia steps up with new capital.
Treasury holdings climbed to 840,000 BTC this year, led by Strategy with 637,000 BTC, CryptoQuant reports. Yet the average deal size plunged by 86% from early 2025 highs, with Strategy buying only 1,200 BTC per transaction in August and peers averaging 343 BTC.
Despite elevated transaction counts, total monthly acquisitions have fallen sharply—3,700 BTC for Strategy in August compared with 134,000 BTC last year, and 14,800 BTC for others versus 66,000 BTC at their peak.
The pullback matters because treasury accumulation previously drove bitcoin’s price higher, creating a severe demand-supply imbalance. Softer buying now poses a risk to price momentum.
Still, new entrants are reshaping the landscape. Bitwise reports 28 new treasury firms launched in July–August, while Taiwan’s Sora Ventures has rolled out a $1 billion fund—beginning with $200 million—to back regional treasuries. Unlike Metaplanet, Asia’s largest public holder with 20,000 BTC, Sora plans to distribute capital across multiple companies.
