Bitcoin corporate treasuries add just 5,900 BTC in three months amid unrealized losses

Corporate treasuries have slowed Bitcoin purchases dramatically, adding only about 5,900 BTC over the past three months—a fraction of the pace seen in mid‑2025.

Purchase volume drops sharply

On‑chain analytics from Glassnode show that listed companies bought roughly 5,900 BTC in 2026, less than 7% of the 89,000 BTC purchased in July 2025 when Bitcoin was trading above $100,000.

Unrealized losses persist

The average cost basis for corporate treasuries sits at $80,500 per BTC, about 6% above the current spot price, leaving the group collectively underwater.

Only two attempts to push the price back to the cost basis have occurred in 2026, and both failed as Bitcoin could not sustain levels above $80,500.

Major holder activity

Strategy, the firm with the largest Bitcoin treasury, made its most recent purchase at the end of August, adding 4,603 BTC. Its total holdings of 845,050 BTC now have an average cost basis of $75,412.

Capital inflows stall

Fresh investor capital has dried up. US spot Bitcoin ETFs recorded net outflows of $462.7 million over the five trading days ending September 11, reversing three weeks of net inflows.

Glassnode describes the market as “waiting,” noting that Bitcoin’s realized cap has begun to decline, indicating reduced buying pressure at current price levels.

Macro backdrop

The Federal Reserve’s first interest‑rate hike since July 2023 signals a tightening cycle that traditionally pressures crypto liquidity.