Corporate treasuries added just 5,900 Bitcoin in the last three months, signaling weaker demand

Publicly listed companies increased their Bitcoin holdings by roughly 5,900 BTC between June and August, a sharp slowdown from the pace seen a year earlier. The modest purchase, valued at about $451 million at current spot prices near $76,400, leaves corporate treasuries overall underwater.

Reduced corporate buying activity

Glassnode data shows that the average entry price for corporate treasuries is about $80,500 per Bitcoin, roughly 6 % above the current market level. The most active buyer in the period was Nasdaq‑listed Strategy (MSTR), which alone accounted for 4,603 of the 5,900 BTC added.

Comparison with the previous year

In the same three‑month window a year earlier, corporate treasuries accumulated more than 100,000 BTC, including an 89,000‑BTC surge in July when Bitcoin traded above $100,000. That July buying was worth over $8.9 billion, dwarfing the recent $451 million addition.

Current corporate holdings

Overall, public‑company treasuries now hold about 1.22 million BTC across 181 listed firms. Strategy remains the dominant holder with roughly 845,050 BTC, followed by Tokyo‑listed Metaplanet among the next largest stacks. At today’s price, the corporate portfolio remains underwater.

Other demand indicators

• U.S. spot Bitcoin ETFs have attracted billions since early August but are still about $1 billion short of a year‑to‑date positive net flow.
• The Coinbase premium has been largely negative since May, indicating a discount on Coinbase relative to Binance and suggesting weaker U.S. retail demand.
• Total stablecoin supply has stayed flat around $300‑$310 billion this year, implying limited fresh fiat inflows despite Bitcoin’s mid‑August rally.

Analysts note that until corporate treasuries can recover their average cost basis of $80.5 k, their holdings will continue to act as a ceiling on Bitcoin’s upside.