Corporate Treasuries Buy 5,900 BTC; Demand Signals Weak

Corporate treasuries bought just 5,900 bitcoin in 3 months. Other demand signals look weak, too.

Corporate bitcoin treasury demand has cooled sharply, with treasury-focused companies buying just 5,900 BTC over the past three months, according to data cited from Bitcoin Treasuries Net. The slowdown comes even as total corporate holdings remain near record levels, highlighting a shift from rapid accumulation to slower, more selective buying.

Bitcoin treasury companies—firms that hold bitcoin as a reserve asset on their balance sheet—now collectively hold 1,011,387 BTC, the data shows. That headline figure reflects the scale of corporate adoption to date, but the latest purchase pace suggests the corporate bid has weakened compared with prior periods.

The pullback is especially visible in the activity of Strategy (formerly MicroStrategy), the largest corporate holder of bitcoin and a bellwether for the broader treasury trend. An earlier CryptoQuant analysis showed Strategy’s monthly purchases fell from 134,000 BTC in November 2024 to just 3,700 BTC in August 2025.

Strategy’s current position is sizable: CryptoQuant estimates the company holds 638,985 BTC at a cost basis of $73,913 per coin, translating to more than $47 billion in assets and about $27 billion in unrealized gains. Even so, CryptoQuant said corporate holdings and transaction counts hit all-time highs in 2025 while the amount of bitcoin bought declined and monthly holdings growth “slowed sharply.”

CryptoQuant’s analyst, Otychenko, argued the overall picture looks weaker largely because Strategy’s buying has slowed more than the rest of the sector. “The appetite is still there,” Otychenko said, “it’s just that Strategy has been hit harder.”

One factor behind the shift is how public markets have been valuing Strategy’s bitcoin exposure. Otychenko said the company’s modified Net Asset Value (mNAV)—a measure of the premium investors pay for its bitcoin-linked balance sheet—fell from 3.89x in November 2024 to 1.44x, potentially limiting the company’s ability to raise capital on similarly favorable terms.

Recent disclosures still show pockets of corporate buying, but the activity has been uneven. In one week highlighted by analyst Crypto Patel, public companies bought roughly 21,237 BTC, with Strategy accounting for 21,000 BTC of that total at an average price near $70,900. Other reported moves were comparatively small, and one company—Cango Inc.—was noted as a net seller, reducing holdings by 331 BTC.

The cooling is not limited to bitcoin treasuries. Corporate demand for ether has also weakened substantially. TradingView News cited data showing corporate ETH purchases dropped 80% in three months, from 1.97 million ETH in August to 370,000 ETH in November. Bitwise warned that falling premiums and weaker buying power are pressuring the corporate-treasury model, particularly for smaller firms. The ETH treasury market has increasingly been dominated by one buyer, Bitmine, which was reported to hold over 3.7 million ETH.

Together, the figures point to a broader theme across crypto corporate treasuries: holdings remain large, but the marginal pace of new buying has slowed. That matters because the treasury trend has been a visible source of incremental demand in recent cycles, and weaker accumulation reduces one of the market’s clearer structural support signals.