Corporate Bitcoin The purchases have been reduced to a single company, and the trade that was supposed to expand the institutional base of the asset is now a concentration risk.
Strategy, the world’s largest corporate bitcoin holder, purchased approximately 45,000 BTC in the last 30 days, its fastest pace of accumulation since April 2025, according to a CryptoQuant report published this week.
All other treasury companies combined purchased approximately 1,000 BTC in the same period, a 99% decline from a high of 69,000 BTC in August last year. Its share of total purchases has plummeted to 2%, from 95% at the height of the trade.
Michael Saylor’s strategy now holds approximately 76% of all bitcoins held by treasury companies, according to data from CryptoQuant.
The numbers confirm what Galaxy Digital warned last summer. In a July report, Galaxy argued that the digital asset treasury company model was fundamentally a liquidity derivative that worked only as long as the stock traded at a premium to its underlying bitcoin holdings.
Once those premiums were compressed, the tide would reverse: lower prices would reduce net asset values, squeeze premiums out of shares, and make share issuance dilutive rather than cumulative.
That scenario has played out almost exactly as described.
In July and August 2025, the summer of DATCO, when these companies were accumulating, BTC was trading above $110,000. Now, it is trading below $70,000, according to market data from CoinDesk, as it slowly recovers from the Oct. 10 drop.
Companies that bought aggressively near the top of the cycle, including Metaplanet and Nakamoto Holdings, had average costs above $107,000 in December, according to Galaxy analysis, putting them deeply below current prices.
Strategy has chosen to isolate itself and in December revealed a cash reserve of $1.44 billion with the aim of eventually increasing it to a point that covers 24 months of dividend and interest obligations.
That defensive posture has not stopped their purchases. But CryptoQuant data makes it clear that no other companies are keeping up, and most have stopped trying.
The result is a much more concentrated demand profile than was promised to the market.
At Bitcoin Asia in Hong Kong last summer, treasury firms pitched themselves as a scalable new class of corporate buyers that could absorb bitcoin supply and overcome passive exposure.
For now, that vision has been reduced to a single balance sheet.
