Bitcoin Corporate Treasuries Slow Buying to Just 5,900 BTC in Three Months

Corporate Bitcoin treasuries have sharply pulled back on purchases, adding just 5,900 BTC over the past three months as most existing holders remain stuck with unrealized losses, according to new onchain research.

Buying Activity Collapses From 2025 Peaks

Data shows the latest three month total is a fraction of what companies bought during a single month last year, when firms scooped up 89,000 BTC in July 2025 alone while Bitcoin traded above $100,000. The slowdown comes as most corporate treasuries remain underwater on their holdings.

Glassnode noted the group’s average entry price, referred to as the Corporate Treasury Cost Basis, sits around $80,500, roughly 6% above current spot price, meaning the sector as a whole is sitting on paper losses. Two separate attempts this year to push price back above that cost basis both failed. Glassnode argued that a buyer who has stopped buying and is nursing a loss no longer acts as meaningful support, and that reclaiming $80,500 would need to happen before that overhead supply clears.

Strategy, which holds the largest corporate Bitcoin treasury in the world, made its most recent purchase at the end of August, adding 4,603 BTC in its first acquisition in two months. The cost basis on its full 845,050 BTC holding currently stands at $75,412.

Broader Signs of a “Market in Waiting”

The pullback reflects a wider shift in sentiment during Bitcoin’s ongoing bear market, compounded by this week’s Fed rate hike, its first since July 2023, which typically weighs on crypto liquidity.

US spot Bitcoin ETFs also saw $462.7 million in net outflows over five trading days through September 11, breaking a streak of three consecutive weeks of inflows.