Corporate Bitcoin Purchases Shift Dynamics
A recent report from CryptoQuant highlights a significant trend in Bitcoin purchasing among corporate entities, specifically pointing to one company that has become the focal point of this activity. What began as an effort to broaden the institutional adoption of Bitcoin appears to have evolved into a notable concentration risk.
According to the CryptoQuant report released this week, Strategy, recognized as the leading corporate holder of Bitcoin worldwide, has amassed around 45,000 BTC within the last month. This surge marks the quickest accumulation pace since April 2025.
In stark contrast, other treasury firms collectively bought only about 1,000 BTC during the same timeframe. This represents a staggering 99% drop from the peak of 69,000 BTC recorded in August of last year. As a result, their share of total purchases has plunged from 95% to just 2%.
Data from CryptoQuant indicates that Michael Saylor’s firm now holds roughly 76% of all Bitcoin owned by treasury companies.
The figures lend weight to concerns voiced by Galaxy Digital in a report last summer. They pointed out that the treasury firm’s business model resembles a liquidity derivative, functioning effectively only while its shares trade at a premium to the actual Bitcoin they hold.
Once those premiums diminish, the situation can flip. Falling prices can compress net asset values, eroding equity premiums and leading to a dilution of equity issuance instead of an increase.
This scenario has effectively unfolded as warned. In July and August 2025, during a booming market, Bitcoin was trading above $110,000. After a sharp decline on October 10, it has managed to bounce back somewhat, currently hovering below $70,000, per market data from CoinDesk.
Galaxy’s analysis shows that companies like Metaplanet and Nakamoto Holdings, which had aggressively acquired Bitcoin near the market peak, had an average purchase price exceeding $107,000 by December, which feels enormous considering today’s much lower price levels.
Interestingly, the strategy within these firms seems to be shifting toward self-containment; they’ve revealed $1.44 billion in cash reserves as of December, aiming to accumulate enough to cover 24 months’ worth of dividend and interest obligations.
Despite this defensive posture, purchasing momentum hasn’t waned. However, CryptoQuant reveals that other companies have largely stalled in their acquisition efforts, which has resulted in a more concentrated demand profile than the broader market had initially suggested.
At last summer’s Bitcoin Asia event in Hong Kong, treasury firms had presented themselves as a fresh, scalable group of corporate buyers capable of absorbing Bitcoin supply and exceeding passive market exposure. For now, though, that ambitious vision seems distilled into the assets of a single balance sheet.
