- Public companies added a net 5,900 BTC to their treasuries over the trailing three months, according to Glassnode
- That compares to roughly 89,000 BTC added in July 2025 alone
- Corporate treasuries remain in aggregate unrealized loss at current prices
The corporate bitcoin buying spree that defined 2025 has largely stopped. On-chain analytics firm Glassnode found that public companies added a net 5,900 BTC to their treasuries over the past three months, a steep drop from the roughly 89,000 BTC bought in July 2025 alone.
The slowdown marks a sharp reversal from the playbook that dozens of companies adopted last year, in which firms raised capital through stock or debt offerings specifically to buy bitcoin and hold it on their balance sheets. That approach worked as long as the companies’ stock traded at a premium to the value of the bitcoin they held, since it let them raise new capital and buy more bitcoin without diluting existing shareholders in real terms.
That premium has compressed sharply across most treasury companies over the past two quarters, and in several cases has disappeared entirely. Once a treasury company’s stock trades at or below the value of its underlying bitcoin holdings, the entire mechanism that made continued buying accretive breaks down, since new share issuance stops adding value per share. That appears to be the main force behind the slowdown Glassnode is now measuring.
Glassnode’s data also shows treasury holders remain in aggregate unrealized loss at current prices, meaning many of the companies that bought aggressively last year are still underwater on those purchases at today’s bitcoin price. The slowdown does not mean treasury companies are selling their existing holdings; there is no evidence in the data of net distribution back to the market. It does mean one of the demand sources that helped drive bitcoin’s rally through most of last year has largely gone quiet, leaving ETF flows and retail demand to carry more of the weight if bitcoin is going to push meaningfully higher from here.
Analysts who track the treasury company sector say a revival in buying would most likely require either a sustained rally that restores the stock-to-holdings premium many of these companies relied on, or a shift in strategy toward funding purchases from operating cash flow rather than capital raises. Some smaller treasury companies have already begun exploring the latter path, using revenue from other business lines to fund incremental bitcoin purchases rather than issuing new shares or debt, a slower but less dilutive approach that does not depend on the market continuing to value the company above the worth of its bitcoin holdings.
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