Publicly traded companies added approximately 5,900 bitcoin over the past three months, marking a sharp decline from the prior year's pace and suggesting that corporate treasury demand—a key driver of the 2024-25 bull market—remains weak.
According to data from Glassnode, this represents a fraction of last year's activity. Nasdaq-listed MicroStrategy accounted for most of the recent buying, including a late-August purchase of 4,603 BTC. At current spot prices near $76,400, the 5,900 coins are worth roughly $451 million.
The contrast with prior-year activity is stark. During the same three-month period last year, when bitcoin traded above $100,000, corporate treasuries added more than 100,000 BTC, including 89,000 coins in July alone. That month's purchases were worth more than $8.9 billion.
Corporate Treasuries Trading at a Loss
Corporate treasuries' average purchase price stands at approximately $80,500, placing the group underwater as bitcoin trades near $76,400. Public company holdings now total about 1.22 million BTC across 181 listed firms, with MicroStrategy holding approximately 845,050 BTC as the dominant holder.
Glassnode noted that reclaiming the $80,500 level would return corporate treasuries to profitability and remove one layer of overhead supply resistance.
Mixed Signals From Other Demand Indicators
U.S.-listed spot bitcoin ETFs have attracted billions of dollars since early August, signaling a potential rebound in institutional demand. However, they remain approximately $1 billion short of turning positive on a year-to-date basis, according to SoSoValue.
The Coinbase premium indicator has remained mostly negative since May, aside from a brief move into positive territory on September 5. A negative reading indicates bitcoin is trading at a discount on Coinbase relative to offshore exchange Binance, suggesting weaker demand from U.S. buyers compared with international traders.
Total stablecoin supply, which analysts track as a proxy for fresh fiat capital entering cryptocurrency markets, has remained largely flat at $300 billion to $310 billion throughout the year. Supply has remained stagnant in recent weeks despite bitcoin's mid-August surge, indicating that new capital inflows through stablecoins remain tepid.
