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Corporate treasuries bought just 5,900 bitcoin in 3 months. Other demand signals look weak, too
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- DeepHorus
Corporate treasuries bought just 5,900 bitcoin in the past three months, a sharp slowdown from a year earlier, according to Glassnode. At a spot price near $76,400, those coins are worth about $451 million. The group's average entry price is $80,500, leaving corporate holdings underwater.
A year earlier, corporate treasuries added more than 100,000 BTC in the same period, including 89,000 coins in July 2025 alone. That month's buying was worth over $8.9 billion. The recent three-month total is less than 7% of that July figure. Glassnode said corporate treasuries were big buyers through 2025 but have stepped back.
Public companies now hold about 1.22 million BTC across 181 listed firms, according to Bitcoin Treasuries. Strategy remains dominant with roughly 845,050 BTC, while Tokyo-listed Metaplanet is among the next-largest holders. As a group, these treasuries are underwater at current prices.
Glassnode noted that a reclaim of $80,500 would put treasuries back in profit and remove one layer of overhead supply. Until then, their entry price acts as another ceiling. Other demand signals look mixed. U.S.-listed spot bitcoin ETFs have attracted billions since early August but remain about $1 billion short of turning positive year-to-date, per SoSoValue.
The Coinbase premium indicator has been mostly negative since May, aside from a brief positive move on Sept. 5, according to CoinGlass. That suggests U.S. buyers are weaker than offshore traders. Stablecoin supply has stayed flat at roughly $300 billion to $310 billion this year, even during bitcoin's mid-August surge, implying tepid fresh capital.
Overall, demand is far weaker than in 2025. Corporate treasuries are no longer aggressive buyers, ETF flows are not yet positive for the year, and stablecoin issuance is stagnant. The key level to watch is $80,500; until it is reclaimed, bitcoin may struggle to sustain rallies.
