Strategy Becomes the Market's Main Corporate Bitcoin Buyer as Treasury Demand Dries Up
Corporate demand for bitcoin is increasingly coming from one balance sheet, turning what was touted as a broadening of institutional participation into a growing concentration risk.
Strategy, the world's largest corporate bitcoin holder, bought about 45,000 BTC over the past 30 days, its fastest accumulation pace since April 2025, according to a CryptoQuant report published this week. Over the same period, all other treasury companies combined purchased roughly 1,000 BTC, a 99% drop from the August peak of 69,000 BTC last year. Their share of total buying has fallen to 2% from 95% at the trade's high.
CryptoQuant data shows Strategy now controls around 76% of all bitcoin held by treasury companies, echoing warnings Galaxy Digital issued last summer. In a July report, Galaxy said the digital asset treasury company model functioned as a liquidity derivative that depended on equities trading at a premium to the value of the underlying bitcoin. Once that premium compresses, the mechanism flips: falling prices reduce net asset value, erase the equity premium and turn share issuance from accretive to dilutive.
That dynamic has largely played out. During July and August 2025—the "DATCO summer" when these firms were accumulating—BTC traded above $110,000. It now sits below $70,000, according to CoinDesk market data, as it continues to recover from the Oct. 10 crash.
Galaxy's analysis found that companies that bought heavily near the cycle top, including Metaplanet and Nakamoto Holdings, had average costs above $107,000 as of December, leaving them deeply underwater at current prices.
Strategy has taken steps to bolster its position, disclosing in December a $1.44 billion cash reserve aimed at eventually covering 24 months of dividend and interest obligations. The defensive stance has not curtailed its buying. CryptoQuant's figures suggest few peers are keeping up, and most have effectively stepped aside.
The outcome is a much more concentrated demand profile than the market was pitched. At Bitcoin Asia in Hong Kong last summer, treasury firms promoted themselves as a scalable new class of corporate buyers that could absorb bitcoin supply and beat passive exposure. For now, that narrative has narrowed to a single buyer.
