Corporate Bitcoin Buying Dwindles, Strategy Leads the Pack
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In a significant shift within the corporate Bitcoin landscape, data suggests a dramatic decline in buying activity among public companies. Currently, a staggering $100 billion investment in Bitcoin has seen a sharp downturn, primarily due to a sharp reduction in participation from other firms aside from Strategy, formerly known as MicroStrategy.
Recent figures from CryptoQuant reveal that Strategy acquired roughly 45,000 Bitcoin in just the past month, marking their largest monthly acquisition since April 2025. In stark contrast, all other treasury firms combined only managed to buy around 1,000 Bitcoin during the same timeframe. This represents a 99% drop from the peak activity seen in August 2025, when these companies collectively purchased 69,000 Bitcoin.
The overwhelming dominance of Strategy in this space is evident, as they now represent approximately 98% of all Bitcoin purchased by treasury firms over the past month. This marks a substantial shift from last October when firms other than Strategy accounted for about 95% of net purchases.
Furthermore, the number of participating companies has dwindled significantly. In the last month alone, only 13 Bitcoin purchases were made by treasury firms excluding Strategy, a decrease of 76% compared to the 54 purchases recorded in August 2025. Strategy has consistently maintained its pace with four to five purchases each month, emphasizing their strong commitment to Bitcoin accumulation.
This diminishing activity indicates a broader trend of weakening demand, both in volume and number of active buyers. Over the course of this year, while Strategy’s Bitcoin holdings have surged by around 90,000 coins, other companies collectively added a mere 4,000 Bitcoin. As a result, their share of total corporate Bitcoin holdings has dipped from 26% in November 2025 to 24%, whereas Strategy continues to increase its stake.
As the corporate treasury model gained traction last year, fueled by rising Bitcoin prices, many companies reaped benefits by utilizing shares to secure more capital for further Bitcoin purchases. However, the landscape has altered dramatically as Bitcoin’s price has plummeted from an all-time high of $126,000 in October to approximately $70,000, severely impacting their market strategies.
This price drop has led to a decline in the net asset value of corporate holdings, creating a challenging environment for firms reliant on favorable stock issuance terms to expand their Bitcoin positions. The lack of equity premiums has restricted their growth potential, causing treasury-company equities to suffer significantly, with many shares losing value compared to Bitcoin itself.
In light of the current market conditions, signs of distress are becoming increasingly apparent within the sector. Instances such as GD Culture, which recently decided to sell its 7,500 Bitcoin holdings to bolster its stock price, highlight the challenges faced by many firms.
As the corporate Bitcoin investment landscape becomes more selective, analysts have noted that companies with robust balance sheets and better access to capital are more likely to withstand the pressures of a stagnant or declining market. The focus is shifting towards sustainability and careful financial management, with some firms actively utilizing preferred stock to fund new Bitcoin purchases.
Ultimately, the future of corporate Bitcoin investment seems to be in a transformative phase. With Strategy standing out as the leading buyer amidst a backdrop of decreased interest from other firms, it remains to be seen how the remaining treasury companies will adapt to this evolving market scenario.
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