Business Bitcoin the purchase was limited to a single company, and the trade that was supposed to broaden the institutional base of the asset now constitutes a concentration risk.
Strategy, the world’s largest Bitcoin holding company, has purchased around 45,000 BTC over the past 30 days, its fastest pace of accumulation since April 2025, according to a CryptoQuant report released this week.
All other treasury companies combined purchased around 1,000 BTC during the same period, a 99% drop from the high of 69,000 BTC reached in August last year. Their share of total purchases has collapsed to 2%, compared to 95% at the peak of trading.
Michael Saylor’s strategy now holds about 76% of all bitcoin held by treasury companies, according to data from CryptoQuant.
The numbers confirm what Galaxy Digital warned about last summer. In a July report, Galaxy argued that the digital asset treasury company’s model was fundamentally a liquidity derivative that only worked as long as the shares traded at a premium to their underlying bitcoin holdings.
Once these premiums are compressed, the flywheel would reverse: a fall in prices would reduce net asset value, eliminate the stock premium, and make issuing stock dilutive rather than accretive.
This scenario played out almost exactly as described.
In July and August 2025, the DATCO summer, when these companies were accumulating, BTC was trading north of $110,000. According to market data from CoinDesk, it is now trading below $70,000 as it slowly recovers from the October 10 crash.
Companies that bought aggressively near the top of the cycle, including Metaplanet and Nakamoto Holdings, had average costs above $107,000 in December, according to Galaxy’s analysis, putting them deep underwater at current prices.
The strategy decided to insulate itself, revealing a $1.44 billion cash reserve in December with the aim of eventually building it up to a point to cover 24 months of dividend and interest obligations.
This defensive posture has not slowed down its purchases. But CryptoQuant’s data clearly shows that no other companies are keeping pace and most have stopped trying.
The result is a much more concentrated demand profile than the market had promised.
At Bitcoin Asia in Hong Kong last summer, treasury companies presented themselves as a new, evolving class of corporate buyers capable of absorbing Bitcoin’s supply and outperforming passive exposure.
For now, this vision has been reduced to a single assessment.
