Corporate bitcoin the purchase has been narrowed down to a single company, and the trade that was supposed to expand the asset’s institutional base is now a concentration risk.
Strategy, the largest corporate bitcoin holder in the world, bought about 45,000 BTC over the past 30 days, its fastest pace of accumulation since April 2025, according to a CryptoQuant report published this week.
Every other treasury company together bought approximately 1,000 BTC during the same period, down 99% from a peak of 69,000 BTC last August. Their share of total purchases has collapsed to 2%, from 95% at the height of the trade.
Michael Saylor’s strategy now holds about 76% of all bitcoin held by state corporations, according to CryptoQuant data.
The numbers confirm what Galaxy Digital warned about last summer. In a July report, Galaxy argued that the digital form of financial business was basically a liquidity derivative that only worked as long as shares traded at a premium to their underlying bitcoin holdings.
Once those premiums were compressed, the flywheel would reverse: lower prices would shrink net asset values, squeeze out the equity premium, and make equity issuance dilutive rather than accretive.
That scenario played out almost exactly as described.
In July and August 2025, the DATCO summer when these companies accumulated, BTC was trading north of $110,000. It now trades below $70,000, according to CoinDesk market data, as it slowly recovers from the Oct. 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 has moved to insulate itself, revealing in December a cash reserve of $1.44 billion with the goal of eventually building this to a point that covers 24 months of dividend and interest obligations.
The defensive stance has not slowed its buying. But the CryptoQuant data makes it clear that no other company is keeping up, and most have stopped trying.
The result is a far more concentrated demand profile than the market was promised.
At Bitcoin Asia in Hong Kong last summer, financial firms pitched themselves as a scalable new class of corporate buyers that could absorb bitcoin supply and surpass passive exposure.
For now, that vision has narrowed down to a single balance.
