Corporate Bitcoin Buyers Slow to a Crawl as Losses Mount
Bitcoin Treasury Purchases Drop to Near-Stagnation
Bitcoin-buying corporations have largely paused their acquisitions. Over the past three months, listed companies added just 5,900 Bitcoin to their treasuries. This is a sharp slowdown from late 2025, when corporate buying was much more aggressive. The slowdown comes as current buyers are sitting on losses. The average price these companies paid for their Bitcoin is about $80,500. Since Bitcoin's price has dropped below that level, these corporate holders are currently losing money on paper.
Key Numbers
- Corporate Bitcoin purchases in the last three months: 5,900 BTC.
- Corporate Bitcoin purchases in July 2025 alone: 89,000 BTC.
- Current average cost basis for corporate treasuries: $80,500 per Bitcoin.
- Strategy (MicroStrategy), the largest corporate holder, bought 4,603 BTC in late August.
- Strategy's average cost basis is $75,412 for its 845,050 BTC holdings.
- Recent US spot Bitcoin ETF net outflows: $462.7 million over five trading days through Sept. 11.
What the Data Shows
According to onchain analytics platform Glassnode, the corporate appetite for Bitcoin has changed dramatically. In July 2025, companies bought 89,000 BTC while the price was above $100,000. In contrast, 2026 purchases have amounted to less than 7% of that single-month volume. Glassnode notes that the group of existing corporate holders is "underwater," meaning the market price is lower than what they paid. There have only been two attempts recently for the price to climb back above the $80,500 cost basis, but neither held.
Market Sentiment and Fed Action
The broader market is feeling the effects of shifting macroeconomic conditions. The US Federal Reserve recently enacted its first interest-rate hike since July 2023. Higher interest rates can reduce the amount of cash available for risky investments like cryptocurrency, creating a headwind for market liquidity. Investor appetite for Bitcoin exchange-traded funds (ETFs) — investment products that track Bitcoin's price and allow regular investors to buy shares on traditional stock exchanges — is also sensitive to short-term price swings. The recent outflows from these funds reverse a trend of three consecutive weeks of inflows.
What Is Still Unclear
It is not yet clear if corporate buyers will return to the market. Glassnode describes the current market as a "market in waiting," suggesting that fresh capital inflows have stalled. The platform also noted that Bitcoin's realized cap, a metric showing the cumulative price at which supply last moved, began to fall in mid-September, indicating a lack of new buyers at current prices.
Why This Matters
Corporate treasuries are significant players in the Bitcoin market. When they buy, they remove Bitcoin from circulation. When they stop buying or sell to cut losses, it removes a source of demand. If the price does not recover above $80,500, these corporate holders remain under water, which may discourage future purchases until the market stabilizes.