Corporate treasuries bought just 5,900 bitcoin in three months, Glassnode says

Companies added only about 5,900 bitcoin in three months

Publicly listed companies added only about 5,900 bitcoin over the past three months, according to data from Glassnode, a crypto data firm. Bitcoin (BTC) is the largest cryptocurrency by market value.

That is a sharp slowdown from a year earlier. Nasdaq-listed Strategy did most of the buying in the period, including a purchase of 4,603 BTC in late August, CoinDesk reported, citing Glassnode.

At a spot price near $76,400, the roughly 5,900 coins are worth about $451 million.

Key numbers from the report

• About 5,900 BTC bought by publicly listed companies over three months, according to Glassnode.
• More than 100,000 BTC were bought in the same period a year earlier, including 89,000 coins in July 2025 alone.
• The recent three-month total was less than 7% of the July 2025 figure.
• July 2025 buying was worth more than $8.9 billion, when bitcoin traded above $100,000.
• Public companies hold about 1.22 million BTC across 181 listed firms, according to Bitcoin Treasuries. Strategy holds about 845,050 BTC, and Tokyo-listed Metaplanet is among the next-largest holders.

Treasuries are below their average purchase price

Glassnode said corporate treasuries were big buyers through 2025 and have since stepped back. It put their average entry price, which it calls the Corporate Treasury Cost Basis, at $80,500. That is about 6% above the spot price near $76,400, so the group as a whole is under water, meaning its holdings are worth less than it paid.

Bitcoin rose above that average level recently but failed to hold the gains, according to the report.

Glassnode said a move back above $80,500 would return the treasuries to profit and remove one layer of overhead supply, meaning coins that could be sold near that price. Until then, it said, the average entry price acts as another ceiling.

ETF flows, the Coinbase premium and stablecoin supply

U.S.-listed spot bitcoin ETFs, which are funds that hold bitcoin and trade on stock exchanges, have taken in billions of dollars since early August, pointing to a rebound in institutional demand. Even so, they remain roughly $1 billion short of turning positive for the year so far, according to SoSoValue.

The Coinbase premium indicator has been mostly negative since May, apart from a brief move into positive territory on Sept. 5, according to CoinGlass. A negative reading means bitcoin trades at a discount on the U.S. exchange Coinbase compared with the offshore exchange Binance, suggesting U.S. buyers are showing weaker demand than traders elsewhere.

Total stablecoin supply has stayed largely flat this year, at around $300 billion to $310 billion. Stablecoins are tokens designed to hold a steady value against a currency such as the dollar, and analysts watch the total as a rough measure of new money entering crypto.

What is still unclear

The source does not give exact start and end dates for the three-month period, and the buying and cost-basis figures come from third-party data providers rather than company disclosures. Price figures also differ slightly within the source material: the article text uses a spot price near $76,400, while a live price shown on the same page listed bitcoin at about $78,086.

Why this matters

Corporate treasuries were a major source of demand during the 2024-25 market rise, according to Glassnode. With that buying now much smaller and other demand measures mixed, the data suggests this part of the market is not adding support at the same pace as before.

Sources

• CoinDesk