Corporate Bitcoin Buying Slumps, Leaving Treasuries Underwater
Corporate treasuries emerged as a major source of Bitcoin demand during the 2024-25 bull market, as listed companies added the cryptocurrency to their balance sheets. Onchain analytics firm Glassnode says that buying engine has now slowed sharply, removing a source of structural support as Bitcoin tries to recover. The pullback also matters because corporate holders’ aggregate entry price may act as resistance while their positions remain underwater.
As of Sept. 18, 2026, listed companies had added about 5,900 BTC over three months, worth roughly $451 million at a spot price near $76,400. That was less than 7% of the 89,000 BTC purchased in July 2025 alone. Glassnode put the group’s average cost basis at $80,500, about 6% above spot. Strategy accounted for most of the recent buying, acquiring 4,603 BTC in late August after a two-month pause.
All Coverage
3 original reportsThe Backstory
The history behind this eventBitcoin Exchange Reserves Hit Two-Year Low After Nearly 100,000 BTC Outflow in Three Months
Bitcoin reserves on exchanges reflect the supply immediately available for sale, making them an important gauge of selling pressure and investors’ willingness to hold. Reserves at major exchanges including Binance, OKX and Gemini have now fallen to their lowest levels since 2023, indicating that more holdings are moving into private wallets and reducing liquid supply in the near term.
Nearly 100,000 BTC flowed out of major exchanges over the past three months, valued in the report at about $8 billion. Holdings in accumulation addresses rose by more than 60% over the same period. Exchange reserves had reached a two-year low as of the latest tally, suggesting a stronger investor preference for long-term holding, although tighter supply could also amplify price volatility.
Strategy Dominates Corporate Bitcoin Treasury Buying
Michael Saylor-led Strategy has fueled the digital asset treasury, or DAT, model by issuing common and preferred stock to buy Bitcoin. Several companies followed suit when Bitcoin traded above $110,000 in July and August 2025. After the cryptocurrency fell below $70,000, however, high-cost holdings came under pressure and buying became concentrated in a single company, increasing market-liquidity and balance-sheet risks.
CryptoQuant said on March 26, 2026, that Strategy had bought about 45,000 BTC over the previous 30 days, while other companies purchased only about 1,000 BTC. Strategy held 76% of the Bitcoin in corporate treasuries. Data as of April 6 showed that it had added 46,233 BTC since March 2, nearly three times the 16,200 BTC in new supply over the same period. The company also raised $102.6 million through STRC to help fund more than $330 million in Bitcoin purchases.
Subscribe to Mark Radar Weekly
Every Friday, the week's strongest signals in your inbox. Unsubscribe anytime.
If you search news on Google, you can set Mark Radar as a preferred source—our coverage will show up more often in your results. Set as preferred source on Google →