Corporate Bitcoin Hoarders Hit Snooze: Only 5,900 BTC Added While Their Cost Basis Cries in $80.5K 😴

Publicly listed companies added roughly 5,900 BTC over the past three months, a sharp deceleration from a year earlier, according to on-chain analytics firm Glassnode. At a spot price near $76,400, that stash is worth about $451 million. The same period in 2025 saw more than 100,000 BTC absorbed by corporate treasuries, including 89,000 coins in July alone when bitcoin was trading above $100,000. By that measure, the recent 5,900-BTC addition amounts to less than 7% of July 2025's haul, and a single July 2025 month absorbed more than $8.9 billion in BTC, exceeding the market capitalization of most cryptocurrencies outside the top 15.

Nasdaq-listed Strategy MSTR $136.57 · Market Closed accounted for the bulk of recent buying, including a late-August purchase of 4,603 BTC. Data source Bitcoin Treasuries now puts public-company holdings at about 1.22 million BTC across 181 listed firms, with Strategy dominating at roughly 845,050 BTC and Tokyo-listed Metaplanet among the next-largest holders.

The broader corporate cohort, however, is sitting on losses. Glassnode put the group's average entry, the Corporate Treasury Cost Basis, at $80,500, roughly 6% above spot. "Corporate treasuries were a big buyer through 2025, and they have stepped back," Glassnode said, adding that "a reclaim of $80.5K would put the treasuries back in profit and remove one layer of overhead supply; until then their entry is one more ceiling." Bitcoin BTC $78,067.43 topped that level recently but failed to sustain gains.

Demand signals beyond corporate balance sheets are mixed. U.S.-listed spot bitcoin ETFs have attracted billions of dollars since early August, pointing to a rebound in institutional appetite, though year-to-date flows remain roughly $1 billion short of turning positive, according to SoSoValue. Glassnode also flagged that the Coinbase premium indicator has remained subdued, historically a gauge of U.S. buying pressure. Together, the data suggest that a key pillar of demand behind the 2024–25 bull market has gone quiet as bitcoin attempts a sustained rebound from the mid-$70,000s.