Corporate Bitcoin Investors Increase Purchases as Digital Asset Treasuries Accumulate BTC
Digital asset treasury companies continue to accumulate Bitcoin while exchange-traded product investors decrease their holdings.
The past month has posed challenges for cryptocurrency markets, yet a particular sector remained optimistic.
“A positive development in the last 30 days was an increase in the pace of BTC purchases by Bitcoin Digital Asset Treasuries (DATs),” stated VanEck in its mid-month report released on Monday.
Upon noting recent market weakness, DATs acquired 42,000 BTC, marking a 4% rise month-over-month, which represents their biggest gain since July 2025 when they purchased 128,100 BTC.
DATs Own Over 1M BTC
Digital asset treasuries now possess a total of 1.09 million BTC, valued at approximately $96.6 billion, making up around 5.5% of total supply. However, many DATs have seen their market net asset values fall below 1.0x as their investments were made late in the cycle.
Michael Saylor’s strategy stands out, as most Bitcoin acquisitions in the recent 30 days, approximately 29,400 BTC, originated from his company, which has the ability to issue common stock for asset purchases. Yet, projections indicate that this strategy may shift going forward.
“Moving forward, it is anticipated that many DATs’ strategy will evolve away from common stock issuance towards financing BTC purchases through preference share sales.”
Conversely, Bitcoin exchange-traded product (ETP) investors appeared less positive, as their holdings decreased to 1.31 million BTC, according to VanEck.
Tom Lee’s BitMine has been actively purchasing while acquiring Ether consistently—reaching 4 million ETH this week valued at $12.3 billion, or 3.36% of total supply.
Diverging Holder Behaviors
VanEck also reported contrasting behavior between holders with long-term and medium-term investments. Medium-term holders substantially reduced their balances across various cohorts (1-2, 2-3, and 3-5 years).
“If a token remains untransacted for several years, it usually indicates the holder’s confidence in Bitcoin’s long-term future.”
The movement of older coins creates fresh cohorts, suggesting that this transition may indicate a short/medium-term price peak. The stability of the longest-held assets (over five years) implies seasoned holders are not overly worried about the present market state.
