Bitcoin Treasury Firms Stay Silent, Except for One
In a market dominated by quiet, only Strategy remains active in accumulating Bitcoin.
Bitcoin Treasury Firms Stay Silent, Except for One
As the bear market drags on, companies that once aggressively purchased Bitcoin (BTC) have largely gone quiet—except for Michael Saylor’s Strategy.
A report from CryptoQuant highlights that Strategy is now the primary force behind the demand for Bitcoin treasuries, creating a situation where there is effectively “one buyer in the market.” While many other firms are inactive, Strategy is ramping up its BTC acquisitions, having even devised new offerings to support continuous purchases.
Strategy Drives Bitcoin Treasury Demand
According to CryptoQuant, in the past month, Strategy has acquired about 45,000 BTC, marking the highest level of purchases for the firm since April 2025, which indicates a significant acceleration in their accumulation efforts.
In stark contrast, other treasury companies have collectively purchased only 1,000 BTC over the same period—a drop of 99% from the peak of 69,000 BTC bought in August 2025. Their market share in acquisitions has plummeted from 95% last October to just 2% today, with total holdings decreasing from 26% in November 2025 to 24% recently.
These firms reported only 13 BTC purchases over the past month, down 76% from the 54 transactions recorded during the peak activity in August 2025. This period was labeled “Bitcoin Treasury Summer,” as it represented peak activity among treasury firms.
“Activity and participation remain structurally weak outside Strategy. The number of purchases by other companies has declined significantly (13 vs 54 at peak), indicating that both capital deployment and participation breadth have deteriorated and are failing to support broader market demand,” explained CryptoQuant.
Demand Concentration Issues
Strategy continues its stable purchasing trend, averaging 4-5 purchases per 30-day period, which has seen its total holdings soar. This year, the firm’s Bitcoin holdings surged by 90,000 BTC, while other companies have added a mere 4,000 BTC.
At present, Strategy controls around 76% of all BTC held by treasury firms, dwarfing the next biggest holders, XXI and Metaplanet, which account for 4.3% and 3.5%, respectively.
While other companies struggle to maintain demand, Strategy is committed to ongoing purchasing and has laid out new stock offerings to facilitate these acquisitions. This concentration raises concerns about the lack of diversified buyer interest, which challenges the decentralized ideals Bitcoin seeks to uphold.
