The $100 billion corporate Bitcoin surge is down to one buyer as other companies stop adding

The surge in corporate Bitcoin treasuries is losing momentum, with Strategy (formerly MicroStrategy) now accounting for the vast majority of Bitcoin purchases by public companies. While Strategy has acquired approximately 45,000 Bitcoin in the last 30 days, other treasury companies combined have purchased only about 1,000 Bitcoin, a 99% decrease from their peak activity in August 2025. This shift highlights a significant concentration of demand, with Strategy responsible for roughly 98% of all Bitcoin bought by treasury firms in the past month, a stark contrast to last October when companies outside Strategy made up 95% of net purchases.

Shrinking Participation Beyond Strategy

The decline in corporate Bitcoin acquisition is evident not only in the volume of purchases but also in the number of participating companies. Treasury firms, excluding Strategy, made 13 Bitcoin purchases in the last 30 days, a 76% drop from the 54 recorded during the peak in August 2025. Strategy, however, has maintained a consistent pace with 4 to 5 purchases per 30-day period. Consequently, Strategy's total Bitcoin holdings have grown by about 90,000 Bitcoin this year, while other treasury companies have added a net 4,000 Bitcoin. This has led to Strategy's share of total corporate treasury holdings increasing, now holding approximately 76% of all Bitcoin owned by treasury companies, with XXI and Metaplanet holding 4.3% and 3.5% respectively.

Financing Model Falters in Shifting Market

The corporate treasury model thrived in a rising Bitcoin market, where companies could issue shares at premiums to finance Bitcoin purchases. However, this model has become less effective as Bitcoin's price has fallen from its all-time high of $126,000 in October to around $70,000. The decrease in Bitcoin's price has reduced the net asset value tied to corporate holdings, while equity valuations have also declined, making stock issuance less accretive. This tighter feedback loop has led to a sharp decline in the share prices of many treasury companies, with some, like Metaplanet, facing mounting unrealized losses.

Signs of Strain and Sector Concentration

The strain on the sector is becoming apparent, with companies like GD Culture approving the sale of 7,500 Bitcoin (worth about $503 million) to fund share buybacks. The aggregate value of Bitcoin held by over 100 public companies has fallen from approximately $100 billion to about $83.7 billion. Furthermore, only two public companies holding Bitcoin on their balance sheets bought more of the asset in the past week. Metaplanet, despite raising significant capital, has not made a Bitcoin purchase this year, even with a long-term target of holding 210,000 Bitcoin, currently holding 35,102 BTC.

A More Selective Future for Treasury Companies

Research indicates a more challenging environment for firms reliant on equity issuance and rising Bitcoin prices. Analysts suggest that the financial engineering that amplified upside in strong markets now magnifies downside as equity premiums compress. Companies with stronger balance sheets and more durable capital access, such as Strategy and Strive, are exploring preferred stock options for new Bitcoin acquisitions. In contrast, other firms may need to reduce purchases, revise capital strategies, or face shareholder pressure if equity markets remain unreceptive.