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Bitcoin (BTC) treasury companies reached a grounds holding of 840,000 BTC successful August, but underlying information uncover weakening organization demand.
According to a Sept. 5 study by CryptoQuant, acquisition volumes and transaction sizes plummeted to multi-year lows.
Strategy led firm Bitcoin accumulation with 637,000 BTC, representing 76% of full treasury holdings. At the aforesaid time, 32 different companies power the remaining 203,000 BTC.
Holdings surged pursuing the November 2024 US Presidential Election, with Strategy much than doubling its presumption from 279,000 to 637,000 BTC and different companies expanding their holdings 13-fold from 15,000 to 203,000 BTC.
Declining acquisition volumes
Strategy acquired 3,700 BTC successful August, down dramatically from 134,000 BTC purchased successful November 2024. Other treasury companies purchased 14,800 BTC, which is beneath the 2025 mean of 24,000 BTC and importantly little than their June highest of 66,000 BTC.
The mean Bitcoin per transaction dropped to 1,200 for Strategy and 343 for different companies, down 86% from aboriginal 2025 highs. The study attributed the smaller transaction sizes to liquidity constraints oregon imaginable marketplace hesitation among organization buyers.
Monthly holdings maturation decelerated sharply for Strategy, falling from 44% successful December 2024 to conscionable 5% successful August. Other treasury companies experienced akin patterns, with monthly maturation dropping from 163% successful March to 8% successful August.
Despite signaling 53 acquisition transactions successful June and maintaining elevated enactment done August with 46 transactions, the frequence masks declining organization appetite. Treasury companies completed lone 14 transactions successful November 2024, making existent levels look robust by comparison.
The study focused connected pure-play, publicly-traded Bitcoin treasury companies holding 1,000 BTC oregon more, excluding mining companies and firms with important operating businesses similar Tesla and Coinbase.
Regulatory and marketplace pressures mount
The treasury marketplace faces caller regulatory headwinds arsenic Nasdaq implements shareholder support requirements for equity issuances utilized to acquisition crypto.
The regularisation alteration targets the crypto-treasury playbook, wherever nationalist companies merchantability equity oregon convertibles to money token purchases. As a result, this alteration could dilatory the accelerated superior deployment that characterized 2025.
In addition, Sequans Communications became the archetypal Bitcoin treasury institution to execute a reverse banal split, adjusting its American Depositary Shares operation to support NYSE listing requirements.
The institution controls 3,205 BTC, valued astatine astir $355 million, but its banal declined 75% this year, raising concerns astir imaginable plus income to support stock prices.
The study concluded by revealing patterns akin to the 2020-2021 cycle, erstwhile Strategy’s holdings maturation peaked astatine 78% earlier declining to 6% a twelvemonth later. The existent setup suggests organization Bitcoin accumulation whitethorn beryllium entering a akin deceleration phase.
The station Bitcoin treasury companies’ acquisition volumes slump contempt grounds transaction count appeared archetypal connected CryptoSlate.
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