Corporate Treasuries Bought 5,900 Bitcoin in Three Months

Publicly traded companies bought 5,900 bitcoin over the past three months, according to a Glassnode note that four outlets had picked up by Friday morning. One company did most of the buying. Strategy's late-August purchase of 4,603 coins leaves every other listed treasury in the world with about 1,300 between them. The same note puts the group's average entry at $80,500, some 6% above where bitcoin traded on Friday. As a bloc, the corporate holders are under water.

One buyer and the rest of the field

Bitcoin Treasuries data gives the group 1.22 million coins across 181 public companies, a count CoinDesk and Cryptonomist both carry. Strategy holds 845,050 of them. Two prices attach to that company and they measure different things. Cointelegraph gives $75,412 as the average across the whole position, while Cryptonomist prices the August purchase on its own at $370 million, or $80,318 a coin. No account read for this piece sets the two side by side and says which is which. Cointelegraph and FXStreet add that the August buy was the company's first in two months, an account that runs through one wire story and turns up nowhere else. Strategy spent much of the summer buying its own paper instead, including $176 million of STRC buybacks in a week when it bought no bitcoin at all.

The baselines do not match

Every account agrees on 5,900 and then measures it against something different. CoinDesk says corporate treasuries took in 89,000 bitcoin during July 2025 alone, roughly fifteen times the current three-month total. Cointelegraph and FXStreet use the same 89,000 and call 5,900 less than 7% of it. Cryptonomist compares instead against more than 100,000 coins across the whole third quarter of 2025. The first two are arithmetically consistent with each other. The third is a different window, none of the four says which period Glassnode measured, and the size of the slowdown therefore depends on the comparison a reader picks up.

The other gauges point the same way

Three more demand signals sit in the same note. US spot bitcoin ETFs have taken in billions since early August and still sit about $1 billion short of a positive year to date, and Cointelegraph and FXStreet add net outflows of $462.7 million over the five trading days through 11 September. The Coinbase premium, the gap between bitcoin's price on the American exchange and on offshore venues, has been mostly negative since May. Stablecoin supply has barely moved, holding between $300 billion and $310 billion; CoinDesk reads that as flat through the mid-August rally, Cryptonomist as flat across the year. Fund flows have swung both ways this month. The ETFs ran four straight days of outflows before the Federal Reserve met on Wednesday, then took in about $159 million on Thursday while the ether funds lost $39 million.

What a reclaim of $80,500 would do

Glassnode's reading of its own numbers is blunt.

"A buyer that has stopped buying and holds a paper loss is not support," the note said.

The same note calls this a market in waiting and says a reclaim of $80.5K "would put the treasuries back in profit and remove one layer of overhead supply". Bitcoin has run at that level twice this year and failed both times. It traded above $77,000 on Friday morning, in a band CoinDesk gave as $76,400 to $77,436 across two of its own pieces an hour apart. Realized capitalisation, the aggregate price at which all coins last changed hands, has been falling since 15 September, which Glassnode reads as thinning appetite from fresh buyers. None of the four accounts explains why the buying stopped. They report that it did.