Publicly traded companies accumulated only about 5,900 bitcoin over the past three months, indicating that corporate demand has slowed as BTC attempts to build a lasting recovery.

Corporate treasury purchases were a significant source of bitcoin demand during the 2024–25 bull market. Recent buying activity, however, shows that listed companies are currently adding the asset at a much slower pace.

Glassnode data puts corporate purchases at approximately 5,900 BTC over the latest three-month period. Strategy accounted for a large share of that total, including its purchase of 4,603 BTC in late August.

At a bitcoin price near $76,400, the accumulated coins are valued at roughly $451 million. That amount pales in comparison with corporate buying during the same period a year earlier, when bitcoin was trading above $100,000.

Public companies added more than 100,000 BTC during that earlier period, including approximately 89,000 BTC in July alone. The latest 5,900 BTC represents less than 7% of the amount purchased in July 2025. With bitcoin above $100,000 at the time, those July acquisitions were worth more than $8.9 billion.

Glassnode said corporate treasuries were significant bitcoin buyers during 2025 but have since reduced their purchases. The group’s average acquisition price, or Corporate Treasury Cost Basis, stands at about $80.5K, roughly 6% above the current spot price. That leaves corporate bitcoin holdings collectively below their average purchase level.

Bitcoin briefly moved above $80.5K recently but failed to remain there.

Bitcoin Treasuries data shows that 181 listed companies now hold around 1.22 million BTC. Strategy remains the largest corporate holder with approximately 845,050 BTC, while Tokyo-listed Metaplanet is among the other companies with substantial holdings.

At current prices, the corporate treasury sector remains underwater relative to its aggregate acquisition cost.

Glassnode said a move back above $80.5K would return the group to profit and potentially remove the level as a source of overhead supply. Until then, the cost basis remains a level to watch.

Other Bitcoin Demand Measures Remain Soft

U.S.-listed spot bitcoin ETFs have attracted billions of dollars since early August, pointing to renewed institutional interest in the asset. However, the funds remain about $1 billion negative on a year-to-date basis, according to SoSoValue.

The Coinbase premium has provided a less supportive signal. CoinGlass data shows the indicator has remained mostly negative since May, with only a brief move above zero on Sept. 5.

A negative Coinbase premium means bitcoin is trading at a lower price on Coinbase than on offshore exchange Binance. The indicator can suggest comparatively weaker demand among U.S. buyers than traders in offshore markets.

Stablecoin supply is also offering little evidence of a major influx of fresh capital. Total stablecoin supply has stayed largely within the $300 billion-$310 billion range this year.

Supply has remained mostly unchanged in recent weeks despite bitcoin’s sharp mid-August advance. That stability suggests new liquidity entering crypto through stablecoins remains relatively subdued.