Corporate Bitcoin Accumulation Slows in August Despite Milestones

Bitcoin’s rally stalled in August, and a slowdown in corporate accumulation may have contributed to the cooling momentum.

Tracked treasury entities added 47,718 BTC last month, worth $5.2 billion, a sharp decline from July’s more than 100,000 BTC, according to the latest Bitcoin Treasuries Adoption Report. Total holdings across public companies, private firms, governments, and ETFs reached 3.68 million BTC, valued at $400 billion at month-end. The 1.2% monthly increase was far below July’s 4.6% growth.

The slower pace of purchases may explain why Bitcoin’s mid-August all-time high of $123,000 wasn’t sustained, as the price fell more than 11.5% to below $109,000 by the end of the month.

Despite the slowdown, several notable milestones were reached. Public company holdings surpassed 1 million BTC for the first time, doubling from late 2024. Healthcare firm KindlyMD made the second-largest August purchase with 5,744 BTC ($679 million), while Japan’s Metaplanet added 1,859 BTC across four transactions.

Crypto exchange Bullish (BLSH) also joined the treasury rankings following its August IPO, revealing it has held 24,000 BTC since March, valued at $2.6 billion. CEO Tom Farley described the move as part of a growing institutional wave, telling CNBC, “It feels like institutional investors think this could be the moment.” (Bullish Global is CoinDesk’s parent company.)

Even with these high-profile purchases, the aggregate value of tracked treasuries fell from $428 billion in July to $400 billion in August as Bitcoin’s price eased to $108,695.