MicroStrategy founder Michael Saylor speaks at the Bitcoin 2021 Conference in Miami on June 4, 2021.
CFOTO | Nurphoto | Getty Images
Demand for bitcoin as a corporate treasury asset is once again concentrated in Michael Saylor’s Strategy as the company steps up its bitcoin buying pace.
The craze of public companies that once sought to mimic Strategy by stocking up on bitcoin as a company treasury asset were the essence of the crypto market last summer. But today, as bitcoin’s price struggles for a sixth consecutive month, corporate treasury bitcoin buying has almost completely disappeared for all but Strategy itself, according to crypto data provider CryptoQuant. At the same time, Strategy is buying bitcoin at its fastest pace in almost a year.
Purchases by bitcoin treasuries have declined 99% from their August 2025 high, according to CryptoQuant. Over the past 30 days, bitcoin accumulators excluding Strategy bought 1,000 BTC. Meanwhile, Strategy has purchased about 45,000 BTC in the same period – that’s the company’s highest 30-day purchase since April 2025.
The share of purchases from all other bitcoin treasury companies has declined to 2%, from 95% in October.
Strategy’s stock is trading more than 71% off its 52-week high, while bitcoin has tumbled 48% from its October peak.
Strategy’s stock is trading about 71% off it’s 52-week high
Strategy’s long-term accumulation may support bitcoin demand and price, however, its leveraged funding strategy makes the concentration of demand fragile, so disruptions in funding could impact bitcoin’s price support (as well as Strategy shares).
Saylor, the co-founder and executive chairman of the company, downplayed the concentration risk, saying overall liquidity and decentralization limit the impact of any single holder.
“Bitcoins got $50 billion a day of liquidity, and we don’t control the price of the liquidity, and we hold three and a half percent of the asset,” he told CNBC. “It’s a very decentralized, very diffused asset. … The market is much bigger than anybody in it and that’s actually what makes it such a compelling capital asset.”
Strategy holds about 65% of the bitcoin held by public companies, according to Bitcoin Treasuries. That’s a broader designation of companies whose primary purpose isn’t necessarily to acquire, hold and sometimes leverage bitcoin.
It’s followed by, XXI and Metaplanet, which account for 4.3% and 3.5% of total public company bitcoin holdings, respectively. Crypto exchanges Coinbase and Bullish, as well as miners Mara Holdings and Riot Platforms, are also in the top of corporate bitcoin holders.
To be sure, bitcoin ETFs, retail investors and bitcoin miners are all still major sources of bitcoin demand. ETFs collectively have seen $56 billion in inflows since their listings in 2024, and they’re currently on pace for their first month of net inflows since October.
