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Michael Saylor’s Strategy dominates Bitcoin purchases
Corporate Bitcoin purchases have effectively been reduced to the activity of a single company. At the same time, a model that was supposed to expand the asset’s institutional base is now creating concentration risk.
Strategy—the world’s largest corporate holder of Bitcoin—has acquired approximately 45,000 $BTC over the past 30 days. This is the fastest pace of accumulation since April 2025, according to a CryptoQuant report published this week.
Companies managing Bitcoin: count of Bitcoin purchases over 30 days by Strategy and other firms. The number of purchases by other Bitcoin treasury companies surged to 54 over 30 days in August 2025 during the peak of the “Bitcoin summer.” Source: CryptoQuant.
All other treasury companies combined bought around 1,000 $BTC over the same period—99% below the peak of 69,000 $BTC in August last year. Their share of total purchases collapsed to 2% from 95% at peak activity.
Companies managing Bitcoin: 30-day Bitcoin purchases (% of total). Source: CryptoQuant.
According to CryptoQuant, Michael Saylor’s Strategy now holds approximately 76% of all Bitcoin owned by treasury companies.
These figures confirm concerns raised by Galaxy Digital last summer. In a July report, the firm argued that the digital asset treasury model is essentially a liquidity-derived instrument—it works only as long as shares trade at a premium to the value of their Bitcoin holdings.
Once that premium compresses, the mechanism reverses: falling prices reduce net asset value, eliminate the equity premium, and make share issuance dilutive rather than accretive.
The scenario has unfolded almost exactly as described.
In July and August 2025—during the summer accumulation period—Bitcoin traded above $110,000. Now, according to CoinDesk market data, it is below $70,000, gradually recovering after the October 10 crash.
Companies that accumulated Bitcoin near the cycle peak, including Metaplanet and Nakamoto Holdings, had average costs above $107,000 by December, according to Galaxy analysis—meaning they are now at a loss at current prices.
Strategy has taken defensive measures: in December, the company disclosed a $1.44 billion cash reserve. The goal is to gradually increase it to cover dividend and interest obligations for 24 months.
This defensive positioning has not slowed the company’s purchases. However, CryptoQuant data clearly shows that no other firm is maintaining similar pace, and most have stopped buying altogether.
As a result, the demand profile has become far more concentrated than the market had been promised.
Last summer at the Bitcoin Asia conference in Hong Kong, treasury companies positioned themselves as a scalable new class of corporate buyers. They were expected to absorb Bitcoin supply and outperform passive holding strategies.
At present, that concept has effectively been reduced to the balance sheet of a single company.
