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Corporate Bitcoin purchases excluding Strategy have collapsed by 99% — analysts
The corporate Bitcoin treasury market is becoming increasingly concentrated around a single company. According to a recent report by CryptoQuant, over the past 30 days Strategy (formerly MicroStrategy) has purchased approximately 45,000 BTC.
This marks the fastest accumulation pace in nearly a year and represents the primary source of demand in this segment.
Against this backdrop, activity from other companies has nearly vanished. The combined purchases by all other public holders amounted to only about 1,000 BTC.
For comparison, at the peak in August 2025, this figure reached 69,000 BTC, analysts noted. In other words, demand outside of Strategy has dropped by roughly 99%.
According to experts, not only volumes but also participation breadth has declined.
Over the past 30 days, companies excluding Strategy made just 13 Bitcoin purchases, compared to 54 during the so-called “Bitcoin Treasury Summer” in August 2025. This indicates a sharp decline in both capital inflows and the number of active participants.
Concentration of crypto treasury market
Since the beginning of 2026, Strategy has increased its reserves by approximately 90,000 BTC.
Over the same period, all other Bitcoin treasury companies combined added only about 4,000 BTC. The gap continues to widen, and the sector’s dependence on a single company is becoming increasingly evident.
As a result, Strategy’s share of total Bitcoin holdings among such companies has reached about 76%. For comparison, the next largest holders lag significantly behind:
- XXI accounts for about 4.3%;
- Metaplanet accounts for approximately 3.5%.
According to experts, while the Bitcoin treasury market formally continues to exist as a separate segment, its diversification has significantly weakened. In the absence of consistent purchases from other companies, Strategy’s actions remain the key factor driving the entire segment.
Such concentration suggests that the industry has not yet developed broad and sustainable corporate demand for Bitcoin. If the current trend continues, the Bitcoin treasury segment will increasingly depend not on overall business interest but on the decisions of a single company, CryptoQuant concluded.
See also: "Bitcoin rises to $67K amid escalation of Iran conflict"
