Bitcoin Treasury Companies Have Gone Quiet – Except One

As the bear market stretches out, establishments that aggressively purchased bitcoin (BTC) whereas the bulls dominated have gone quiet, besides one: Michael Saylor’s enterprise intelligence agency, Strategy.

A report from CryptoQuant says Strategy is now the only real driver of Bitcoin treasury demand, resulting in a “one purchaser market.” While the opposite corporations are going through a interval of inactivity, Strategy has accelerated its BTC accumulation, even placing up buildings to make sure constant purchases.

Strategy Drives Bitcoin Treasury Demand

According to CryptoQuant, Strategy has acquired roughly 45,000 BTC over the past 30 days. The acquisitions are the very best 30-day buy the corporate has seen since April 2025, indicating that Strategy’s accumulation is rising on the quickest tempo in virtually a yr.

Despite Strategy’s consistency, BTC purchases from different treasury corporations have remained low, if not non-existent. This cohort has purchased a complete of 1,000 BTC within the final 30 days, a 99% plunge from the high of 69,000 BTC in August 2025. Their share of acquisitions has additionally fallen from 95% in October final yr to 2% at the moment. Their share of complete holdings has declined from 26% in November 2025 to 24% at this time.

These corporations have made simply 13 BTC purchases within the final 30 days, 76% lower than the 54 recorded in August 2025. August was thought-about the “Bitcoin Treasury Summer,” as treasury corporations’ exercise peaked then.

“Activity and participation stay structurally weak outdoors Strategy. The variety of purchases by different corporations has declined considerably (13 vs 54 at peak), indicating that each capital deployment and participation breadth have deteriorated and are failing to help broader market demand,” CryptoQuant defined.

Demand Concentration Issues

With Strategy’s shopping for exercise holding steady at 4-5 every 30-day interval, the agency’s holdings have reached document highs, whereas these of different corporations have stalled. The complete holdings of Saylor’s enterprise intelligence agency have grown by 90,000 BTC this yr, whereas these of different treasury corporations have risen by a mere 4,000 BTC.

Currently, Strategy accounts for a high focus of the Bitcoin treasury trade. The agency holds roughly 76% of all BTC held by Bitcoin treasury corporations, adopted by the subsequent two largest holders, XXI and Metaplanet, accounting for 4.3% and three.5%, respectively.

While different corporations fail to maintain demand, Strategy intends to maintain buying and has unveiled new inventory offerings to gasoline further purchases. This trade focus reinforces the dearth of diversified demand and raises issues in regards to the very centralization points Bitcoin goals to fight.

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