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Publicly listed companies are showing little appetite for bitcoin
$BTC$77,392.70
, suggesting that a key cryptocurrency attempts a sustained rebound
Those firms have added only about 5,900 $BTC over the past three months a fraction of last year’s pace. Nasdaq-listed Strategy MSTR$132.26·Market Closed accounted for most of that buying, including a late-August purchase of 4,603 $BTC
At a spot price near $76,400, those 5,900 coins are worth roughly $451 million. That is not a trilier, when bitcoin was still trading above $100,000
Corporate treasuries added more than 100,000 $BTC during that period, including 89,000 coins in July alone. By comparison, the recent 5,900-$BTC purchase amounted to less than 7% of the July 2025 total. With bitcoin trading above $100,000 at the time, that month’s buying was worth more than $8.9 billion, exceeding the market capitalization of most cryptocurrencies outside the top 15.
“Corporate treasuries were a big buyer through 2025, and they have stepped back,” Glassnode said. “Their average entry, the Corporate Treasury Cost Basis, sits at $80.5K, about 6% above spot, so the group as a whole is under water.”
Bitcoin topped that level recently but failed to keep gains.
Data 1.22 million $BTC across 181 listed firms. Strategy remains the dominant buyer and holder, with about 845,050 $BTC. Tokyo-listed Metaplanet is among the next-largest corporate stacks. As a group, those treasuries are still underwater at current prices
“A reclaim of $80.5K would put the treasuries back in profit and remove one layer of overhead supply; until then their entry is one more ceiling,” Glassnode added.
Other demand indicators paint a mixed picture
U.S.-listed spot bitcoin ETFs have attracted billions of dollars since early August, signaling a rebound in institutional demand for the cryptocurrency. However, they remain roughly $1 billion short of turning positive on a year-to-date basis, according to data
The Coinbase premium indicator has remained mostly negative since May, aside from a brief move into positive territory on Sept. 5, according to data from CoinGlass. A negative reading means bitcoin is trading at a discount on Coinbase relative to prices on offshore exchange Binance, suggesting that U.S. buyers are showing weaker demand than traders elsewhere.
Source: cryptonews.net