Public Companies Add 5,900 BTC, Holdings Underwater

Glassnode characterized the situation bluntly: “A buyer that has stopped buying and holds a paper loss is not support,” underscoring why corporate treasuries may no longer reinforce Bitcoin’s price.
U.S. spot Bitcoin ETFs recorded $462.7 million in net outflows over five days, while declining realized-cap data indicated weaker appetite from buyers at current prices.
Strategy’s late-August purchase was its first Bitcoin acquisition in two months, highlighting the broader slowdown even among the sector’s most aggressive buyers.
The $89 billion-equivalent July 2025 accumulation was worth more than $8.9 billion at the time—larger than the market capitalization of most cryptocurrencies outside the top 15—illustrating the scale of the demand contraction.
The U.S. Federal Reserve’s first interest-rate increase since July 2023 was identified as a potential headwind for crypto liquidity and part of the macro uncertainty weighing on Bitcoin demand.
Public companies slowed their Bitcoin buying to a crawl in recent months, adding just 5,900 BTC in three months compared to over 100,000 BTC during the same period last year. Glassnode warned that this slowdown matters: "A buyer that has stopped buying and holds a paper loss is not support." Most corporate Bitcoin treasuries are now underwater, with an average cost basis of $80,500 per coin while Bitcoin struggles to sustain gains above that level.
Strategy, the Bitcoin treasury company, purchased 950 BTC between September 14 and 20 for $75.7 million, bringing its total holdings to 846,000 coins, according to Motley Fool. This was Strategy's first major acquisition in two months. Strategy's holdings remain profitable because its average cost basis of $75,412 sits below current prices. But across all 181 public companies holding Bitcoin, only 5,900 BTC were added over three months—a stunning 94% decline from last year.
Public companies now hold about 1.22 million BTC total with an average cost basis around $80,500 per coin. Most of these treasuries are underwater since Bitcoin has failed to consistently stay above that price level. Glassnode noted that companies holding Bitcoin at a loss no longer act as a source of support for the price. This matters because last year corporate buying helped drive demand. The July 2025 accumulation of 89,000 BTC was worth $8.9 billion at the time—larger than most cryptocurrencies outside the top 15.
U.S. spot Bitcoin ETFs suffered $462.7 million in net outflows over five days, signaling waning appetite at current prices. Yahoo Finance reported that declining realized-cap data indicates weaker buying pressure. The Coinbase premium—which shows how much more U.S. buyers will pay for Bitcoin—has remained persistently negative. This suggests American investors lack enthusiasm for accumulating Bitcoin right now, adding downward pressure on global prices.
The Federal Reserve's first interest-rate increase since July 2023 has weighed on Bitcoin demand. Higher rates make holding non-yielding assets like Bitcoin less attractive. This macro uncertainty, combined with slower corporate buying and underwater treasuries, removes a major support pillar that helped lift Bitcoin last year. The combination of rising rates, weak ETF flows, and subdued corporate appetite suggests Bitcoin faces pressure until broader economic conditions shift.
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