The corporate Bitcoin finance boom is running out of oxygen. The $100 billion bet by public companies is winding down, purchases are collapsing outside of Strategy (formerly MicroStrategy), and the financing models that were driving the deal are starting to fail.
According to CryptoQuant data, the company led by Michael Saylor has purchased approximately 45,000 Bitcoin in the past 30 days, the largest 30-day trading volume since April 2025.
During the same period, all other Bitcoin treasury companies collectively purchased around 1,000 Bitcoin, which is around 99% down from the 69,000 BTC purchased during the August 2025 trading peak.
CryptoQuant noted that the gap has widened to the point where strategies now account for approximately 98% of all Bitcoin purchased by treasury firms in the past month.
The balance was much different last October, with companies other than Strategy accounting for about 95% of net purchases at a time when corporate acquisitions were spread across a broader list of names.
This shift has made Strategies a major source of increased demand for government bonds in a sector that just a few months ago was being driven by a broader corporate movement tied to the rise in Bitcoin and the ability to use the stock of publicly traded companies as a financing tool.
Participation shrinks beyond strategy
The slowdown outside of strategy is reflected not only in the size of purchases, but also in the number of companies that continue to participate.
Financial firms other than Strategy have made 13 Bitcoin purchases in the past 30 days, down 76% from the 54 purchases recorded in August 2025, when corporate activity peaked. In contrast, Strategy has maintained a steady pace, recording approximately 4-5 purchases every 30 days.
This number shows that both the depth and breadth of market demand has weakened. Fewer companies are making acquisitions, and those that remain active have less capital to invest than at the peak of trading.
This change has changed the composition of the field. Strategy’s total Bitcoin holdings have increased by about 90,000 Bitcoins so far this year, while other financial firms combined have added a net 4,000 Bitcoins over the same period.
As a result, the company’s share of total corporate bond holdings has fallen from 26% in November 2025 to 24% currently, while Strategy’s share continues to rise.
Strategy currently holds about 76% of all Bitcoin held by financial firms. The next two largest holders, XXI and Metaplanet, account for 4.3% and 3.5%, respectively.
Concentration has become impossible to ignore for a sector that has expanded rapidly as rising Bitcoin prices attracted new entrants.
Trading based on rising prices loses momentum
The corporate finance model gained momentum last year as Bitcoin rose and public market investors rewarded publicly traded companies that provided leveraged exposure to the asset.
As Bitcoin rose, many companies were able to issue stock at a premium to the value of BTC already on their balance sheets.
This gave them a way to raise capital, buy more Bitcoin, and in some cases widen the gap between the market value and the fundamental value of their holdings. Notably, some companies used debt financing to add exposure.
This structure worked well in rising markets. But once Bitcoin stopped rising and equity premiums narrowed, that became much more difficult.
Bitcoin prices have fallen to around $70,000 from an all-time high of $126,000 in October, erasing much of the gains that had supported the trade.
As prices fell, the net asset value associated with holdings in companies also fell. At the same time, the stock valuations of many digital asset treasury companies have declined, reducing their ability to issue stock on favorable terms.
As a result, the sector-wide feedback loop became tighter, and the decline in Bitcoin price reduced Bitcoin’s net asset value per share. This leads to a decline in the equity premium and suppresses the increase in equity issuance.
Once these conditions are in place, the financing mechanisms that helped companies grow their Bitcoin positions begin to lose their effectiveness.
This pressure is hitting financial company stocks hard. Stocks that once traded as high beta indicators of Bitcoin’s upside have plummeted from their 2025 highs, with many underperforming BTC itself.
Companies like Metaplanet, which bought in large quantities near the top of the market, are starting to rack up unrealized losses.
Stress appears across the sector
Meanwhile, signs of strain are beginning to emerge in individual cases across the industry.
One recent example comes from publicly traded artificial intelligence and live streaming company GD Culture, which approved the sale of 7,500 Bitcoins worth approximately $503 million to fund a share buyback and support its stock price.
The sector’s aggregate figures also reflect the changing situation. More than 100 public companies poured about $100 billion into Bitcoin last year as trading accelerated.
According to Bitcoin Treasury data, these holdings are now worth about $83.7 billion, down significantly from their peak.
At the same time, only two publicly traded companies with Bitcoin on their balance sheets bought more Bitcoin in the past week, according to data compiled by Hodl15Capital.
This slowdown suggests that the appetite to continue increasing exposure is waning along with the market, except for a few dedicated players.
Even among companies that continue to present Bitcoin accumulation as a long-term strategy, activity has become more uneven.
Metaplanet, one of Japan’s most high-profile Bitcoin finance companies, has raised 40.8 billion yen, or approximately $255 million, as part of a financing that could provide up to $531 million in total to fund Bitcoin purchases.
However, while maintaining his long-term goal of owning 210,000 Bitcoins, he has not made any Bitcoin purchases this year. The company currently holds 35,102 Bitcoins.
The next phase seems to be more selective
Against this backdrop, industry-wide research increasingly points to a more difficult environment for companies whose strategies revolve around issuing equity and increasing the price of Bitcoin.
Analysts at Galaxy Digital said the same financial engineering that magnified the upside when valuations were high is now magnifying the downside as equity premiums compress.
For financial firms that have been managing stocks as leveraged crypto transactions, the economics of the model have changed as the market softens and risk appetite for public equities as a whole declines.
Cryptocurrency research firm 10x Research also argued that the first phase of Treasury-corporate transactions has run its course, and that easily gaining net asset value from large premiums is no longer available to most companies.
In such an environment, companies could face increased scrutiny over how much stock they issued at peak valuations, how much Bitcoin they bought near cycle highs, and how much debt they took on to fund those positions.
A more selective phase is now beginning to take shape.
Galaxy Digital said companies with stronger balance sheets and access to more durable capital are better positioned to withstand an extended period of flat or negative premiums to net asset value.
Already, several Bitcoin treasury companies, including Strategy and Strive, are using preferred stock options to finance new BTC acquisitions with the aim of outperforming the top cryptocurrencies over the long term.
On the other hand, some companies may need to scale back acquisitions, rethink their capital strategies, or protect shareholder support if stock markets remain unpalatable.
(Tag translation) Bitcoin
