Corporate Bitcoin Buying Slows Sharply as Treasuries Remain Underwater

Corporate Bitcoin treasuries have sharply reduced their purchasing pace, adding only about 5,900 BTC over the past three months, according to data from on-chain analytics platform Glassnode. This represents a dramatic slowdown compared to the same period last year, when listed companies accumulated more than 100,000 BTC, including approximately 89,000 BTC in July 2025 alone. The reduced buying activity comes as the aggregate cost basis for corporate treasuries sits at approximately $80,500, which remains above current spot prices. With Bitcoin trading near $76,400, the group as a whole is holding unrealized losses. Glassnode noted that Bitcoin has twice attempted to reclaim the $80,500 corporate cost basis in 2026, but both recoveries failed to hold. Strategy, the largest listed corporate Bitcoin holder, accounted for most of the recent purchases, including 4,603 BTC acquired in late August. The company's holdings total about 845,050 BTC with a cost basis of $75,412, which is below the wider corporate average. However, Strategy paused its Bitcoin buying after the August acquisition, instead spending $139.3 million on share buybacks between September 8 and September 13.