Is the Corporate Bitcoin Treasury Trend Dead? Saylor’s Strategy Is the Only One Buying

The corporate Bitcoin treasury movement had a great story. Dozens of public companies piling into Bitcoin, a structural shift in how institutions manage capital, a new floor under the price. CryptoQuant just put some hard numbers on where that story stands today.

In the last 30 days, Strategy bought 45,000 $BTC. Every other treasury company in existence bought roughly 1,000 combined.

That’s a 99% collapse in participation from everyone except Michael Saylor.

One Company, 76% of Everything

Strategy now holds approximately 76% of all Bitcoin owned by corporate treasury companies, according to CryptoQuant. Their share of total 30-day purchases has reached an extraordinary level, while other companies’ share has fallen to just 2%, down from 95% at the peak of the corporate buying wave.

CryptoQuant’s read on this is direct: “There is no broad corporate demand right now.”

What made this data point significant is the timing. Corporate buying participation peaked at 69,000 $BTC in August 2025. Bitcoin was climbing and the narrative was building. Then prices dropped, and the conviction evaporated.

Some Companies Are Selling Too

Bitdeer Technologies liquidated its entire Bitcoin position, going from 2,029 $BTC to zero. Genius Group sold roughly 58% of its Bitcoin holdings to pay down a Bitcoin-backed loan. Cango sold nearly 60% of its stack.

These weren’t small retail players. These were companies that publicly announced Bitcoin treasury strategies and bought near the top.

Strategy did the opposite. As prices fell, Saylor’s firm accelerated, making this its fastest accumulation pace since April 2025.

What This Means for Bitcoin

Corporate buying was one of the loudest structural arguments for Bitcoin’s 2025 run to over $126,000. Companies buying and holding permanently removes supply from the market, creating a floor under the price.

That floor now rests almost entirely on two companies. Strategy is the dominant force. Metaplanet, the Tokyo-listed firm that has become the fourth-largest corporate Bitcoin holder with 35,102 $BTC, is the only other name still actively building.

Also Read: Won’t Deny It: Metaplanet CEO Admits Buying Bitcoin at the Peak, Defends Strategy

Just this month, Metaplanet raised $234 million through a new warrant structure specifically to buy more Bitcoin, with a stated target of 100,000 $BTC by the end of 2026.

Two companies with conviction. Most others have either gone quiet or are actively selling into the drawdown.