Bitcoin treasuries buy just 5.9K BTC in three months as paper losses linger

Glassnode's latest The Week Onchain research finds that publicly listed companies have largely stepped back from buying Bitcoin in 2026, adding only about 5,900 BTC over the period. That pace is a small fraction of activity seen in mid-2025: in July of that year companies bought roughly 89,000 BTC when prices were above $100,000.

The analytics provider reports that corporate treasuries as a group remain underwater. Their reported Corporate Treasury Cost Basis is about $80,500 — roughly 6% higher than current spot — and two attempts during 2026 to push price back above that level failed to stick. Glassnode notes that entities that have stopped buying and now sit on unrealized losses do not currently provide price support.

Separately, Strategy — the business intelligence company cited as holding the largest corporate Bitcoin treasury — made a purchase at the end of August, acquiring 4,603 BTC in its first buy in two months. Glassnode lists Strategy's total holdings at 845,050 BTC with a cost basis of $75,412 per BTC.

Market-wide flow data also points to cooling demand. US spot Bitcoin ETFs experienced net outflows of $462.7 million in the five trading days through Sept. 11, reversing several weeks of net inflows. Glassnode describes the situation as a "market in waiting," noting that realized capitalization has begun to decline as of Sept. 15 — a sign that little fresh buyer appetite exists at current price levels. The firm says a sustained return of positive daily changes in Realized Cap would indicate buyers returning, while ongoing outflows under the mean would suggest range buyers are giving up.

Broader macro factors are also in play: the US Federal Reserve raised interest rates on Wednesday, its first hike since July 2023, which Glassnode and the article link to reduced liquidity conditions that can weigh on crypto demand. Together, the data portray a market where former corporate participants are no longer a steady source of incremental BTC demand and where fresh capital has become more tentative.