Corporate treasuries bought just 5,900 bitcoin in 3 months. Other demand signals look weak, too.

Publicly traded companies have significantly slowed bitcoin buying, adding about 5,900 BTC over the last three months, according to on-chain analytics firm Glassnode. That pace is a sharp drop from the comparable period a year earlier, when corporate treasuries accumulated more than 100,000 BTC. The group’s average purchase price, which Glassnode calls the Corporate Treasury Cost Basis, sits at roughly $80,500 — about 6% above the current spot price near $76,400 — leaving the cohort collectively in a loss position. Much of the recent accumulation was concentrated in a single Nasdaq-listed firm, MicroStrategy (ticker MSTR), which accounted for most of the buying and made a late-August acquisition of 4,603 BTC. Data from Bitcoin Treasuries shows public-company holdings total about 1.22 million BTC across 181 listed firms, with MicroStrategy holding approximately 845,050 BTC and Tokyo-listed Metaplanet among the next-largest corporate stacks. Glassnode noted that reclaiming the $80,500 level would put corporate treasuries back into profit and could remove a layer of overhead supply, but until then their average entry price remains a potential ceiling. Other market signals present a mixed picture. U.S.-listed spot bitcoin ETFs have drawn billions of dollars since early August but remain about $1 billion short of turning positive on a year-to-date basis, per SoSoValue. The Coinbase premium — which measures whether bitcoin trades at a discount or premium on Coinbase versus offshore Binance — has been mostly negative since May, indicating relatively weaker U.S. buying, aside from a brief positive move on Sept. 5 (CoinGlass). Meanwhile, total stablecoin supply, a proxy analysts use for new fiat liquidity entering crypto markets, has been largely flat this year at roughly $300–$310 billion, suggesting limited fresh capital inflows. Taken together, the pullback in corporate treasury purchases and the muted or mixed readings from ETFs, exchange premiums, and stablecoin balances suggest several traditional demand channels are not yet showing broad, sustained strength as bitcoin seeks to extend recent gains.