Bitcoin (BTC) treasury companies reached a file retaining of 840,000 BTC in August, however underlying info point out weakening institutional ask.
In accordance to a Sept. 5 verbalize by CryptoQuant, buy volumes and transaction sizes plummeted to multi-yr lows.
Diagram led company Bitcoin accumulation with 637,000 BTC, representing 76% of total treasury holdings. At the equivalent time, 32 other companies administration the rest 203,000 BTC.
Holdings surged following the November 2024 US Presidential Election, with Diagram bigger than doubling its self-discipline from 279,000 to 637,000 BTC and other companies expanding their holdings 13-fold from 15,000 to 203,000 BTC.
Declining buy volumes
Diagram obtained 3,700 BTC in August, down dramatically from 134,000 BTC bought in November 2024. Other treasury companies bought 14,800 BTC, which is beneath the 2025 moderate of 24,000 BTC and vastly decrease than their June peak of 66,000 BTC.
The in model Bitcoin per transaction dropped to 1,200 for Diagram and 343 for other companies, down 86% from early 2025 highs. The verbalize attributed the smaller transaction sizes to liquidity constraints or doubtless market hesitation amongst institutional investors.
Month-to-month holdings roar decelerated sharply for Diagram, falling from 44% in December 2024 to good 5% in August. Other treasury companies skilled equivalent patterns, with monthly roar losing from 163% in March to 8% in August.
No matter recording fifty three buy transactions in June and sustaining elevated job by August with 46 transactions, the frequency masks declining institutional escape for meals. Treasury companies finished only 14 transactions in November 2024, making unusual phases appear sturdy by comparison.
The verbalize focused on pure-play, publicly-traded Bitcoin treasury companies retaining 1,000 BTC or more, with the exception of mining companies and companies with expansive running companies love Tesla and Coinbase.
Regulatory and market pressures mount
The treasury market faces fresh regulatory headwinds as Nasdaq implements shareholder approval requirements for fairness issuances primitive to buy crypto.
The guideline alternate targets the crypto-treasury playbook, the assign public companies promote fairness or convertibles to fund token purchases. Due to this, this alternate might perhaps perhaps also unhurried the mercurial capital deployment that characterised 2025.
As effectively as, Sequans Communications was the first Bitcoin treasury company to win a reverse stock split, adjusting its American Depositary Shares structure to preserve NYSE list requirements.
The company controls 3,205 BTC, valued at roughly $355 million, however its stock declined 75% this yr, elevating concerns about doubtless asset gross sales to protect fragment costs.
The verbalize concluded by revealing patterns similar to the 2020-2021 cycle, when Diagram’s holdings roar peaked at 78% sooner than declining to 6% a yr later. The unusual setup suggests institutional Bitcoin accumulation will be coming into a equivalent deceleration section.
