Bitcoin Treasury Companies Have Gone Quiet – Except One

As the bear market stretches out, institutions that aggressively bought bitcoin (BTC) while the bulls dominated have gone quiet, except one: Michael Saylor’s business intelligence firm, Strategy.

A report from CryptoQuant says Strategy is now the sole driver of Bitcoin treasury demand, leading to a “one buyer market.” While the other companies are facing a period of inactivity, Strategy has accelerated its BTC accumulation, even putting up structures to ensure consistent purchases.

Strategy Drives Bitcoin Treasury Demand

According to CryptoQuant, Strategy has acquired approximately 45,000 BTC over the last 30 days. The acquisitions are the highest 30-day purchase the company has seen since April 2025, indicating that Strategy’s accumulation is growing at the fastest pace in almost a year.

Despite Strategy’s consistency, BTC purchases from other treasury companies have remained low, if not non-existent. This cohort has bought a total of 1,000 BTC in the last 30 days, a 99% plunge from the high of 69,000 BTC in August 2025. Their share of acquisitions has also fallen from 95% in October last year to 2% currently. Their share of total holdings has declined from 26% in November 2025 to 24% today.

These companies have made just 13 BTC purchases in the last 30 days, 76% less than the 54 recorded in August 2025. August was considered the “Bitcoin Treasury Summer,” as treasury companies’ activity peaked then.

“Activity and participation remain structurally weak outside Strategy. The number of purchases by other companies has declined significantly (13 vs 54 at peak), indicating that both capital deployment and participation breadth have deteriorated and are failing to support broader market demand,” CryptoQuant explained.

Demand Concentration Issues

With Strategy’s buying activity holding stable at 4-5 each 30-day period, the firm’s holdings have reached record highs, while those of other companies have stalled. The total holdings of Saylor’s business intelligence firm have grown by 90,000 BTC this year, while those of other treasury companies have risen by a mere 4,000 BTC.

Currently, Strategy accounts for a high concentration of the Bitcoin treasury industry. The firm holds roughly 76% of all BTC held by Bitcoin treasury companies, followed by the next two largest holders, XXI and Metaplanet, accounting for 4.3% and 3.5%, respectively.

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While other companies fail to sustain demand, Strategy intends to keep buying and has unveiled new stock offerings to fuel additional purchases. This industry concentration reinforces the lack of diversified demand and raises concerns about the very centralization issues Bitcoin aims to combat.

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