Author: Omkar Godbole

Translation: Deep Tide TechFlow

Deep Tide Introduction: Glassnode data shows that listed companies have only added about 5,900 Bitcoins in net terms over the past three months, less than 7% of the 89,000 added in July last year. The average acquisition cost for company treasuries is about $80,500, and overall they are still at a loss; although spot ETFs have warmed up since August, the premium for Coinbase on the U.S. stock market has remained negative, indicating that buying demand in the U.S. is still weak. For Bitcoin to stabilize and rebound, this "treasury ceiling" is still in place.

Listed companies' appetite for Bitcoin (BTC) has clearly dulled. As a significant buyer for the bull market in 2024-2025, the demand from company treasuries remains weak as Bitcoin attempts to make a lasting rebound. The current price is about $77,500.

According to Glassnode, these companies added only about 5,900 BTC in the past three months, far below the pace of the same period last year. Nasdaq-listed Strategy (MSTR) contributed most of this, including a purchase of 4,603 Bitcoins in late August.

At a spot price of approximately $76,400, these 5,900 Bitcoins amount to around $451 million. While this absolute amount is not small, compared to the previous year when Bitcoin stood above $100,000 and company treasuries bought more than 100,000 Bitcoins during the same period, it appears thin.

In the same period last year, company treasuries accumulated over 100,000 BTC, with about 89,000 added in just July. In contrast, the recent three-month total of 5,900 Bitcoins is less than 7% of the total in July 2025. At that time, the price of the coin was above $100,000, with monthly purchases exceeding $8.9 billion, surpassing the market capitalization of most cryptocurrencies outside the top 15.

Bitcoin acquisition situation by corporate treasuries. (Glassnode)

Glassnode states: "Corporate treasuries have been big buyers in 2025, but have stepped back now. Their average entry price, that is, the cost basis of the corporate treasury, is about $80,500, which is about 6% higher than the spot price, hence they are still overall underwater."

Bitcoin recently reached this level but failed to maintain the gains.

Data source Bitcoin Treasuries shows that approximately 181 listed companies currently hold about 1.22 million BTC in total. Strategy remains the absolute dominant player, holding around 845,050; Tokyo-listed Metaplanet ranks as one of the larger holdings in the next tier. At current prices, this batch of treasuries is still not at breakeven.

Glassnode adds: "If they manage to rise back above $80,500, the treasuries will return to profitability and eliminate an additional layer of selling pressure above; until then, their entry price remains an extra ceiling."

The U.S.-listed spot Bitcoin ETFs have absorbed billions of dollars since early August, indicating a warming of institutional demand. However, according to SoSoValue data, they are still about $1 billion away from turning positive for the year.

According to CoinGlass, the Coinbase premium indicator has been mostly negative since May, briefly turning positive only on September 5. Negative values indicate that Bitcoin is trading at a discount on Coinbase compared to offshore exchange Binance, suggesting that the demand from U.S. buyers is weaker than that of traders in other regions.