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

Publicly listed companies are showing little appetite for bitcoin (BTC), suggesting that a key source of demand behind the 2024–25 bull market remains weak as the cryptocurrency attempts a sustained rebound.

Those firms have added only about 5,900 BTC over the past three months, according to Glassnode, a fraction of last year’s pace. Nasdaq-listed Strategy (MSTR) accounted for most of that buying, including a late-August purchase of 4,603 BTC.

At a spot price near $76,400, those 5,900 coins are worth roughly $451 million. That is not a trivial sum, but it looks small next to the same period a year earlier, when bitcoin was still trading above $100,000.

Corporate treasuries added more than 100,000 BTC during that period, including 89,000 coins in July alone. By comparison, the recent 5,900-BTC purchase amounted to less than 7% of the July 2025 total. With bitcoin trading above $100,000 at the time, that month’s buying was worth more than $8.9 billion, exceeding the market capitalization of most cryptocurrencies outside the top 15.

“Corporate treasuries were a big buyer through 2025, and they have stepped back,” Glassnode said. “Their average entry, the Corporate Treasury Cost Basis, sits at $80.5K, about 6% above spot, so the group as a whole is under water.”

Bitcoin topped that level recently but failed to keep gains.

Data source Bitcoin Treasuries now puts public-company holdings at about 1.22 million BTC across 181 listed firms. Strategy remains the dominant buyer and holder, with about 845,050 BTC. Tokyo-listed Metaplanet is among the next-largest corporate stacks. As a group, those treasuries are still underwater at current prices.

“A reclaim of $80.5K would put the treasuries back in profit and remove one layer of overhead supply; until then their entry is one more ceiling,” Glassnode added.

Other demand indicators paint a mixed picture

U.S.-listed spot bitcoin ETFs have attracted billions of dollars since early August, signaling a rebound in institutional demand for the cryptocurrency. However, they remain roughly $1 billion short of turning positive on a year-to-date basis, according to data source SoSoValue.

The Coinbase premium indicator has remained mostly negative since May, aside from a brief move into positive territory on Sept. 5, according to data from CoinGlass. A negative reading means bitcoin is trading at a discount on Coinbase relative to prices on offshore exchange Binance, suggesting that U.S. buyers are showing weaker demand than traders elsewhere.

Elsewhere, total stablecoin supply, which analysts track as a proxy for new fiat capital entering the crypto market, has remained largely flat at around $300 billion to $310 billion this year. Supply has also been stagnant in recent weeks, even as bitcoin surged in mid-August. This suggests that fresh capital entering the market through stablecoins remains tepid at best.