Bitcoin Treasury Giants’ Buying Slumps to Record Lows—Yet Transaction Count Shatters All Records

Corporate Bitcoin strategies hit a bizarre inflection point—purchase volumes crater while on-chain activity explodes.

Behind the Numbers

Major companies are pulling back hard on Bitcoin acquisitions, even as the network processes more transactions than ever. It’s a classic case of big money stepping back while retail and algorithmic traders flood in.

Market Irony at Its Finest

Institutional hesitation meets Main Street frenzy. Treasury teams suddenly act cautious—right when everyone else can’t get enough. Typical finance move: slow down just as momentum builds.

What’s Next?

Watch whether corporates return or if this marks a permanent shift in Bitcoin’s ownership landscape. One thing’s clear—the network doesn’t need their validation to keep breaking records.

Declining purchase volumes

Strategy acquired 3,700 BTC in August, down dramatically from 134,000 BTC purchased in November 2024. Other treasury companies purchased 14,800 BTC, which is below the 2025 average of 24,000 BTC and significantly lower than their June peak of 66,000 BTC.

The average bitcoin per transaction dropped to 1,200 for Strategy and 343 for other companies, down 86% from early 2025 highs. The report attributed the smaller transaction sizes to liquidity constraints or potential market hesitation among institutional buyers.

Monthly holdings growth decelerated sharply for Strategy, falling from 44% in December 2024 to just 5% in August. Other treasury companies experienced similar patterns, with monthly growth dropping from 163% in March to 8% in August.

Despite recording 53 purchase transactions in June and maintaining elevated activity through August with 46 transactions, the frequency masks declining institutional appetite. Treasury companies completed only 14 transactions in November 2024, making current levels appear robust by comparison.

The report focused on pure-play, publicly-traded Bitcoin treasury companies holding 1,000 BTC or more, excluding mining companies and firms with substantial operating businesses like Tesla and Coinbase.

Regulatory and market pressures mount

The treasury market faces new regulatory headwinds as Nasdaq implements shareholder approval requirements for equity issuances used to purchase crypto.

The rule change targets the crypto-treasury playbook, where public companies sell equity or convertibles to fund token purchases. As a result, this change could slow the rapid capital deployment that characterized 2025.

In addition, Sequans Communications became the first Bitcoin treasury company to execute a reverse stock split, adjusting its American Depositary Shares structure to maintain NYSE listing requirements.

The company controls 3,205 BTC, valued at approximately $355 million, but its stock declined 75% this year, raising concerns about potential asset sales to defend share prices.

The report concluded by revealing patterns similar to the 2020-2021 cycle, when Strategy’s holdings growth peaked at 78% before declining to 6% a year later. The current setup suggests institutional Bitcoin accumulation may be entering a similar deceleration phase.