Corporate demand for bitcoin has narrowed sharply, with virtually all recent public-company buying concentrated in Strategy, according to data from CryptoQuant. Over the most recent 30-day period, public corporate entities that accumulate bitcoin but exclude Strategy together purchased roughly 1,000 BTC. By contrast, Strategy added about 45,000 BTC during the same window - its largest 30-day accumulation since April 2025.
The distribution of corporate purchases has shifted dramatically. The share of acquisitions from bitcoin treasury companies outside Michael Saylor's Strategy has fallen to 2% from 95% in October. Overall, purchases by bitcoin treasuries are down 99% from their high in August 2025.
Those flows arrive while both Strategy's equity and the underlying cryptocurrency have weakened. Strategy's stock is trading more than 71% below its 52-week high. Bitcoin has also declined, falling 48% from its October peak.
"Bitcoins got $50 billion a day of liquidity, and we don’t control the price of the liquidity, and we hold three and a half percent of the asset," Michael Saylor told CNBC. "It’s a very decentralized, very diffused asset. The market is much bigger than anybody in it and that’s actually what makes it such a compelling capital asset."
On a broader scale of corporate ownership, Strategy accounts for about 65% of the bitcoin held by public companies, according to Bitcoin Treasuries. That concentration underscores how much of the publicly disclosed corporate exposure to bitcoin is currently attributable to a single firm.
The recent data from CryptoQuant highlights a sharp divergence between Strategy's purchasing activity and that of other public corporate treasuries. While Strategy's acquisitions reached a multi-month high, other publicly disclosed corporate buyers have almost entirely stopped adding to their bitcoin positions over the same period.
Implications for markets and corporate treasuries
The pattern of buying emphasizes the role of a single large public company in shaping the visible corporate demand narrative for bitcoin. It also leaves open questions about concentration of holdings among publicly reporting entities and how those holdings relate to broader market liquidity and price formation.