Bitcoin (BTC) Treasury companies reached a record company of 840,000 BTC in August, but underlying data reveals the weakening institutional demand.
According to a report of 5 September from Cryptoquant, buy volumes and transaction sizes in the same way to multi -year lows.
Strategy led business accumulation of companies with 637,000 BTC, which represents 76% of the total treasury companies. At the same time, 32 other companies check the remaining 203,000 BTC.
After the US presidential elections of November 2024, Holdings rose more than doubling its position from 279,000 to 637,000 BTC and other companies that expand their participations 13-fold from 15,000 to 203,000 BTC.
Falling purchase volumes
Strategy acquired 3,700 BTC in August, dramatically reduced from 134,000 BTC in November 2024. Other treasury companies bought 14,800 BTC, which is lower than the average of 2025 of 24,000 BTC and considerably lower than their peak of June of 66,000 BTC.
The average bitcoin per transaction fell to 1,200 for strategy and 343 for other companies, with an 86% decrease compared to early 2025 highlights. The report attributed the smaller transaction sizes to liquidity restrictions or possible market hesitation at institutional buyers.
The growth of monthly interests departed sharply for the strategy, fell from 44% in December 2024 to only 5% in August. Other treasury companies experienced similar patterns, where monthly growth fell from 163% in March to 8% in August.
Despite the recording of 53 purchase transactions in June and maintaining increased activities until August with 46 transactions, the frequency gasers will fall the institutional appetite. Treasury companies only completed 14 transactions in November 2024, making the current levels appear to be robust compared to.
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The report was aimed at Pure-Play, publicly traded Bitcoin Treasury companies with 1,000 BTC or more, excluding mining companies and companies with substantial operational companies such as Tesla and Coinbase.
Regulatory and market pressure is set up
The Treasury Market is confronted with new legal headwinds, because Nasdaq implements the approval requirements for shareholders for issues used to buy crypto.
The change of rule focuses on the Playbook of Crypto Treasury, where public companies sell shares or convertiblees to finance token purchases. As a result, this change can slow down the rapid capital implementation that characterized 2025.
In addition, Sequans Communications became the first Bitcoin Treasury Company that carried out an inverted stock split, which adjusted the American structure of the deposition shares to maintain NYSE list requirements.
The company checks 3,205 BTC, with a value of approximately $ 355 million, but the shares fell by 75%this year, which expresses concern about possible assets turnover to the stock prices.
The report was concluded with the unveiling of patterns comparable to the cycle of 2020-2021, when the growth of the strategy reached the growth of the strategy at 78% before he dropped to 6% a year later. The current setup suggests that institutional Bitcoin accumulation can introduce a similar delay phase.
