Data shows Strategy is currently the main driver of corporate Bitcoin demand, as other companies have seen their purchase share shrink to just 2%.
Strategy Behind Most Of The Bitcoin Treasury Buying From The Past Month
In a new post on X, on-chain analytics firm CryptoQuant has highlighted how Bitcoin treasury demand is now being driven entirely by Strategy. Treasury companies refer to corporates that keep BTC on their balance sheet as a way of providing their investors with indirect exposure to the cryptocurrency. This model was popularized by Strategy, which, under the leadership of Michael Saylor, has aggressively accumulated BTC.
While the cryptocurrency sector has gone through a bearish shift recently, the firm hasn’t lost its conviction, with regular purchases only continuing. As a result of this steady accumulation, Strategy today controls over 3.8% of the entire Bitcoin supply in circulation, making it by far the largest digital asset treasury company in the world.
It would appear, though, that while the company hasn’t faltered by the change of winds in the market, the same hasn’t been true for the other corporate investors.
How purchases from BTC treasury companies have changed over the past year | Source: CryptoQuant on X
As is visible in the data shared by CryptoQuant, the middle portion of 2025 saw a rapid expansion of Bitcoin purchases from companies other than Strategy. These buys meant that total corporate demand far outweighed the accumulation from Saylor’s firm alone.
As the market has gone downhill, however, buying from other companies has dried up. In the past month, Strategy bought about 45,000 BTC, but purchases from other companies totaled just 1,000 BTC. This reflects a collapse of a whopping 99% for the latter.
In percentage terms, Strategy’s buying made up for 98% of the corporate demand from the last 30 days, once again capturing the current asymmetry in the sector. “With ~76% of holdings, the industry is highly concentrated; there is no broad corporate demand right now,” noted the analytics firm.
That said, while Bitcoin treasury companies other than Strategy may have paused accumulation, it doesn’t mean that the firm is the sole treasury buyer in the entire digital asset sector. Bitmine, the largest public holder of Ethereum, has also continued to make regular purchases recently.
Another source of institutional demand in the market today is the US spot exchange-traded funds (ETFs), exchange vehicles that allow traders to invest in BTC without directly having to interact with blockchain infrastructure.
Earlier, these funds were facing net outflows, but recently, the weekly netflow has managed to get a green streak going, according to data from SoSoValue. These recent small but steady inflows could be an early sign that some institutional interest may be pouring back into Bitcoin.
Looks like the last five weeks have all seen net inflows | Source: SoSoValue
BTC Price
At the time of writing, Bitcoin is floating around $69,300, down 3% over the last 24 hours.
The trend in the price of the coin over the last five days | Source: BTCUSDT on TradingView
Featured image from Dall-E, chart from TradingView.com
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