Cryptoquant Says Bitcoin Treasury Summer Is Over Outside Strategy
The data reveals a stark split in the corporate bitcoin market. Strategy‘s buying represents its highest 30-day purchase volume since April 2025. Every other publicly traded company holding bitcoin in treasury has, by comparison, nearly stopped buying.
Cryptoquant researchers tracked the collapse in detail. Non-Strategy treasury companies purchased a combined 1,000 BTC in the last 30 days—a 99% decline from the August 2025 peak of 69,000 BTC. Their share of total corporate bitcoin purchases has fallen to 2%, down from 95% in October 2024.
Participation breadth has also narrowed. Companies outside Strategy made 13 separate bitcoin purchases over the past 30 days. At the height of what Cryptoquant called “ Bitcoin Treasury Summer” in August 2025, that figure stood at 54. The number of active buyers has dropped by 76%.
Strategy’s buying cadence, by contrast, has stayed steady. The company has consistently executed four to five purchases per 30-day period, a rhythm that has held even as peers have stepped back.
The gap in holdings has widened accordingly. Strategy has added 90,000 BTC to its balance sheet so far this year. All other treasury companies combined have added a net 4,000 BTC over the same period. Their collective share of total treasury-company holdings fell from 26% in November 2025 to 24% today.
Strategy now holds approximately 76% of all bitcoin held by publicly listed treasury companies, according to Cryptoquant. The company’s total holdings stand at 762,099 BTC.
The next two largest holders are not close. According to bitcointreasuries.net, Twenty One Capital—ticker XXI—holds 43,514 BTC, placing it second globally and ahead of MARA Holdings, which recently sold 15,133 BTC to retire $957 million in zero-coupon convertible notes. MARA now holds 38,689 BTC.
Metaplanet Inc., the Japan-based firm trading under MPJPY, holds 35,102 BTC and sits fourth. Bitcoin Standard Treasury Company holds 30,021 BTC in fifth place, per bitcointreasuries.net data.
Cryptoquant notes that XXI and Metaplanet together account for just 4.3% and 3.5% of total treasury-company BTC holdings, respectively. The rest of the sector divides a shrinking slice.
The pattern points to a bitcoin treasury sector that has consolidated around a single dominant buyer. Strategy continues to grow its position at scale. The companies that followed its model in 2025 have, for now, stopped following its pace.
Whether that reflects balance sheet constraints, shifting capital priorities, or broader caution about bitcoin at current prices is not specified in the Cryptoquant data. What the numbers show is straightforward: one company is buying, and the rest are waiting.
FAQ 🔎
- What is Strategy’s current bitcoin treasury holding? Strategy holds 762,099 BTC, representing approximately 76% of all bitcoin held by publicly listed treasury companies.
- Why did MARA Holdings drop in the bitcoin treasury rankings? MARA sold 15,133 BTC to repurchase $957 million in zero-coupon convertible notes, reducing its holdings to 38,689 BTC.
- How much bitcoin has Twenty One Capital accumulated? Twenty One Capital holds 43,514 BTC, making it the second-largest public bitcoin treasury company globally, per Bitcointreasuries.net.
- Are other companies still buying bitcoin for their treasuries? Corporate bitcoin purchases outside of Strategy have fallen 99% from their August 2025 peak, with just 1,000 BTC bought collectively in the last 30 days.
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