Bitcoin treasuries buy just 5.9K BTC in three months as paper losses linger
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Research by Glassnode shows corporate Bitcoin treasuries added only 5,900 BTC in the first three months of 2026, a sharp decline from 89,000 BTC purchased in July 2025. These treasuries remain underwater with an average cost basis of $80,500, about 6% above current spot prices, resulting in unrealized losses. Strategy, the company with the largest Bitcoin treasury, added 4,603 BTC in late August but still holds its 845,050 BTC at a cost basis of $75,412. Fresh investor inflows appear to be stalling according to recent ETF outflows and declining realized capitalization.
Why it matters
The drop in corporate Bitcoin purchases and ongoing losses suggest diminished institutional support, which may reduce market liquidity and price resilience. Glassnode describes the market as “in waiting,” indicating that buyer appetite is uncertain amid macroeconomic pressures such as US interest rate hikes. The inability of Bitcoin to break above corporate cost basis levels creates overhead supply resistance, further complicating price recovery.
Key context
In July 2025, Bitcoin was trading above $100,000, encouraging significant corporate treasury acquisitions. However, the shifting macroeconomic environment, including the US Federal Reserve’s recent interest rate increase, has tempered investor enthusiasm. The paper losses reflect Bitcoin’s price decline since July 2025. The realized cap decline signals that fewer buyers are entering the market at current prices.
Key numbers and entities
Glassnode is the onchain analytics provider cited. Strategy holds the world’s largest Bitcoin treasury of 845,050 BTC at a cost basis of $75,412. Corporations purchased 5,900 BTC in early 2026, compared to 89,000 BTC in July 2025. US spot Bitcoin ETFs experienced net outflows of $462.7 million over five trading days through September 11. Bitcoin’s realized capitalization is around $1.069 trillion as of mid-September 2026.
What remains unclear
The source does not specify which companies constitute the broader set of corporate treasuries besides Strategy. It also does not detail the specific reasons why purchasers have ceased new acquisitions beyond macroeconomic factors. The impact of other types of investors on Bitcoin inflows and the trajectory of corporate treasury strategies going forward remain unspecified.