Bitcoin Treasury Companies Have Been Silent – Except for One

While other companies fail to support demand, the Strategy intends to continue to buy and unveil new stock offerings to stimulate further purchases.

As the bear market extended, the institutions that bought bitcoin (BTC) forcefully while the bulls reigned silent, except for one: Michael Saylor’s business intelligence firm, Strategy.

A report from CryptoQuant states that Strategy is now the sole driver of Bitcoin Treasury demand, leading to a “single buyer’s market.” While other companies are experiencing downtime, Strategy has accelerated its BTC collection, even putting in place frameworks to ensure consistent purchases.

Strategy Drives Bitcoin Treasury Demand

According to CryptoQuant, Strategy has received about 45,000 BTC in the last 30 days. The acquisition is the highest 30-day acquisition the company has seen since April 2025, indicating that Strategy’s portfolio has been growing at a rapid pace for nearly a year.

Despite Su’s consistency, purchases of BTC by other treasury companies have remained low, if not non-existent. This group bought a value of 1,000 BTC in the last 30 days, 99% down from the peak of 69,000 BTC in August 2025. Their acquisition share has also decreased from 95% in October last year to 2% currently. Their share of total assets has decreased from 26% in November 2025 to 24% today.

These companies have made just 13 BTC purchases in the last 30 days, 76% less than the 54 recorded in August 2025. August is considered “Bitcoin Treasury Summer,” as the activity of financial companies’ peaked then.

“Activity and participation remain structurally weak outside the Strategy. The number of acquisitions of other companies has decreased significantly (13 vs 54 up), which shows that both remittances and the scope of participation have deteriorated and failed to support the broad market demand,” explains CryptoQuant.

Problems of Concentration of Demand

With Strategy’s buying activity steady at 4-5 per 30-day period, the firm’s holdings have reached a record high, while those of other companies have stagnated. The total value of Saylor’s business intelligence firm grew by 90,000 BTC this year, while those of other treasury firms increased by just 4,000 BTC.

Currently, the Strategy accounts for the high concentration of the Bitcoin wealth industry. This company owns about 76% of all BTC held by Bitcoin financial companies, followed by the next two largest holders, XXI and Metaplanet, 4.3% and 3.5%, respectively.

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While other companies fail to support demand, the Strategy intends to continue to buy and unveil new stock offerings to stimulate further purchases. This industry concentration reinforces the lack of divergent demand and raises concerns about the integration problems that Bitcoin aims to combat.