Corporate Bitcoin buying has narrowed dramatically to a single company, with MicroStrategy's purchases now accounting for the vast majority of activity, creating what analysts warn is a concentration risk for what was supposed to be a broad institutional adoption trend.
According to a CryptoQuant report published this week, MicroStrategy purchased approximately 45,000 BTC over the past 30 days. This represents its fastest accumulation pace since April 2025. In stark contrast, every other corporate treasury combined bought only about 1,000 BTC during the same period. This marks a 99% decline from a peak of 69,000 BTC purchased by other firms in August of last year.
The data shows a seismic shift in market participation. Other treasury companies' share of total Bitcoin purchases has collapsed to just 2%, down from 95% at the height of the corporate treasury trade. MicroStrategy now holds roughly 76% of all Bitcoin held by treasury companies globally.
This development validates warnings issued by Galaxy Digital in a July 2025 report. Galaxy argued that the digital asset treasury company (DATCO) model was fundamentally a "liquidity derivative" that only functioned while company equities traded at a premium to their underlying Bitcoin holdings. The firm predicted that once those premiums compressed, a negative flywheel would begin: lower Bitcoin prices would shrink net asset values, squeeze out the equity premium, and make share issuance dilutive rather than accretive.
"That scenario has played out almost exactly as described," the current analysis notes. During the peak accumulation period in July and August 2025, Bitcoin was trading above $110,000. It is now trading under $70,000, according to CoinDesk market data, as it slowly recovers from the crash of October 10, 2025.
Companies that bought aggressively near the cycle top, including Metaplanet and Nakamoto Holdings, are now deeply underwater. Galaxy's analysis indicated these firms carried average Bitcoin costs above $107,000 as of December 2025.
MicroStrategy has taken defensive measures, disclosing in December a $1.44 billion cash reserve with the goal of eventually building it to cover 24 months of dividend and interest obligations. Despite this defensive posture, its Bitcoin accumulation has not slowed.
The result is a market dynamic far more concentrated than initially promised. At Bitcoin Asia in Hong Kong last summer, treasury firms pitched themselves as a scalable new class of corporate buyers that could absorb Bitcoin supply and outperform passive exposure. For now, that vision has narrowed to a single corporate balance sheet: MicroStrategy's.
