Corporate Bitcoin treasuries are coming under renewed pressure as spot prices remain below the sector-wide average entry level and fresh buying slows sharply. According to Coinglass data, listed companies added only 5,900 BTC to their balance sheets over the past three months, a sharp contrast to July 2025, when roughly 89,000 BTC were purchased even with Bitcoin trading above $100,000. The aggregate corporate cost basis now stands near $80,500, above current spot prices, leaving much of the treasury trade holding unrealized losses. Bitcoin has twice tried to reclaim that level in 2026 without success.
Strategy remains an exception within the corporate group. The largest corporate Bitcoin holder last bought 4,603 BTC at the end of August, bringing its total to 845,050 BTC at a reported cost basis of $75,412, below the wider benchmark. Even so, broader treasury inflows are weakening, and the $80,500 average entry price may act as an overhead barrier while companies sit on paper losses.
The strain extends beyond corporate balance sheets. US spot Bitcoin ETFs recorded $462.7 million in net outflows over the five trading days through Sept. 11, reversing three consecutive weeks of inflows. Bitcoin’s realized cap also began falling on Sept. 15 and stood near $1.069 trillion, signaling reduced fresh buyer appetite at current prices.
Against that backdrop, Swedish Bitcoin treasury company H100 Group reported insider buying by CEO Eirik Grøttum, though the transaction concerned shares rather than new Bitcoin purchases. Grøttum bought 407,163 H100 shares for SEK 621,887 at an average price of SEK 1.53 per share through Kode Oslo AS. After the purchases, Kode Oslo holds 2,771,787 H100 shares, and companies associated with Grøttum collectively hold 5,399,464 H100 shares.
H100 continues to report a Bitcoin treasury of 3,506.4 BTC. The position grew from 1,051.03 BTC at the end of June after the company completed its acquisition of NSD AS on Aug. 10, adding 2,455.37 BTC through a share issue of 790,534,666 new shares and no cash consideration. The deal made Bitcoin exposure central to H100’s balance sheet, although its second-quarter results included a non-cash write-down tied to Bitcoin’s lower valuation, contributing to a pre-tax loss of SEK 98.2 million.
H100 has also said it may consider future share buybacks after Swedish rule changes take effect on Dec. 5, but no repurchase program has been approved. For the wider corporate treasury sector, shrinking purchases, ETF outflows and a falling realized cap suggest the market is still waiting for stronger capital commitments and a Bitcoin recovery above the aggregate cost basis.
