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Publicly listed companies sharply reduced Bitcoin purchases as falling prices and tighter financing conditions weakened corporate demand. The group added about 5,900 BTC over the past three months, compared with more than 100,000 BTC during the same period last year. Strategy supplied most of the recent buying after purchasing 4,603 BTC in late August. Meanwhile, Bitcoin traded near USD 76,400, below the approximately USD 80,500 average entry price for corporate treasuries.
That gap leaves many corporate Bitcoin positions below their reported average purchase cost. At the same time, positive ETF inflows offer some support, while negative Coinbase premiums point to weaker US spot demand. A steady stablecoin supply also suggests limited liquidity growth across the broader crypto market.
Strategy accounted for most of the sector’s recent purchases. The NASDAQ-listed company added 4,603 BTC over three weeks in late August. The acquisition cost USD 370 million and averaged USD 80,318 per Bitcoin.
That purchase represented most of the 5,900 BTC added by publicly listed companies during the past three months. By comparison, the same group bought more than 100,000 BTC during the equivalent period last year.
Still, Strategy paused further Bitcoin accumulation by mid-September. Its filings showed holdings unchanged at 845,050 BTC for a second straight week. Those holdings carried a market value of about USD 65.7 billion at the reported price level.
Instead, the company repurchased USD 139.3 million of its STRC preferred shares. As a result, Strategy directed capital toward the preferred shares rather than adding Bitcoin during the period covered by those filings.
The number of listed companies holding Bitcoin reached 179 by September 2026, according to SatsIntel. Many use variations of the same treasury model. Companies raise capital, purchase Bitcoin, and seek to increase Bitcoin exposure per share.
The model depends partly on access to capital and favorable share valuations. Weaker share premiums and tighter financing conditions can therefore reduce the funds companies have available for additional Bitcoin purchases.
The 50 largest listed Bitcoin treasury companies have lost a combined USD 83 billion in market value since July 2025. During that period, financing conditions tightened, and premiums between company shares and underlying Bitcoin holdings weakened.
Analysts have therefore pointed to Bitcoin per fully diluted share as another measure of corporate treasury performance. This calculation accounts for debt and preferred stock claims instead of focusing only on total Bitcoin holdings.
Nakamoto Inc. and Satsuma Technology illustrate the risks that can emerge when access to capital weakens. Their reversals show how financing conditions can affect companies that depend on markets to fund Bitcoin purchases.
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Corporate Bitcoin buying has slowed while other market indicators remain mixed. Bitcoin traded near USD 76,400, leaving the average corporate treasury entry price near USD 80,500 above the market price.
Meanwhile, ETF inflows provided a positive demand signal. However, negative Coinbase premiums indicated softer buying pressure in the US market. Stablecoin supply also pointed to subdued growth in available crypto liquidity.
Pluang’s market snapshot at 13:31 WIB on September 18 showed broad gains across major cryptocurrencies. Forty-five of the 50 tracked assets rose during the session.
BAL traded at Rp16,297 after gaining 11.14%. AAVE reached Rp2,375,203 with a 9.49% increase and 86% buy-order activity. AXS climbed 8.71% to Rp17,890, although sell orders accounted for 94% of activity.
These figures showed broad short-term gains across major cryptocurrencies while corporate Bitcoin accumulation remained subdued. Corporate purchases, ETF flows, Coinbase premiums and stablecoin supply continued to provide mixed measures of market demand and liquidity.
