Saylor's Strategy Dominates Bitcoin Buying Among Treasury Companies

Michael Saylor's Strategy has emerged as the leading buyer of bitcoin among treasury companies, according to recent data from CryptoQuant. Over the past 30 days, the firm has accumulated approximately 45,000 BTC, its fastest accumulation pace since April 2025.

This development marks a significant shift in the market, as other treasury companies have significantly reduced their purchases. In fact, every other treasury company combined bought around 1,000 BTC in the same period, a 99% decline from a peak of 69,000 BTC in August last year.

As a result, Strategy now holds roughly 76% of all bitcoin held by treasury companies, highlighting the concentration risk in the market. This trend confirms Galaxy Digital's warning last summer that the digital asset treasury company model was fundamentally flawed and would reverse once equity premiums compressed.