Strategy Dominates Corporate Bitcoin Buying, Concentrating Demand

Strategy, the largest corporate Bitcoin holder in the world, has been on a purchasing spree in recent months. According to data from CryptoQuant, Strategy acquired approximately 45,000 BTC over the past 30 days, its fastest accumulation pace since April 2025.

This rapid buying has come at a time when other treasury companies have significantly reduced their purchases. In fact, every other treasury company combined bought approximately 1,000 BTC in the same period, a 99% decline from a peak of 69,000 BTC in August last year.

The concentration of demand has led to concerns about a potential risk to the market. Galaxy Digital warned about this scenario last summer in a report that argued the digital asset treasury company model was fundamentally a liquidity derivative that worked only as long as equities traded at a premium to their underlying Bitcoin holdings.