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BTC The corporate bitcoin purchasing boom has cooled significantly
According to data from online analytics firm Glassnode, in the past three months, listed companies have held a net increase of 5,900 bitcoins in their treasury. This figure represents a sharp drop compared with the purchase volume of approximately 89,000 bitcoins in a single month in July 2025.
The bitcoin purchasing spree that defines corporate behavior in 2025 has basically stalled. The slowdown marks a major reversal of the strategies adopted by dozens of companies last year. At the time, many companies raised funds through stock or debt issues specifically used to buy Bitcoin and keep it on their balance sheets. This approach works as long as the company's share price is higher than the value of the Bitcoin it holds, because it allows the company to raise new capital and buy more Bitcoin without diluting the actual equity of existing shareholders.
Premium compression causes mechanism to fail
However, in the past two quarters, the premium of their share prices relative to the value of their positions has been significantly compressed and in some cases even disappeared completely among most companies holding Bitcoin. Once a company's share price falls to a level equal to or lower than the value of its underlying Bitcoin holdings, the entire mechanism that previously made continued increases value-added will collapse because new issues no longer add to the value per share. This appears to be the main force behind the purchasing slowdown currently being measured by Glassnode.
Glassnode的数据还显示，从总体上看，持有比特币的企业在当前价格下仍处于未实现亏损状态，这意味着许多在去年积极买入的公司，以今天的比特币价格计算，其购买行为仍然处于“水下”（即亏损状态）。
需求结构转变与市场影响
这种放缓并不意味着这些企业正在出售其现有的持仓；数据中没有出现向市场净流出的迹象。但这确实意味着，帮助推动去年大部分时间比特币上涨的需求来源之一已基本沉寂。如果比特币要从当前位置进一步显著上涨，未来将更多地依赖交易所交易基金（ETF）的资金流入和零售需求来承担重任。
潜在复苏路径
追踪企业比特币板块的分析师表示，若要恢复采购活动，最可能需要的是：要么出现持续的牛市行情，恢复许多公司赖以生存的“股价-持仓”溢价；要么转向战略调整，通过经营现金流而非融资来资助购买。一些较小的企业已经开始探索后者这条路径，利用其他业务线的收入来资助增量比特币购买，而不是发行新股或债务。这是一种较慢但稀释效应较小、且不依赖于市场继续对公司估值高于其比特币持仓价值的方法。
