Saylor’s Strategy Dominates BTC Buying as Corporate Demand Fades

• Strategy has purchased approximately 45,000 BTC over the last 30 days, representing its most aggressive accumulation phase since April 2025.
• Total buying from all other corporate treasuries has plummeted by 99%, falling from a peak of 69,000 BTC in August of last year to just 1,000 BTC.
• Michael Saylor's firm now commands 76% of all Bitcoin held by corporate treasury companies, signaling a significant concentration risk.

The Shift to Single-Company Dominance

The landscape of corporate Bitcoin adoption has undergone a dramatic transformation. What was once envisioned as a broad movement of institutional treasury diversification has narrowed into a strategy dominated by a single entity. According to a recent CryptoQuant report, Strategy has accelerated its buying pace to levels not seen in months, even as its peers retreat from the market.

While the market once saw a wide array of companies absorbing supply, other treasury firms now account for a mere 2% of total corporate purchases. This is a staggering decline from the height of the trade, when those same companies represented 95% of the buying volume.

The Reversal of the Treasury Flywheel

The current market environment reflects a cautionary scenario previously outlined by Galaxy Digital. The digital asset treasury company (DATCO) model relies heavily on equity shares trading at a premium to the underlying Bitcoin holdings. This creates a "flywheel" effect where companies can issue shares to buy more assets without diluting existing shareholders.

However, as premiums have compressed, this cycle has reversed. Key market data points include:

• Bitcoin was trading above $110,000 during the peak accumulation period in mid-2025.
• The asset is currently trading below $70,000 following a market crash on October 10.
• Firms such as Metaplanet and Nakamoto Holdings have average purchase costs exceeding $107,000, leaving their positions significantly underwater.

Defensive Maneuvers and Concentration Risk

In response to the volatile environment, Strategy has taken steps to fortify its financial position. The company disclosed a $1.44 billion cash reserve in December, intended to cover up to 24 months of interest and dividend obligations. Despite this defensive posture, the firm has not slowed its Bitcoin acquisition, further distancing itself from other corporate holders.

This trend has created a demand profile that is far more concentrated than what was promised to investors during industry conferences like Bitcoin Asia. The vision of a scalable class of corporate buyers has, for the time being, consolidated into a single balance sheet, leaving the broader market dependent on the moves of one major player.