Listed companies purchased around 5,900 Bitcoin over three months in 2026, representing less than 7% of their acquisition rate from July 2025, when corporate treasuries added 89,000 BTC. The sharp slowdown reflects a market where existing holders remain underwater on their positions.
Corporate treasuries’ average entry price sits at $80,500, approximately 6% above current spot price, according to Glassnode, an onchain analytics platform. “Their average entry, the Corporate Treasury Cost Basis, sits at $80.5K, about 6% above spot, so the group as a whole is under water,” Glassnode stated in its Week Onchain newsletter.
Strategy, the business intelligence company that holds the world’s largest Bitcoin treasury with 845,050 BTC, made its most recent purchase of 4,603 BTC at the end of August 2026, marking its first acquisition in two months. Strategy’s holdings carry a cost basis of $75,412.
Macro Headwinds and Failed Reclamation Attempts
Two attempts in 2026 to reclaim the $80,500 cost basis level proved unsuccessful. On Wednesday in mid-September, the US Federal Reserve enacted its first interest-rate hike since July 2023, adding pressure to risk assets including Bitcoin.
US spot Bitcoin ETFs saw net outflows of $462.7 million in the five trading days through September 11, reversing three consecutive weeks of net inflows. Bitcoin’s realized cap began to fall as of September 15, currently sitting at around $1.069 trillion, indicating a lack of fresh buyer appetite.
Glassnode characterized the market as a “market in waiting,” noting that corporate treasuries underwater on their positions lack the conviction to accumulate. “A buyer that has stopped buying and holds a paper loss is not support,” the firm stated.
Overhead Supply and Price Dynamics
The underwater cost basis creates structural overhead for Bitcoin’s price action. “A reclaim of $80.5K would put the treasuries back in profit and remove one layer of overhead supply; until then their entry is one more ceiling,” Glassnode said.
The firm outlined the conditions required for corporate treasuries to resume accumulation. “A return to positive daily Realized Cap changes would say the buyers are back; a run of outflows while price sits under the mean would mean the range’s buyers have started to give up,” Glassnode noted.
The 2026 slowdown contrasts sharply with 2025 acquisition momentum, when companies deployed capital aggressively at higher price levels. With current holders nursing losses and macro uncertainty persisting, corporate Bitcoin treasury purchases have stalled to their lowest pace in recent cycles.
