Cryptoquant says Bitcoin Treasury summer is over outside of strategy
Data reveals deep division within the company bitcoin walk. The strategy’s purchases represent its highest 30-day purchase volume since April 2025. All other publicly traded companies holding bitcoin in cash has, in comparison, almost stopped buying.
Cryptoquant researchers tracked the collapse in detail. Non-strategic treasury companies purchased a total of 1,000 BTC in the last 30 days: a 99% drop from the August 2025 peak of 69,000 BTC. Their share of total businesses bitcoin purchases fell to 2%, compared to 95% in October 2024.
The scale of participation has also narrowed. Companies outside of Strategy have made 13 separate bitcoin purchases over the past 30 days. At the height of what Cryptoquant called “ Bitcoin Treasury Summer” in August 2025, this figure stood at 54. The number of active buyers fell by 76%.
On the other hand, the strategy’s purchasing cadence remained stable. The company routinely executed four to five purchases per 30-day period, a pace that has held up even as its peers have taken a step back.
The gap between assets has widened as a result. The strategy added 90,000 BTC on its record so far this year. All other treasury companies combined added a net amount of 4,000 BTC over the same period. Their collective share of total treasury company holdings has fallen from 26% in November 2025 to 24% today.
The strategy now holds around 76% of the total bitcoin held by publicly traded treasury companies, according to Cryptoquant. The company’s total assets are 762,099 BTC.
The next two largest holders are not close. According to bitcointreasuries.net, Twenty One Capital (ticker XXI) holds 43,514 BTCplacing it second in the world and ahead of MARA Holdings, which recently sold 15,133 BTC to withdraw $957 million in zero-coupon convertible notes. MARA now holds 38,689 BTC.
Metaplanet Inc., the Japan-based company trading under MPJPY, holds 35,102 BTC and seat fourth. Bitcoin The Standard Treasury Company holds 30,021 BTC in fifth place, according to data from bitcointreasuries.net.
Cryptoquant notes that XXI and Metaplanet together represent only 4.3% and 3.5% of the company’s total cash. BTC assets, respectively. The rest of the sector is divided into an increasingly smaller slice.
The pattern points to a bitcoin treasury sector that has consolidated around a single dominant buyer. The strategy continues to expand its position on a large scale. The companies that followed his model in 2025 have so far stopped keeping up with him.
Whether this reflects balance sheet constraints, a change in capital priorities or greater caution around bitcoin at current prices is not specified in the Cryptoquant data. What the numbers show is simple: one company buys and the others wait.
FAQs 🔎
- What is the current strategy bitcoin a cash flow? The strategy holds 762,099 BTCrepresenting approximately 76% of all bitcoin held by publicly traded treasury companies.
- Why did MARA Holdings fall during the bitcoin Treasury classification? MARA sold 15,133 BTC to repurchase $957 million of zero-coupon convertible notes, reducing its holdings to 38,689 BTC.
- How much bitcoin Has Twenty One Capital accumulated? Twenty One Capital holds 43,514 BTCmaking it the second largest public Bitcoin treasury company in the world, according to Bitcointreasuries.net.
- Are other companies still buying bitcoin for their treasures? Bitcoin purchases by businesses outside the strategy have fallen 99% from their August 2025 peak, with just 1,000 BTC collectively purchased in the past 30 days.
