Investing.com — Demand for as a corporate treasury asset has almost completely disappeared for all but , according to crypto data provider CryptoQuant.
Over the past 30 days, bitcoin accumulators excluding Strategy bought 1,000 BTC, while Strategy has purchased about 45,000 BTC, marking the company’s highest 30-day purchase since April 2025. The share of purchases from bitcoin treasury companies outside Michael Saylor’s Strategy has declined to 2%, from 95% in October, with purchases by bitcoin treasuries down 99% from their August 2025 high.
Strategy’s own stock is trading more than 71% off its 52-week high, while bitcoin has tumbled 48% from its October peak.
Saylor, the co-founder and executive chairman of the company, downplayed the concentration risk, saying overall liquidity and decentralization limit the impact of any single holder.
“Bitcoins got $50 billion a day of liquidity, and we don’t control the price of the liquidity, and we hold three and a half percent of the asset,” Saylor told CNBC. “It’s a very decentralized, very diffused asset. The market is much bigger than anybody in it and that’s actually what makes it such a compelling capital asset.”
Strategy holds about 65% of the bitcoin held by public companies, according to Bitcoin Treasuries.
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