MicroStrategy founder Michael Saylor speaks at the Bitcoin 2021 conference in Miami on June 4, 2021.
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demand for Bitcoin As the company’s financial assets are once again concentrated in Michael Saylor’s assets, strategy As the company accelerates the pace of its Bitcoin purchases.
The frenzy of publicly traded companies trying to imitate the strategy by hoarding Bitcoin as corporate assets was the essence of last summer’s crypto market. But today, with Bitcoin prices depressed for six straight months, corporate treasuries’ Bitcoin purchases have almost completely disappeared, with the exception of Strategy Inc., according to cryptocurrency data provider CryptoQuant. At the same time, Strategy is buying Bitcoin at the fastest pace in almost a year.
According to CryptoQuant, Bitcoin government bond purchases have fallen 99% since their August 2025 high. In the last 30 days, Bitcoin Accumulators excluding Strategy purchased 1,000 BTC. Strategy, on the other hand, purchased approximately 45,000 BTC during the same period. This is the company’s highest 30-day purchase since April 2025.
The share of purchases from all other Bitcoin treasury companies fell to 2% from 95% in October.
Strategy stock is down more than 71% from its 52-week high, and Bitcoin is down 48% from its October high.
Strategy stock is down about 71% from its 52-week high.
While Strategy’s long-term accumulation may support Bitcoin demand and price, funding disruptions could impact Bitcoin price support (and Strategy stock) as its leveraged funding strategy makes demand concentration vulnerable.
Saylor, the company’s co-founder and executive chairman, downplayed concentration risks, saying overall liquidity and diversification limit the impact of a single holder.
“Bitcoin has access to $50 billion of liquidity per day, but we don’t control the price of that liquidity and we own 3.5 percent of the assets,” he told CNBC. “This is a very decentralized, very diffuse asset. … The market is much larger than anyone participating in it, and that’s what actually makes it a very attractive capital asset.”
According to the Bitcoin Treasury, Strategy holds about 65% of the Bitcoin held by publicly traded companies. This is a broader designation for companies whose primary purpose is not necessarily to acquire, hold, and possibly exploit Bitcoin.
Following that, XXI and metaplanetrepresenting 4.3% and 3.5% of total Bitcoin holdings by public companies, respectively. cryptocurrency exchange coinbase and strongas well as miners Mara Holdings and riot platformis also among the top corporate Bitcoin holders.
Indeed, Bitcoin ETFs, retail investors, and Bitcoin miners are all still major sources of Bitcoin demand. The ETF has seen a total of $56 billion in inflows since it went public in 2024, and is currently at its first monthly net inflow pace since October.
