Michael Saylor’s Strategy dominates DAT BTC buying as treasury demand collapses
MicroStrategy's bitcoin purchases now overwhelmingly dominate the market, as demand from other corporate treasuries has drastically declined.Summary
MicroStrategy, led by Michael Saylor, has become the dominant force in corporate bitcoin buying, accounting for nearly all recent purchases. Data from CryptoQuant reveals that other firms’ share of BTC treasury acquisitions has plummeted from 95% to approximately 2%. MicroStrategy purchased roughly 45,000 BTC in the last 30 days, its fastest pace since April 2025, now holding around 76% of all bitcoin held by treasury companies. This shift coincides with a decline in the digital asset treasury company model, which Galaxy Digital warned about last summer, as compressed premiums and lower BTC prices have made share issuance less attractive. Companies like Metaplanet and Nakamoto Holdings, which bought BTC at higher prices, are now operating at a loss. MicroStrategy, however, has fortified its position with a $1.44 billion cash reserve, allowing it to continue purchasing BTC despite the broader market downturn and lack of participation from other corporate treasuries.
(Source：CoinDesk)