Bitcoin Treasury Companies Resume Buying but Risks Rise
Bitcoin treasury companies returned to net buying last week, purchasing about $183 million after net selling in the previous week. Strategy bought 950 BTC for roughly $75.7 million at an average price of $79,670, raising its holdings to 846,000 BTC. Strive added 1,355 BTC for about $108 million. Listed companies now hold 1,156,080 BTC, equal to around 5.8% of Bitcoin’s circulating market value.
However, corporate Bitcoin accumulation has slowed. Listed firms added only about 5,900 BTC over the past three months, at an average purchase price of $80,500, while Bitcoin traded near $76,400. This leaves some treasuries with unrealised losses and keeps funding costs, equity premiums and leverage as key volatility risks. Earlier, KULR and Satsuma exited or reduced their Bitcoin strategies, highlighting the uneven nature of corporate demand.
Ethereum treasury activity remained strong. Bitmine held about 5.98 million ETH after 68 consecutive weeks of accumulation and withdrew another 12,500 ETH from Kraken. DeFi Development increased its Solana treasury by 101,381 SOL to about 2.49 million SOL, while HypeStrat bought 1.8 million HYPE. XRP treasury firm Evernorth plans to raise $30 million through convertible preferred PIK notes. BNC is also considering the name “BNB Standard”, supported by CZ.
For crypto traders, renewed Bitcoin treasury buying supports the long-term institutional accumulation narrative, but the slower pace and rising balance-sheet risks could amplify volatility. Weakening momentum in tokenised stocks and related meme coins on Robinhood Chain, alongside macro concerns over inflation, Federal Reserve policy and equity valuations, adds to the need for caution.
Neutral
The immediate price impact is mixed. Renewed purchases by Strategy and Strive provide a bullish signal for BTC and may support sentiment toward corporate Bitcoin treasury companies. Continued accumulation by Bitmine and DeFi Development is also constructive for ETH and SOL, while new treasury financing could create additional buying demand.
However, the net buying follows a prior period of selling, and the three-month accumulation rate has slowed sharply. Corporate purchase prices above the current Bitcoin market price indicate unrealised losses, which may pressure companies to raise capital, reduce exposure or sell holdings if equity premiums weaken. Leverage and financing conditions could therefore turn treasury demand into a source of forced selling during a broader market decline.
In the short term, traders may react positively to the headline purchases, but the relatively small pace of recent accumulation, weaker tokenised-asset momentum and uncertainty over inflation and Federal Reserve policy limit the likelihood of a sustained price breakout. Over the longer term, corporate treasury adoption remains supportive for BTC, ETH and SOL, but its market effect will depend on funding access, valuation premiums and the ability of these firms to continue buying.