Bitcoin treasuries bought 5,900 BTC in three months, 78% of it Strategy

Corporate bitcoin treasuries bought roughly 5,900 BTC over three months, less than 7% of what they took in July 2025 alone, and the group sits on an unrealised loss, Cointelegraph reports on Glassnode research. Split the figure by buyer and the phrase corporate demand starts to look generous.

“A buyer that has stopped buying and holds a paper loss is not support. A reclaim of $80.5K would put the treasuries back in profit and remove one layer of overhead supply; until then their entry is one more ceiling.”

— Glassnode, The Week Onchain, 17 September 2026

Glassnode, in The Week Onchain

Bitcoin treasuries: who actually bought

Three numbers carry it:

• Listed companies bought about 5,900 BTC over three months.
• Strategy alone accounted for 4,603 of them, bought at the end of August.
• Everyone else combined bought 1,297 BTC in three months.

So 78% of everything the sector bought in three months came from one company on one occasion. Strip Strategy out and the rest of the listed corporate world added 1,297 coins, worth about $99 million at this morning's $76,350. In July 2025 the same group bought 89,000 BTC in a single month while the price sat above $100,000.

The cost basis is where the two halves separate. Glassnode puts the aggregate corporate entry at $80,500, which is 5.2% above spot, so the group as a whole is under water. Strategy's 845,050 coins carry a basis of $75,412, which is 1.2% below spot, so the largest holder is not. Since Strategy dominates the holdings, everyone else's average entry has to be higher than $80,500 for the aggregate to land there, and by some distance.

That distinction matters for how the level behaves. A cost basis above the price is resistance rather than support, because holders who get back to even are the ones most likely to sell. Glassnode counts two attempts to reclaim $80,500 in 2026 and neither held. Until one does, the number works as a ceiling.

Where the rest of the demand went

The rest of the demand picture reads the same way. American spot bitcoin funds lost $462.7 million across the five sessions through 11 September, ending three consecutive weeks of inflows, and we measured a further $135.8 million of outflows in the three sessions into Monday while ether funds took $307.7 million. Realised capitalisation, the cumulative price at which supply last moved on chain, began falling on 15 September and stands near $1.069 trillion.

Miners are doing their own version of this arithmetic. MARA sold more than 20,880 BTC in the first half of the year at an average of $71,839 and has started buying back at $76,347, which is a different bet from the treasury companies but the same market. Buying a coin now costs about what mining one cost last quarter.

The macro backdrop hardened yesterday. The Fed delivered its first increase since 2023, sixteen of eighteen participants pencilled in another, and bitcoin's two-hour window around the decision came in at 1.99%. Tighter policy is the traditional headwind for the leveraged balance-sheet trade these treasuries are running, and the group has already stopped running it at scale.

Informational material, not investment advice. Prices were measured at 10:20 UTC on 17 September 2026.