Overview

• Monthly Bitcoin purchases by treasury firms have plunged 97% since November 2024 as annualized volatility falls to multi‑year lows, pressuring market premiums over net asset value, according to CryptoQuant.
• Public companies now hold over 1 million BTC worth roughly $111–$113 billion, with Strategy Inc leading at 638,460 BTC and previously reporting $14.05 billion in unrealized gains for Q2 2025.
• Coinbase Research characterizes the shift from early scarcity premiums to execution‑dependent competition, reducing the valuation advantage once enjoyed by early adopters.
• Nasdaq has tightened oversight of corporate digital‑asset treasuries by requiring shareholder approval for certain transactions, while funding strategies evolve and Strategy drops its 2.5x market‑to‑NAV stock‑sale threshold amid legal scrutiny.
• Spot Bitcoin ETFs continue to draw institutional demand, with $552.78 million in inflows on September 11, reinforcing broader market support even as corporate buying slows.