The corporate Bitcoin buying spree is cooling significantly. A $100 billion public-company bet has shrunk, and buying outside Strategy has nearly stopped. Over the past 30 days, Strategy purchased around 45,000 BTC — its highest monthly total since April 2025 — while all other corporate treasuries combined bought only about 1,000 BTC, a 99% drop from the August 2025 peak. Strategy now accounts for roughly 98% of corporate Bitcoin purchases, up from just 5% a few months ago.

Participation is also declining. Non-Strategy companies executed only 13 purchases in the last month, down 76% from the August 2025 peak. Meanwhile, Strategy maintains a steady pace, adding roughly 90,000 BTC since the start of the year. Other companies combined added only 4,000 BTC, reducing their share of corporate Bitcoin from 26% to 24%. Currently, Strategy holds about 76% of corporate Bitcoin, with XXI and Metaplanet at 4.3% and 3.5%.

The financial model that fueled last year’s accumulation is losing effectiveness. Rising Bitcoin prices previously allowed companies to issue shares above the value of BTC held, often using leverage to expand positions. With Bitcoin falling from $126,000 to around $70,000, net asset values drop, stock premiums shrink, and raising capital becomes harder — creating a negative feedback loop that limits further buying.

Stress is appearing across the sector. GD Culture sold its entire 7,500 BTC (~$503 million) to repurchase shares. Across the industry, over 100 companies invested around $100 billion in Bitcoin last year; its value now stands near $83.7 billion. Only a few firms continue buying, while others pause or struggle to execute planned purchases.

Markets are entering a more selective and demanding phase. Companies with strong balance sheets and sustainable access to capital will have advantages, while peak-cycle purchases and leverage increase risk. Some, like Strategy and Strive, are using preferred stock to continue long-term accumulation, while others may need to slow purchases or adjust strategies to maintain shareholder confidence.