Key Takeaways
- • Strategy purchased approximately 45,000 BTC over the past 30 days, representing its fastest accumulation pace since April 2025, while all other corporate treasury companies combined acquired only 1,000 BTC in the same period—a 99% decline from the August 2025 peak of 69,000 BTC.
- • Market concentration has reached critical levels, with Strategy now controlling roughly 76% of all bitcoin held by treasury companies; the company's share of total DAT purchases surged to nearly 100% from just 5% as other firms' participation collapsed to 2%.
- • The corporate bitcoin treasury model has reversed as predicted by Galaxy Digital, which warned in July 2025 that the strategy functioned as a liquidity derivative dependent on equity premiums; those premiums have compressed as bitcoin prices fell from above $110,000 in summer 2025 to under $70,000 currently.
- • Single-company concentration poses systemic risk to the institutional bitcoin adoption narrative, undermining the original thesis that corporate treasury adoption would broaden bitcoin's institutional base and provide sustained demand.
Summary
The corporate bitcoin treasury trade has consolidated dramatically around Michael Saylor's Strategy, reversing an investment thesis that promised broad institutional adoption. According to CryptoQuant data cited in CoinDesk's March 26 report, Strategy accumulated approximately 45,000 BTC over the past 30 days—its fastest pace since April 2025—while every other treasury company combined purchased only 1,000 BTC. This represents a 99% decline from the August 2025 peak when competitors collectively acquired 69,000 BTC.
The concentration is striking in both absolute and relative terms. Strategy now holds roughly 76% of all bitcoin owned by corporate treasury companies, and its share of total purchases has risen to nearly 100% from just 5% at the trade's height. Competing firms' contribution to total DAT purchases has collapsed to 2%, down from 95% when the institutional treasury adoption trade was at its strongest in October 2025.
This outcome validates warnings issued by Galaxy Digital in July 2025. The firm had argued that the digital asset treasury company model was fundamentally a liquidity derivative dependent on equities trading at premiums to their underlying bitcoin holdings. Gallery Digital predicted that once those premiums compressed—driven by lower asset prices shrinking net asset values—the flywheel would reverse, transforming share issuance from accretive to dilutive.
Market conditions have moved precisely as Galaxy Digital forecasted. Bitcoin traded north of $110,000 in July and August 2025 when corporate treasuries were aggressively accumulating. The asset has since declined to trading under $70,000, following the October 10 market crash. This price deterioration has squeezed the equity premiums that made the treasury model attractive to other corporations, prompting them to curtail or halt bitcoin purchases.
The result is a significant concentration risk that contradicts the original institutional adoption narrative. Rather than broadening bitcoin's corporate holder base, the market dynamic has funneled purchasing power into a single actor, raising questions about the sustainability of treasury-driven demand and the model's viability as a driver of mainstream institutional bitcoin adoption.
The concentration is striking in both absolute and relative terms. Strategy now holds roughly 76% of all bitcoin owned by corporate treasury companies, and its share of total purchases has risen to nearly 100% from just 5% at the trade's height. Competing firms' contribution to total DAT purchases has collapsed to 2%, down from 95% when the institutional treasury adoption trade was at its strongest in October 2025.
This outcome validates warnings issued by Galaxy Digital in July 2025. The firm had argued that the digital asset treasury company model was fundamentally a liquidity derivative dependent on equities trading at premiums to their underlying bitcoin holdings. Gallery Digital predicted that once those premiums compressed—driven by lower asset prices shrinking net asset values—the flywheel would reverse, transforming share issuance from accretive to dilutive.
Market conditions have moved precisely as Galaxy Digital forecasted. Bitcoin traded north of $110,000 in July and August 2025 when corporate treasuries were aggressively accumulating. The asset has since declined to trading under $70,000, following the October 10 market crash. This price deterioration has squeezed the equity premiums that made the treasury model attractive to other corporations, prompting them to curtail or halt bitcoin purchases.
The result is a significant concentration risk that contradicts the original institutional adoption narrative. Rather than broadening bitcoin's corporate holder base, the market dynamic has funneled purchasing power into a single actor, raising questions about the sustainability of treasury-driven demand and the model's viability as a driver of mainstream institutional bitcoin adoption.
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