Bitcoin ($BTC) is no longer a target for corporate treasuries as current buyers sit on unrealized losses, new research shows.
Key points:
- Bitcoin corporate treasuries added just 5,900 $BTC over three months, a fraction of 2025 acquisition rates.
- Previous buyers remained in unrealized losses on their holdings, with their aggregate cost basis at $80,500.
- Analysis shows fresh investor capital inflows stalling this week.
$BTC price action refuses to let Bitcoin treasuries break even
Onchain analytics platform Glassnode reveals that in 2026, listed companies bought around 5,900 $BTC — less than 7% of their purchases in July 2025 alone. During that month, companies bought 89,000 $BTC, even as $BTC/USD traded above $100,000.
Glassnode notes that for extant corporate treasuries, profitability remains conspicuously lacking.
“Their average entry, the Corporate Treasury Cost Basis, sits at $80.5K, about 6% above spot, so the group as a whole is under water,” it commented in the latest edition of its regular newsletter, The Week Onchain.
Data shows that 2026 has only seen two attempts to reclaim that cost basis, both of which were ultimately unsuccessful as price failed to hold above it.
“A buyer that has stopped buying and holds a paper loss is not support,” it continued.
“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.”
Business intelligence company Strategy, which holds the world’s largest Bitcoin treasury, made its most recent $BTC purchase at the end of August, adding 4,603 $BTC in its first acquisition in two months. The cost basis of its 845,050 $BTC holdings is currently $75,412.
Glassnode sees “market in waiting” as capital dries up
The trend highlights the changes in sentiment that have accompanied Bitcoin’s ongoing bear market, with current macro conditions leaving investors uncertain about $BTC price strength going forward.
On Wednesday, the US Federal Reserve enacted its first interest-rate hike since July 2023, marking the potential start of a cycle of policy tightening that traditionally presents a headwind for crypto market liquidity.
Buyer appetite for Bitcoin exchange-traded products remains sensitive to short-term price fluctuations. US spot Bitcoin exchange-traded funds (ETFs) saw net outflows of $462.7 million in the five trading days through Sept. 11, reversing a trend that saw three consecutive weeks of net inflows.
Glassnode attributes the ETF performance to a “market in waiting.” In addition, Bitcoin’s realized cap — the cumulative price at which the supply last moved onchain — has begun to fall as of Sept. 15, indicating a lack of fresh buyer appetite at current prices. Realized cap currently sits at around $1.069 trillion.
“A return to positive daily Realized Cap changes would say the buyers are back; a run of outflows while price sits under the mean would mean the range’s buyers have started to give up,” it concluded.
