“Corporate treasuries were a big buyer through 2025, and they have stepped back,” Glassnode said. “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.”
Bitcoin topped that level recently but failed to keep gains.
Data source Bitcoin Treasuries now puts public-company holdings at about 1.22 million BTC across 181 listed firms. Strategy remains the dominant buyer and holder, with about 845,050 BTC. Tokyo-listed Metaplanet is among the next-largest corporate stacks. As a group, those treasuries are still underwater at current prices.
“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 added.
Other demand indicators paint a mixed picture
U.S.-listed spot bitcoin ETFs have attracted…
