Bitcoin Treasury Demand Dominated By Strategy As Others’ Share Drops 99%

Data shows Strategy is currently the main driver of corporate Bitcoin demand, as other companies have seen their purchase share shrink to just 2%.

While the cryptocurrency sector has gone through a bearish shift recently, the firm hasn’t lost its conviction, with regular purchases only continuing. As a result of this steady accumulation, Strategy today controls over 3.8% of the entire Bitcoin supply in circulation, making it by far the largest digital asset treasury company in the world.

It would appear, though, that while the company hasn’t faltered by the change of winds in the market, the same hasn’t been true for the other corporate investors.

As is visible in the data shared by CryptoQuant, the middle portion of 2025 saw a rapid expansion of Bitcoin purchases from companies other than Strategy. These buys meant that total corporate demand far outweighed the accumulation from Saylor’s firm alone.

As the market has gone downhill, however, buying from other companies has dried up. In the past month, Strategy bought about 45,000 BTC, but purchases from other companies totaled just 1,000 BTC. This reflects a collapse of a whopping 99% for the latter.

In percentage terms, Strategy’s buying made up for 98% of the corporate demand from the last 30 days, once again capturing the current asymmetry in the sector. “With ~76% of holdings, the industry is highly concentrated; there is no broad corporate demand right now,” noted the analytics firm.

At the time of writing, Bitcoin is floating around $69,300, down 3% over the last 24 hours.