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- Strategy bought about 45,000 BTC in the past 30 days, the fastest pace in nearly a year, according to CryptoQuant.
- Purchases from non-Strategy treasury companies fell to roughly 1,000 BTC, leaving corporate Bitcoin demand heavily concentrated in a single buyer.
Corporate Bitcoin buying is starting to look less like a broad trend and more like a one-company trade.
A new CryptoQuant report argues that Strategy has become the clear driver of BTC reserve demand, after adding roughly 45,000 BTC over the last 30 days. That marks the company’s fastest 30-day accumulation rate in almost a year and further widens the gap between Strategy and the rest of the corporate treasury field.
The contrast is sharp. Over the same period, all non-Strategy treasury companies combined bought only around 1,000 BTC, a decline of about 99% from the peak pace seen last year. Their share of total treasury-company purchases has dropped to roughly 2%, while Strategy’s holdings now represent about 76% of all corporate Bitcoin reserves.
The corporate BTC bid is becoming a one-name market
That concentration changes the tone of the narrative around institutional demand. For much of the past year, Bitcoin treasury adoption was framed as a growing corporate playbook. The latest figures suggest that momentum has narrowed considerably.
CryptoQuant also noted that the number of active treasury buyers has fallen to 13, down from a peak of 54. In practice, that means participation is thinning even as Strategy keeps buying at scale. The market still has a corporate bid, just not a very diversified one.
Fewer buyers, more concentration risk
For Bitcoin itself, the issue is not simply whether demand exists. It is where that demand is coming from. When one balance sheet accounts for such a large share of treasury accumulation, the structure of the market starts to look more fragile.
That does not mean Strategy’s buying stops tomorrow, or that the broader treasury theme is finished. But it does suggest the easy phase of corporate participation has faded, and that new reserve demand is becoming far more concentrated than the headline story once implied.
