Bitcoin Treasury Companies Curb Their Enthusiasm as BTC Price Slips

As Bitcoin (BTC) slid from $124,000 to around $113,426 this month, another signal of cooling momentum is emerging: the number of publicly listed companies actively buying Bitcoin appears to be falling sharply.

Data from Capriole Investments, a hedge fund specializing in Bitcoin, tracks this activity through its “BTC Treasuries Companies Buying Per Day” indicator, which measures the rolling average of daily buyers among publicly traded companies holding Bitcoin.

Capriole founder Charles Edwards explained in an interview with The Defiant that a value above 1 indicates that, on average, at least one company has been purchasing BTC daily over the past month.

The data is drawn from press releases, corporate statements, and reported balances across all 153 publicly traded Bitcoin treasury companies worldwide.

The metric has declined from roughly four companies buying daily in late June to 2.67 as of press time, marking a clear slowdown.

Edwards suggests that the trend is unlikely to have been triggered by Strategy’s recent controversial update to its equity issuance policy, which allowed the company to issue shares even when MSTR trades below 2.5 times its net asset value (mNAV).

“[The fall in Bitcoin treasury companies buying BTC is] unrelated to strategy as it has been trending down for a few weeks, but it is a warning sign,” Edwards said.

“Want to see this number pick up again soon, otherwise it could be the early stages of a more serious pull back – too early to tell and dips (in all metrics) are normal. But it’s a first red flag of reduced treasury company activity, which could be a symptom of other concerning factors,” he added.

The drop in interest isn’t limited to Bitcoin treasury companies. SoSoValue, which tracks activity across spot Bitcoin ETFs, shows that BTC ETFs have seen steady outflows this week, totaling $1.15 billion as of Aug. 21, making it the second-largest weekly outflow on record, after $2.1 billion was withdrawn in late February.

Data from Bitcoin Treasuries shows that publicly listed Bitcoin treasury companies hold 983,816 BTC, equivalent to roughly 4.68% of the total Bitcoin supply. When factoring in the estimated 20% of BTC considered lost due to inaccessible or compromised private keys, their holdings represent about 5.85% of the effectively circulating supply.