When companies stop buying BTC: only Strategy remains the sole leader

Zhuo, Golden Finance

Over the past month, the Bitcoin market has seen an extremely unusual phenomenon.

Compared with the crypto custody boom from a few months ago, today’s BTC has already moved out of a collective buying mode.

Buyers basically only have Strategy left.

1. Only Strategy is still buying

According to CryptoQuant analysis, the demand for Bitcoin custody is currently driven entirely by Strategy. In the past 30 days, Strategy bought 45,000 BTC, while other companies combined only bought about 1,000 BTC—down 99% from before—bringing their share of total purchases down to 2%, indicating that new demand has nearly disappeared. Currently, Strategy holds about 76% of the Bitcoin custody share, with high industry concentration and a lack of broad corporate demand.

Strategy bought BTC four times in March, with its most recent purchase on March 23.

Currently holds BTC 762099, with its holdings remaining #1, accounting for 3.629% of the total 21 million.

And apparently to be able to keep increasing its BTC holdings, on March 23 Strategy announced a new $21 billion STRC equity offering plan and a new $21 billion MSTR equity offering plan. The combined financing size is as high as $42 billion.

Strategy’s revised ATM equity plan enables it to gradually sell more shares to the public market, rather than raising less money from external investors through convertible notes as it did previously. Strategy’s preferred shares—such as STRC and STRK—pay dividends to investors every month, while also allowing Strategy to increase its Bitcoin holdings without issuing additional MSTR common stock.

Corporate buy-side demand for BTC has evolved from purchases by multiple companies into a situation where it is almost only Strategy buying. Corporate BTC custody demand is in a near-instant state of disappearance.

CryptoQuant research head Julio Moreno had already pointed out at the beginning of the year: “Most newly entered corporate Bitcoin buyers make only one or two purchases before stopping trading, failing to provide sustained price support.” Compared with the expansion phase of 2023–2024, year-over-year BTC demand growth has significantly slowed. Currently, this metric is below the historical trend line, indicating that capital is contracting rather than an adoption wave that typically drives a bull market.

2. Why aren’t other companies buying anymore?

1. Risk appetite declines

The expectation for the Fed to cut rates remains uncertain. At today’s higher interest-rate environment, the cost of capital is high, and stable returns can be obtained simply by holding U.S. Treasuries. Therefore, crypto asset allocation has become a non-first-choice option.

In addition, with a global economic downturn and frequent geopolitical conflicts, most companies will adopt conservative financial strategies.

2. Crypto market turns bearish

In 2025, many crypto custody companies emerged, offering Wall Street investors another way to invest in crypto assets. As Bitcoin kept rising and hit a peak in October, many companies’ stock prices also climbed. But afterward, the overall crypto market行情 turned lower, which hit these companies’ valuations.

Altan Tutar, co-founder and CEO of MoreMarkets, had already made a pessimistic prediction for crypto custody firms last year: “Most Bitcoin treasury companies will disappear like other DATs.”

After October last year, the crypto market entered a downward trajectory. New demand in the crypto market slowed, and there were even signals of “demand exhaustion.” For most companies, crypto custody reserves are no longer a good choice. Volatility and a downward trend directly shake most companies’ confidence in buying.

Previously, many companies stockpiled various cryptocurrencies because they could create a positive feedback loop. After issuing stock, they buy a coin; by holding that coin they attract more market attention, which in turn lifts the stock price; then after financing they keep buying……

This left foot, right foot take-off at the same spot model requires the market to remain in a bull phase. But when the crypto market is nothing like it used to be, this model fails. Market declines reduce companies’ book profits, which then leads to insufficient investor confidence, puts pressure on stock prices, and further affects firms’ ability to raise funding—meaning companies ultimately don’t have spare cash to buy……

As at the end of February, for example, Ethereum custody FG Nexus again reduced its holdings by 7,550 ETH, worth about $14.06 million. The reason for the reduction is losses: the company bought 50,600 ETH during the DAT company boom in August–September 2025 at an average price of about $3,940, for a total value of $200 million. Now, FGNexus has accumulated losses of $86.98 million from its ETH investment.

When the BTC price keeps fluctuating downward, many crypto custody companies will stop buying cryptocurrencies and instead shift to favor more conservative cash and low-risk asset management.

Companies rush in because of the arrival of a bull market, and then scatter as soon as the bear market arrives. Stable buyers become cycle participants.

3. Why is Strategy still a seasoned player?

When most companies choose to step out, Strategy is an obvious exception.

First, for most companies, BTC and other cryptocurrencies are part of asset allocation. But for Strategy, BTC is the source of the company’s valuation logic—it is a core asset and the foundation of the company’s narrative. Strategy has long played the role of a BTC bull in both bull and bear markets.

Second, for Strategy, BTC has become a belief. Michael Saylor positions Bitcoin as “Digital Capital,” calling it the ultimate reserve asset of the 21st century. On March 22, Saylor said: “The Orange invasion is still underway.” Although last weekend’s market crash caused the company to lose 10% on its Bitcoin investment, the company still increased its Bitcoin holdings.

Finally, Strategy is deeply bound to BTC. When investors buy Strategy’s stock, they are effectively buying BTC exposure. Strategy has turned itself into an ETF-plus-leverage structured product. Therefore, when conditions are unfavorable, Strategy must keep adding to its position.

In summary, even if the overall crypto market is not doing well, under the combined effects of long-term belief-driven buying, anti-cycle adding, and continuously strengthening BTC exposure, Strategy continues to buy BTC when the market turns downward.

Bernstein analyst believes: “Strategy plays the role of the ‘last safe-haven bank for Bitcoin,’ while Bitcoin ETFs are attracting more and more resilient (and less speculative) sources of capital. Bitcoin’s robust capital base is continuously growing.”

4. The impact of Strategy’s “standout outperformance”

In the short term, Strategy’s continued buying will have a positive effect on the BTC price. When other companies stop buying, Strategy’s stable buying can relieve sell pressure in the market and help avoid a sudden, cliff-like drop in the BTC price. But this support is also affected by Strategy itself: factors such as financing falling short of expectations and slower buying momentum will weaken Strategy’s ability to increase holdings, which could further lead to a downward move in the BTC market.

In the long term, the more BTC concentrates in the hands of a single company, the worse the market’s ability to withstand risk becomes. Once Strategy adjusts its strategy, it will further affect confidence in the crypto market.

Strategy is no longer just a participant—it is a key variable that affects the stability of the crypto market.