Strategy accounted for most of a 94% quarterly decline in public-company Bitcoin additions, which totaled 7,283 BTC, compared with 129,626 BTC in the prior quarter.
Strategy’s filings showed 847,666 BTC at Sept. 30, up 1,666 BTC from June 30. The company had added 83,901 BTC in the second quarter. Its slower accumulation made up roughly two-thirds of the overall decline. Figures from Bitwise Asset Management Head of Research Ryan Rasmussen for other listed firms, reported by Cointelegraph, put their third-quarter net increase at 5,617 BTC, versus 45,725 BTC in April-June.
In an interview published by Cointelegraph, Rasmussen and Bitfinex Head of Derivatives Jag Kooner linked part of the slowdown to narrower premiums between treasury companies’ share prices and the value of their Bitcoin holdings. Some firms have sold shares to fund purchases when their stock trades above the value of their Bitcoin reserves. A smaller premium makes that route less attractive, and some treasury shares have fallen below the value of the holdings. Kooner said renewed buying would depend partly on premiums returning and expected established treasury firms to attract capital first if purchases resumed.
Rasmussen estimated that roughly 12 businesses that adopted Bitcoin treasury plans during the 2025 boom later sold their entire reserves, largely to pay down debt or distribute cash to shareholders, Cointelegraph reported. Sequans Communications S.A. announced Sept. 24 that it had sold its final 314 BTC and ended its treasury strategy.
Spot Bitcoin exchange-traded funds (ETFs) also drew funds. Bitwise Asset Management’s Oct. 8 review put their third-quarter net inflows at roughly $6 billion. ETF flows measure a separate demand channel from direct company purchases. BitcoinTreasuries’ Oct. 19 holdings snapshot listed 1,286,722 BTC at public companies, a later balance distinct from quarterly additions. Kooner pointed to share premiums, financing terms and a Bitcoin rally as indicators for any return of corporate buying.
