Understanding the Slowdown in Bitcoin Treasuries

In a recent analysis by CryptoQuant, a leading on-chain analytics firm, the current state and trajectory of Bitcoin corporate treasuries have been explored. This strategy, initially championed by Michael Saylor’s enterprise, Strategy (previously known as Microstrategy), involves organizations purchasing and holding Bitcoin as a significant asset on their balance sheets. While the previous cycle witnessed a moderate uptake of this approach, the current cycle has seen a considerable escalation in participation, inspired by Strategy’s success.

Analyzing the Growth Metrics

The trajectory from 2023 to 2025 illustrates an intriguing pattern. In 2023, the number of new companies adopting Bitcoin as a treasury asset was a modest 15. This number surged to 38 in 2024, setting the stage for a significant trend escalation.

Current Developments in 2025

Continuing this acceleration, 2025 has seen 89 companies integrate Bitcoin into their financial strategies, with several months still remaining in the year. However, granular data suggests a potential shift in momentum.

Signs of a Slowing Trend

According to the latest data, the hype surrounding Bitcoin treasuries reached its zenith with 21 new entries in July. However, this momentum waned in August with only 15 new companies joining, and the first half of September saw just one new participant. CryptoQuant warns that this could indicate the beginning of a slowdown.

Impact on Company Performance

The cooling trend is also reflected in the stock performance of these firms. For instance, The Blockchain Group’s stock soared to +1,820% but later receded to +443%. Similarly, Metaplanet’s stock fell from a +355% peak to +55%. These patterns suggest that the initial excitement may be giving way to a more tempered reality.

Ongoing Accumulation by Major Players

Despite the signs of a slowdown, major players remain active in the Bitcoin market. Strategy has consistently increased its holdings, adding $19.3 billion to its reserves this year alone. Metaplanet, too, has expanded its treasury by $1.92 billion. Currently, Bitcoin treasury companies collectively hold over 1 million tokens, representing 5% of the total circulating supply, with Strategy accounting for 66% of this amount.

The Current State of Bitcoin Pricing

Bitcoin has shown signs of recovery, with its price recently reaching $116,600. This upward trend reflects the broader market’s resilience and potential for future growth.