When companies stop buying BTC: Is Strategy the only one left standing?

Jia Zhu, Golden Finance

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

Compared to the crypto treasury boom a few months ago, BTC has now exited the collective buying phase.

Buyers are basically left with only Strategy.

1. Only Strategy is still buying

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

Strategy bought BTC 4 times in March, with the most recent purchase on March 23.

It currently holds 762,099 BTC, remaining the largest holder, accounting for 3.629% of the total 21 million BTC.

Moreover, seemingly to continue increasing BTC holdings, Strategy announced on March 23 a new $21 billion STRC equity issuance plan and a new $21 billion MSTR equity issuance plan, totaling up to $42 billion in financing.

The revised ATM equity plan allows Strategy to gradually sell more shares on the open market, rather than raising less capital from external investors via convertible bonds as before. Its preferred stocks, such as STRC and STRK, pay dividends monthly to investors, while enabling Strategy to increase its Bitcoin holdings without issuing additional MSTR common stock.

Corporate buy-in for BTC has shifted from multiple companies collectively purchasing to almost only Strategy buying, with demand from other enterprises nearly vanishing.

Julio Moreno, Head of Research at CryptoQuant, pointed out earlier this year: “Most new corporate Bitcoin buyers make only one or two purchases before stopping trading, failing to provide sustained price support.” Compared to the expansion phases of 2023-2024, BTC demand growth has significantly slowed. Currently, this indicator is below historical trend lines, indicating capital is shrinking rather than fueling a typical bull market wave.

2. Why are other companies no longer buying?

1. Decreased risk appetite

The Federal Reserve’s continued rate cut expectations are uncertain. At higher interest rates, capital costs are high, and stable returns can be obtained through US Treasuries. Therefore, crypto asset allocation is no longer the first choice.

Coupled with the global economic downturn and frequent geopolitical conflicts, most companies adopt conservative financial strategies.

2. Crypto market turning bearish

By 2025, many crypto treasury companies emerged, offering Wall Street investors alternative ways to invest in cryptocurrencies. As Bitcoin continued to rise and peaked in October, many companies’ stock prices also soared. But afterward, the overall crypto market declined, impacting these companies’ valuations.

Altan Tutar, co-founder and CEO of MoreMarkets, predicted pessimistically last year: “Most Bitcoin treasury companies will disappear like other DATs.”

Since October last year, the crypto market has entered a downtrend, with slowing new demand and even signs of “demand exhaustion.” For most companies, crypto treasury reserves are no longer attractive; volatility and downward trends have shaken investor confidence, pressuring stock prices and further impairing their ability to raise funds. Ultimately, these companies run out of cash to buy.

For example, at the end of February, ETH treasury FG Nexus sold another 7,550 ETH, worth about $14.06 million. The reason was losses: during the 2025 DAT boom in August-September 2025, the company bought 50,600 ETH at an average price of about $3,940, totaling $200 million. Now, FGNexus has accumulated a loss of $86.98 million on ETH investments.

As BTC prices fluctuate downward, many crypto treasury companies stop buying cryptocurrencies and shift toward more conservative cash and low-risk assets.

Companies rush in during bull markets and scatter during bear markets. Stable buyers become cyclical participants.

3. Why does Strategy remain a veteran player?

When most companies choose to exit, Strategy stands out as an exception.

First, for most firms, BTC and other cryptocurrencies are part of asset allocation, but for Strategy, BTC is the core asset that underpins valuation and company narrative—Strategy has always played the role of a Bitcoin bull in both bull and bear markets.

Second, BTC has become a matter of faith for Strategy. Michael Saylor calls Bitcoin “Digital Capital,” the ultimate reserve asset of the 21st century. On March 22, Saylor stated: “The orange army is still marching.” Despite a market crash last weekend causing a 10% loss on the company’s Bitcoin holdings, the company continued to increase its Bitcoin.

Finally, Strategy is deeply tied to BTC. Investors buying Strategy’s stock are effectively buying BTC exposure. Strategy has transformed itself into an ETF + leverage structure product. Therefore, when the market is weak, Strategy is more compelled to keep adding.

In summary, even in a generally poor crypto environment, driven by long-term belief, cycle-resistant accumulation, and continuous strengthening of BTC exposure, Strategy continues to buy BTC during market downturns.

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

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

In the short term, Strategy’s continuous buying can positively influence BTC prices. When other companies stop buying, Strategy’s steady purchases can alleviate market selling pressure and prevent sharp declines in BTC price. However, this support also depends on Strategy’s performance: if financing falls short or accumulation slows, Strategy’s buying capacity will weaken, potentially further driving BTC prices down.

In the long term, BTC becoming increasingly concentrated in a single company’s hands is detrimental to market risk resistance. If Strategy adjusts its strategy, it could further impact market confidence.

Strategy is no longer just a participant but a key variable influencing the stability of the crypto market.