The company Strategy, consolidated as the largest holder of bitcoin (BTC) at a corporate level in the world, has emerged as the only relevant driver of institutional demand among companies that have focused their treasury on the digital currency.
While the rest of the firms in the sector show signs of inactivity, the organization led by Michael Saylor has intensified its pace of acquisition, marking a historical gap that centralizes the flow of corporate capital towards the most important digital asset on the market.
This situation originates from an unprecedented statistical divergence between Strategy’s movements and its publicly traded institutional peers.
According to data provided According to analytics firm CryptoQuant, “the company has dramatically accelerated its BTC accumulation, purchasing approximately 45,000 BTC in the last 30 days—the fastest pace in nearly a year—while other treasury companies have become virtually inactive.”
This aggressive behavior occurs in a context where the interest of other corporate treasuries seems to have almost completely evaporated.
The market distribution reveals a centralization that CryptoQuant describes as critical. For example, during the current month of March, the frequency and volume of Strategy’s operations have been constant: on March 9, the company acquired 17,994 BTCfollowed by 22,337 BTC on March 16 and an additional 1,031 BTC on March 23.
In contrast, the rest of the companies with bitcoin treasuries have fallen sharply. “Bitcoin purchases by non-Strategy treasury firms have plummeted to approximately 1,000 BTC in the last 30 days,” says CryptoQuant.
This withdrawal from the competition has caused the participation of other firms in total purchases to decrease to 2%which, according to the analysis firm, “indicates an almost total withdrawal of incremental demand.”
The structural weakness is evident when observing that the number of companies actively participating with purchases has gone from 54 at its peak to just 13 today. This suggests that both capital investment and breadth of participation “have deteriorated and are failing to meet overall market demand.” In the following table you can see the 100 publicly traded companies with the most bitcoin in their treasury.
Strategy currently holds around 76% of all BTC held by treasury companies, reinforcing the diagnosis that “there is no widespread corporate demand for bitcoin” outside of this major player.
And Strategy is not slowing down its expansion, despite the risks that many warn of in its business model or the fall in its share price. On March 23, the company presented new capital issuance programs to the SEC to raise up to $44.1 billion, which would allow it to acquire an additional 633,000 BTC and exceed one million units in its treasury.