Public companies with significant Bitcoin holdings are decelerating their cryptocurrency acquisitions, even after collectively surpassing 1 million Bitcoin in their treasuries, as market uncertainty and valuation pressures cool aggressive corporate adoption.
The weekly pace of corporate Bitcoin purchases has plummeted to its lowest level since mid-June, with daily net inflows averaging just 140 BTC over the past seven days. This sharp decline follows a peak in July when daily inflows reached 8,249 BTC, according to data from BitcoinTreasuries.net and a CoinDesk report. In October, less than 500 BTC has entered corporate wallets, with some days recording no new acquisitions.
The slowdown comes as Bitcoin’s price has retreated 11% from its October 6 peak of USD $126,000, now trading around USD $111,000. This price correction coincides with growing fears of a potential trade war between China and the United States, adding to broader market uncertainty.
Approximately 25% of publicly traded companies holding Bitcoin are currently valued below their net asset value (NAV). This indicates that their market capitalization is less than the value of the bitcoins they hold on their balance sheets. For instance, Japanese firm Metaplanet saw its market NAV fall to 0.99 earlier this week.
Despite the recent pause, corporate Bitcoin reserves have grown substantially, increasing 8.69% in the past 30 days. These holdings, now exceeding 1 million BTC, are valued at over USD $110 billion. A year ago, these companies collectively held approximately 456,700 BTC.
This substantial growth underscored a period of aggressive corporate buying earlier this year, which helped drive Bitcoin to new record highs at least six times. Bitget CEO Gracy Chen previously told Decrypt that a “growing wave of public and private companies” were increasing their Bitcoin holdings, viewing it as “not just a hedge, but a long-term bet on digital assets as a primary treasury reserve.”
Currently, 205 public companies globally maintain Bitcoin reserves. The top 100 by market capitalization account for over 1 million BTC. MicroStrategy leads this group with 640,031 BTC, followed by Marathon Digital Holdings with 53,250 BTC, and Riot Platforms with 43,514 BTC, data from BitcoinTreasuries.net shows.
Analysts interpret the reduced net inflows as a more cautious stance by corporate treasurers. These companies may be awaiting clearer signs of market stability before resuming their accumulation strategies.