BTC Buying Cooled in August as Corporate Treasuries Added $5B

Bitcoin's August Slowdown: Corporate Accumulation Wanes

Bitcoin's price rally faced headwinds in August, and a deceleration in corporate BTC accumulation may be a contributing factor.

According to the latest Bitcoin Treasuries Adoption Report, tracked treasury entities increased their holdings by 47,718 BTC in August, equivalent to $5.2 billion. This is a notable decrease from the over 100,000 BTC added in July. Total holdings across public companies, private firms, governments, and ETFs reached 3.68 million BTC, valued at $400 billion at the end of the month. The monthly increase of 1.2% significantly lags behind July's 4.6%.

This reduced pace of BTC acquisition by corporate entities may explain why Bitcoin's rally toward $123,000 wasn't sustained. After hitting an all-time high in mid-August, Bitcoin experienced an 11.5% price correction, settling below $109,000 by month's end.

Fundraising Efforts Not Yet Reflected in Purchases

The slowdown occurred despite announcements of aggressive fundraising initiatives. Treasury firms, including Strategy (MSTR), KindlyMD (NAKA), and Metaplanet (3350), outlined equity raises totaling over $15 billion. However, these commitments have yet to translate into immediate purchases, creating a discrepancy between fundraising announcements and tangible market impact.

Key Milestones Achieved

Despite the slower pace, August saw significant milestones. Public company holdings surpassed the 1 million BTC mark for the first time, doubling since late 2024, as per the report.

Notable Individual Acquisitions

Key acquisitions during August included:

• KindlyMD: The healthcare firm made the second-largest buy of the month, acquiring 5,744 BTC worth $679 million.
• Metaplanet: The Japanese company added 1,859 BTC across four separate transactions.

Bullish Joins the Ranks

Crypto exchange Bullish (BLSH) entered the treasury rankings following its August IPO. The firm disclosed holding 24,000 BTC since March, valued at $2.6 billion at the end of August. CEO Tom Farley characterized this strategy as part of a growing institutional trend.

Treasury Value Declines with Bitcoin Price

Despite these prominent moves, the aggregate value of tracked treasuries decreased from $428 billion in July to $400 billion in August, reflecting Bitcoin's price decline to $108,695 by the end of the month.