Strategy Now Drives Nearly All Bitcoin Treasury Demand

Bitcoin (BTC) treasury demand has sharply narrowed, with Strategy emerging as the dominant buyer and other companies stepping back. New data shows the firm purchased roughly 45,000 BTC in the past 30 days, compared to just around 1,000 BTC combined from all other treasury participants. The shift signals a collapse in broad corporate demand at a time when Bitcoin’s market structure is increasingly shaped by institutional flows.

Corporate Bitcoin demand drops sharply outside Strategy

According to data shared by CryptoQuant on March 25, activity across non-Strategy treasury firms has declined significantly. Purchases from other companies are down about 99% from peak levels, with participation also falling, reflected in fewer transactions and weaker capital deployment.

The report describes the current environment as a “one buyer market,” where incremental demand is no longer distributed across multiple corporate players. Instead, buying pressure is concentrated in a single entity, while others remain largely inactive.

When demand comes from a broad set of participants, it tends to create more stable accumulation. When it narrows to one buyer, price support becomes more fragile and dependent on that entity’s continued activity.

Strategy’s dominance reshapes Bitcoin market structure

Strategy Inc. now controls roughly 76% of all Bitcoin held by treasury companies, highlighting how concentrated the sector has become. Its recent buying pace is also the fastest in nearly a year, reinforcing its role as the primary driver of institutional accumulation.

This creates a structural imbalance. On one side, Strategy continues to accumulate aggressively. On the other, participation from the rest of the market has deteriorated, reducing diversification in demand.

At the same time, Strategy now owns around 4% of all Bitcoin in circulation.

The takeaway isn’t necessarily bearish, but it does shift risk. Bitcoin’s treasury narrative is no longer supported by a wide corporate base. Instead, it is increasingly tied to the behavior of a single, highly active buyer.