Bitcoin’s recent rally saw a significant decline in momentum throughout August, attributed in part to a slowdown in corporate accumulation. According to the latest Bitcoin Treasuries Adoption Report, tracked treasury entities added a mere 47,718 BTC last month, translating to around $5.2 billion. This is a stark drop from the more than 100,000 BTC amassed in July. As of the end of August, total holdings across public companies, private firms, governments, and ETFs stood at 3.68 million BTC, valued at approximately $400 billion.
The monthly growth rate of Bitcoin holdings fell to a disappointing 1.2%, a significant decline compared to July’s robust increase of 4.6%. This reduction in acquisitions by corporate entities may help explain why Bitcoin’s peak price of $123,000, reached in mid-August, was unable to hold; by the end of the month, the cryptocurrency’s value had dropped over 11.5% to below $109,000.
Despite an environment filled with ambitious fundraising initiatives—totaling more than $15 billion in equity raises by firms such as Strategy (MSTR), KindlyMD (NAKA), and Metaplanet (3350)—these commitments have yet to lead to substantial immediate purchases of Bitcoin. This disparity highlights a disconnect between corporate fundraising announcements and their actual impact on the market.
Notably, August did witness some significant milestones. Public company holdings surpassed the 1 million BTC mark for the first time, doubling since late 2024. Among the most noteworthy corporate maneuvers, healthcare provider KindlyMD executed the second-largest purchase of the month, acquiring 5,744 BTC valued at $679 million. Japan’s Metaplanet also made headlines with the addition of 1,859 BTC through four separate transactions. Furthermore, crypto exchange Bullish (BLSH) entered the treasury rankings following its IPO, revealing it has held 24,000 BTC since March, valued at $2.6 billion by the end of August. CEO Tom Farley remarked on the burgeoning institutional interest in Bitcoin, stating it “feels like institutional investors think this could be the moment.”
Despite these high-profile transactions, the aggregate value of tracked treasuries experienced a decline from $428 billion in July to $400 billion in August, coinciding with Bitcoin’s price drop to $108,695 by month-end.
