The momentum of Bitcoin’s surge diminished in August, and a slowdown in corporate purchases might shed light on this trend.
According to the latest Bitcoin Treasuries Adoption Report, monitored treasury entities acquired 47,718 BTC last month (approximately $5.2 billion), a significant decrease from over 100,000 BTC in July. This brought the total holdings among public companies, private enterprises, governments, and ETFs to 3.68 million BTC, valued at around $400 billion by the end of August. The monthly growth rate of just 1.2% was considerably lower than July’s impressive figure of 4.6%.
This decline in Bitcoin acquisitions by corporate entities may provide insight into why Bitcoin’s ascent to $123,000 could not be maintained. Although it reached an all-time high in mid-August, it subsequently dropped more than 11.5%, closing below $109,000 by month-end.
The slowdown occurred despite announcements for aggressive fundraising efforts; treasury firms such as Strategy (MSTR), KindlyMD (NAKA), and Metaplanet (3350) outlined plans for over $15 billion in equity raises. However, these commitments have yet to result in immediate market purchases—highlighting a disconnect between fundraising announcements and their actual impact on the market.
Nevertheless, August marked several significant achievements; public company holdings surpassed the milestone of one million BTC for the first time—doubling since late 2024 according to the report.
Among notable transactions during this period was KindlyMD’s substantial acquisition—the second-largest purchase that month—with a buy of 5,744 BTC valued at approximately $679 million. Additionally, Japan’s Metaplanet acquired 1,859 BTC through four separate transactions.
The crypto exchange Bullish (BLSH) also entered into treasury rankings following its IPO in August; they disclosed holding onto 24,000 BTC since March—a value estimated at $2.6 billion by month’s end. CEO Tom Farley characterized their strategy as part of an ongoing institutional trend and remarked to CNBC that “it feels like institutional investors think this could be the moment.” Notably enough Bullish Global—the parent company—is also responsible for CoinDesk.
Despite these prominent developments within individual firms’ strategies however; overall tracked treasuries saw their aggregate value decline from $428 billion in July down to $400 billion come August as Bitcoin’s price settled at around $108695 towards month’s conclusion.