The total volume of Bitcoin reserves accumulated by companies reached a record 840,000 BTC in August, yet the size of purchases and transactions fell to annual lows, according to CryptoQuant.
Bitcoin treasuries hit a record 840K BTC in 2025.
But growth has slowed sharply, Strategy’s monthly buys collapsed from +134K in Nov 2024 to just 3.7K in Aug 2025.
Smaller, cautious transactions show institutional demand is weakening despite the headline record. pic.twitter.com/rwLsqrz21N
— CryptoQuant.com (@cryptoquant_com) September 5, 2025
The largest treasury in digital gold is held by Michael Saylor’s Strategy, with 637,000 BTC, accounting for 76% of the total. The remaining 203,000 BTC are controlled by 32 companies.
Reserves began to grow rapidly following the U.S. presidential elections in November 2024. Strategy more than doubled its position in the leading cryptocurrency within a month, from 279,000 to 637,000 BTC. The combined assets of other firms increased 13-fold, from 15,000 to 203,000 BTC.
In August, Saylor’s company acquired 3,700 BTC. Other participants in the segment collectively purchased 14,800 bitcoins, significantly below the average of 24,000 BTC since the beginning of the year and far less than the June peak of 66,000 BTC.
The average transaction size for Strategy decreased to 1,200 coins, while for other companies it fell to 343 BTC—an 86% drop from the highs at the start of the year.
The monthly growth of Saylor’s firm’s assets slowed from 44% in December to 5% in August. The overall figure for others showed a similar trend, plummeting from 163% in March to 8%.
In July, companies made 53 Bitcoin purchase transactions for their balance sheets, maintaining activity with 46 transactions in August. In comparison, only 14 purchases were made in November 2024.
“Smaller and more cautious transactions indicate that institutional demand is weakening, despite the overall figures,” noted CryptoQuant analysts.
The report focused on companies dedicated solely to accumulating and holding Bitcoin, owning at least 1,000 BTC. Experts excluded data on miners and enterprises with large operational businesses like Tesla or Coinbase.
Charles Edwards, founder of Capriole, highlighted the growing risk of a large-scale asset sell-off amid the slowdown in corporate purchases of the leading cryptocurrency.
Galaxy Digital compared the trend of companies forming Bitcoin reserves to the investment trust bubble of the 1920s in the United States.