In a month marked by high hopes but tempered outcomes, corporate Bitcoin buying slowed significantly in August, casting a shadow over the cryptocurrency’s recent rally. According to the latest Bitcoin Treasuries Adoption Report, tracked treasury entities added 47,718 BTC last month, valued at approximately $5.2 billion. This represents a notable drop from the more than 100,000 BTC acquired in July. The impact of this slowdown was palpable, with Bitcoin’s price failing to sustain its rally to an all-time high of $123,000, eventually slipping over 11.5% to settle below $109,000 by month’s end.
A Tale of Two Months
The contrast between July and August couldn’t be starker. In July, the Bitcoin market was buoyed by a 4.6% increase in treasury acquisitions, a surge that helped push Bitcoin prices to record heights. However, August saw a tepid 1.2% increase, indicating a significant cooling in corporate accumulation. This deceleration in BTC acquisitions by corporate entities could partly explain why Bitcoin’s rally lost steam.
Despite this slowdown, August wasn’t devoid of milestones. Public companies, private firms, governments, and ETFs collectively held 3.68 million BTC by the end of the month, valued at a staggering $400 billion. Notably, public company holdings crossed the 1 million BTC threshold for the first time, a doubling from late 2024, marking a significant achievement in Bitcoin adoption.
Fundraising Promises and Immediate Realities
Interestingly, the slowdown in corporate Bitcoin acquisitions came against a backdrop of aggressive fundraising announcements. More than $15 billion in equity raises were outlined by treasury firms, including Strategy (MSTR), KindlyMD (NAKA), and Metaplanet (3350). Yet, these commitments have yet to translate into immediate market purchases, revealing a gap between headline-grabbing fundraising activities and their tangible impacts on the Bitcoin market.
Healthcare company KindlyMD made waves with its substantial purchase of 5,744 BTC, valued at $679 million, marking it as the second-largest buyer of the month. Meanwhile, Japan’s Metaplanet added 1,859 BTC through four separate transactions, signaling continued interest from international players.
Bullish Moves and Institutional Waves
August also saw crypto exchange Bullish (BLSH) make a significant entrance into the treasury rankings following its IPO. The firm disclosed that it has held 24,000 BTC since March, valued at $2.6 billion by the end of August. CEO Tom Farley noted the strategic importance of this move, suggesting it’s part of an “ongoing institutional wave” and indicating that institutional investors might perceive this period as a crucial moment for Bitcoin.
Bullish Global, the parent company of Bullish and owner of CoinDesk, has positioned itself at the intersection of these developments, potentially setting the stage for future corporate and institutional Bitcoin engagements.
Market Value Adjustments
Despite these high-profile acquisitions, the aggregate value of tracked treasuries fell from $428 billion in July to $400 billion in August. This decline was in part due to Bitcoin’s price easing to $108,695 by the end of the month. The market’s adjustments underscore the volatile nature of cryptocurrencies, where shifts in corporate buying patterns and price valuations can have outsized effects.
Looking Ahead: Cautious Optimism
As we move into the latter half of 2025, the cryptocurrency market faces a landscape of cautious optimism. The recent slowdown in corporate Bitcoin buying highlights the complexities of aligning fundraising announcements with actual market impact. However, the milestones achieved in August, such as crossing the 1 million BTC threshold in public company holdings and notable acquisitions by firms like KindlyMD and Metaplanet, suggest that interest in Bitcoin remains robust.
The actions of firms like Bullish also underscore a broader trend of institutional engagement that could provide a stabilizing force in the market. As Tom Farley pointed out, there’s a growing sentiment among institutional investors that this could indeed be a pivotal moment for Bitcoin.
In conclusion, while August may have seen a slowdown in corporate Bitcoin acquisition, the underlying interest and strategic moves by key players signal that the cryptocurrency’s journey is far from over. The coming months will likely reveal whether the fundraising promises made in August translate into tangible market actions, potentially reigniting Bitcoin’s rally and altering the current trajectory. As always in the world of cryptocurrency, the only certainty is change.
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
