Bitcoin’s rally lost momentum in August, potentially due to a slowdown in corporate accumulation.
Tracked treasury entities added 47,718 BTC last month ($5.2 billion), down from over 100,000 BTC in July, according to the latest Bitcoin Treasuries Adoption Report. Total holdings across public companies, private firms, governments, and ETFs reached 3.68 million BTC, valued at $400 billion by month-end. The monthly increase of 1.2% was significantly weaker than July’s 4.6%.
This decline in BTC acquisitions by corporate entities may explain why Bitcoin’s rally to $123,000 could not be sustained. Bitcoin hit an all-time high in mid-August but fell over 11.5% by the end of the month, settling below $109,000.
The slowdown occurred despite aggressive fundraising efforts, with over $15 billion in equity raises announced by treasury firms like Strategy, KindlyMD, and Metaplanet. These commitments have yet to result in immediate purchases, leaving a gap between fundraising announcements and actual market impact.
Even with the slower pace, August marked important milestones. Public company holdings surpassed 1 million BTC for the first time, doubling since late 2024, according to the report.
Among individual firms, healthcare company KindlyMD made the second-largest purchase of the month with a 5,744 BTC acquisition worth $679 million. Japan’s Metaplanet added 1,859 BTC across four transactions.
Crypto exchange Bullish also entered the treasury rankings after its August IPO, revealing it has held 24,000 BTC since March, valued at $2.6 billion at the end of August. CEO Tom Farley described the company’s strategy as part of a broader institutional trend.
Despite these notable moves, the aggregate value of tracked treasuries dropped from $428 billion in July to $400 billion in August as bitcoin’s price eased to $108,695 by month-end.
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