A round of purchases from smaller Bitcoin treasury holders suggests continued demand for the asset even as the largest corporate buyers pressed pause. In total, 602.6 BTC — worth about $46 million at recent prices — moved into treasuries last week. The buys included Strive’s 381.6 BTC acquisition, a 200 BTC purchase by DDC Enterprise Limited, 19 BTC acquired by The Smarter Web Company (SWC), and 2 BTC bought by Hyperscale Data, according to filings and announcements cited in coverage.

The pattern points to a shift in the buyer base rather than a wholesale retreat from corporate Bitcoin accumulation. While Strategy, the largest known treasury holder, reportedly paused its weekly buying cadence, smaller treasury firms stepped in to accumulate on a dip below $80,000 per BTC.

Key takeaways

Smaller corporate treasuries added 602.6 BTC last week, signaling persistent demand even as larger holders paused.
Purchases included 381.6 BTC by Strive (SEC Form 8-K), 200 BTC by DDC Enterprise Limited, 19 BTC by SWC, and 2 BTC by Hyperscale Data.
Around-the-market context shows Bitcoin dipping under $80,000 at the time of several buys, with specific average entry prices reported by the buyers.
Bitcointreasuries.net tallies show roughly 198 public Bitcoin treasury companies holding about 1.24 million BTC, or ~5.9% of supply.
ETF outflows during the week raised questions about investor sentiment, though market-watchers cautioned the signal may reflect retail-driven positioning rather than smart-money flows.

Bitcoin treasuries: a dip-driven deployment by smaller buyers

The purchases came as Bitcoin traded in a choppy range, with the dip below the $80,000 mark providing what proponents described as a ‘neutral-to-bullish’ entry point for treasury buyers. Strive’s latest acquisition was completed at an average price of $79,348 per BTC, while DDC Enterprise Limited reported an average entry of $79,496 per BTC for its 200-BTC buy. SWC’s 19 BTC purchase carried an average price of $77,687 per BTC. Hyperscale Data disclosed a 2 BTC open-market purchase, with the Sunday price close cited at $76,981.

These entries matter because the average purchasing price hints at the current unrealized position of these treasuries. In Strive’s case, the 381.6 BTC at roughly $79k implies a modest current unrealized gain if BTC sustains recent price levels; for SWC and DDC, similar dynamics apply. Hyperscale did not disclose an average price, but its timing aligns with a broader rotation among smaller treasury holders as prices traced a downshift through the weekend.

Strategy’s pause and the evolving buyer landscape

Earlier this month, Strategy announced a media- and market-disrupting move: a substantial accumulation of 24,869 BTC for about $2.01 billion, executed between May 11 and May 17 at an average price of roughly $80,985 per BTC. That deployment stood out as one of the year’s largest single-batch purchases and underscored the depth of corporate conviction in Bitcoin as a treasury asset. The latest turn — with Strategy pausing its weekly buys — suggests a temporary rebalancing rather than a retreat from long-term exposure.

Alongside this, the broader environment shows a mixed signal from ETF-related flows. Farside Investors’ data indicate combined net outflows of about $1.54 billion across spot Bitcoin ETFs in the six trading days leading up to Friday. Some observers, however, argue the data reflects retail sentiment more than smart-money positioning, a perspective echoed by crypto sentiment analytics firm Santiment, which described ETF outflows as a counter-indicator rather than a straightforward market negative.

The treasuries landscape: breadth, concentration, and what’s next

Bitcointreasuries.net provides a snapshot of the ecosystem: nearly 198 public Bitcoin treasury holders oversee about 1.24 million BTC, representing roughly 5.9% of the total supply. The ongoing participation of a wide range of corporate buyers — from specialized treasury vehicles to consumer brands and AI-focused infrastructure operators — indicates a broadening base of actors deploying BTC as a balance-sheet asset rather than a niche investment.

There is also a status-check element in the current environment. The divergence between the aggressive, large-buyer activity reported earlier in May and the more cautious cadence observed during the past week underscores a potential readjustment in risk appetite among “big pockets” while niche buyers maintain a steady drumbeat of purchases. That contrast could influence price action in the near term, especially if large holders resume buys or if ETF inflows turn decisively into outflows in the other direction.

As markets digest these cross-currents, investors and treasury teams will be watching for a few signals: whether Strategy resumes regular acquisitions alongside other big holders, whether smaller treasuries maintain a steady cadence, and how ETF flows respond to macro and crypto-specific catalysts. The evolving mix of buyers could impact the perceived cost basis of corporate BTC holdings and influence long-term capital allocation decisions across the sector.

Top Bitcoin treasury companies by holdings. Source: Bitcointreasuries.net

The broader narrative remains: corporate BTC ownership is not monolithic in intent or timing. While some of the largest buyers may scale back temporarily, the sustained activity from smaller treasury firms indicates an ongoing, underlying demand that could help anchor prices during volatility and support confidence in Bitcoin as a treasury asset over time.

What remains uncertain is the tempo of large-holder activity once the market absorbs the latest price dynamics and macro cues. Next developments to watch include any renewed tranche by Strategy or other major treasuries, shifts in ETF flow patterns, and how the evolving incentive landscape (mining economics, on-chain activity, and regulatory dynamics) interacts with corporate treasury behavior in the weeks ahead.