Terrill Dicki
Oct 28, 2025 16:54
Despite Coinbase’s claims of corporate treasuries exiting the Bitcoin market, American Bitcoin and Strategy firms have made significant purchases totaling $205 million.
In a surprising turn of events, American Bitcoin and Strategy firms have collectively purchased over $205 million in Bitcoin (BTC), countering Coinbase’s assertion that corporate treasuries are abandoning the cryptocurrency market. This development comes amid a broader market downturn, where Coinbase’s Global Head of Investment Research, David Duong, warned of a significant withdrawal by digital asset treasury companies.
Bitcoin Acquisition Amidst Corporate Withdrawal
Coinbase recently highlighted a concerning trend of corporate treasuries ‘ghosting’ the Bitcoin market, with purchases falling to near year-to-date lows since October 10. Duong noted the lack of engagement from digital asset treasury companies (DATs), who have yet to re-enter the market following recent price declines.
Despite these concerns, American Bitcoin, a Miami-based firm, has significantly increased its Bitcoin reserves. Between September and October 24, the company acquired approximately 1,414 Bitcoin, raising its total holdings to 3,865 Bitcoin. This strategic move is part of their integrated approach combining self-mining operations with disciplined purchasing strategies.
Strategy’s Continued Bitcoin Investment
Strategy, led by noted Bitcoin advocate Michael Saylor, has also expanded its cryptocurrency holdings. The firm acquired an additional 390 BTC between October 20 and October 26, spending $43.4 million at an average price of $111,117 per Bitcoin. This purchase raises their total holdings to 640,808 BTC, demonstrating continued confidence in Bitcoin as a treasury asset.
Strategy’s aggressive accumulation aligns with their belief in Bitcoin as ‘digital property’ and ‘the ultimate treasury reserve asset,’ despite recent market volatility. This perspective is shared by other global firms, such as South Korea’s Bitplanet and Hong Kong’s Prenetics Global, both of which have announced significant investments in Bitcoin.
Market Dynamics and Strategic Positioning
Coinbase’s analysis indicates a fragile market, with Ethereum purchases predominantly driven by a single entity, Bitmine. This concentration raises concerns about the sustainability of corporate demand if major buyers reduce activity. Duong’s analysis suggests cautious positioning due to the market’s fragility and the sidelining of significant discretionary balance sheets.
Furthermore, the corporate crypto treasury movement is undergoing a critical transition from guaranteed premiums to a competitive phase. Companies like Strategy have abandoned traditional thresholds for stock sales, adapting to increased funding pressures and regulatory demands.
Despite these challenges, the resilience shown by firms like American Bitcoin and Strategy underscores a strategic shift towards long-term cryptocurrency investment as a hedge against global economic uncertainties.
For more detailed insights, visit the full article on CryptoNews.
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Source: https://blockchain.news/news/bitcoin-btc-treasuries-show-resilience-amid-coinbase-ghosting-claims
