The team’s latest report cites 840,000 bitcoin held by the firms under Cryptoquant’s review and the study’s methodology. Strategy controls more than 637,000 bitcoin, the biggest slice.

Source: Cryptoquant.

The study posted on cryptoquant.com draws from onchain data. The authors say demand is cooling despite the headline records. Figures show monthly growth has faded.

Strategy’s growth rate essentially slipped to 5% in August from 44% in December 2024. Researchers added that peers show softer momentum, too. The cryptoquant.com report lists these figures as of late August.

Cryptoquant basically tallies brisk deal activity. Firms logged 53 purchases in June and 46 by August. Yet ticket sizes shrank. Strategy bought 3,700 BTC in August. Others purchased 14,800 BTC. Researchers note both totals sit below 2025’s averages.

The report further flags smaller ticket sizes. Strategy’s average deal fell to 1,200 bitcoin in August. Meanwhile, others averaged 343 bitcoin per transaction. That’s down 86% from those firms’ 2025 peak.

Cryptoquant’s analysts state:

A similar pattern emerged in the ‘20-’21 bull cycle, when Strategy’s holdings growth peaked at 78% in September 2020 then declined to 6% a year later.

The 2025 pattern appears to rhyme, the researchers’ compiled data shows. To close, Cryptoquant outlines the scope and methodology. The study tracks pure-play, public treasury firms with at least 1,000 bitcoin. It excludes miners and large operating companies. Tesla and Coinbase are examples.

The analyst’s takeaway is blunt. Holdings sit at a high. Growth has cooled. Transactions are plentiful. Buys are small. Researchers detail that demand looks softer even as balances rise. Cryptoquant and its researchers conclude that the signal is mixed. Stockpiles climb. Appetite per deal wanes.

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