Publicly traded companies holding Bitcoin in their treasuries have maintained profitability for over a month, with their collective cost basis around $80,000 per BTC. On-chain analysis shows these firms have kept positions profitable since Sept. 18, when Bitcoin's price consolidated above that threshold.
Despite sustained unrealized gains, on-chain data indicates corporate treasury accounts have executed minimal new Bitcoin purchases. The muted buying contrasts with historical patterns during previous periods of significant price appreciation from such entities.
The limited accumulation suggests a cautious approach to capital allocation. This behavior has direct implications for on-chain demand metrics and overall market liquidity in the spot market.
