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Bitcoin Companies Reducing Buying Pressure: What's Behind It?
On November 12, 2025, public company Bitcoin accumulation drops as market values fall and investors suffer losses.
Bitcoin Companies Reducing Buying Pressure: What's Behind It?
Over the past month, Bitcoin (BTC) accumulation by public companies has slowed significantly. According to analyst Vetle Lunde, head of research at K33, the daily average buying pressure of these companies reached a 12-month low of 656 BTC in October. In the first ten days of November, the average daily acquisition even fell by 42% to just 375 BTC. The main reason for this slowdown is the decline in market value relative to net assets (mNAV) of companies.
Currently, half of companies trade BTC treasuries at market values below the value of the Bitcoins on their balance sheets. An mNAV below 1 indicates that a company is trading at a discount to its net assets, while mNAV values above 1 indicate a premium. BTC Treasuries, led by Virginia-based firm Strategy, raised billions of dollars between the second and early third quarters by issuing shares at a premium to their NAVs.
Decline in accumulation and market changes
However, premiums have fallen in recent days, prompting some companies to sell portions of their BTC holdings to cover financial obligations or initiate stock buyback plans. Lunde noted that spot demand for BTC is significantly lower than in the second quarter of 2025. In particular, the firm Strategy recorded a decline in mNAV to 1.009, which is one of the lowest values since 2023. While the company achieved 18.3% of its treasury accumulation in the first quarter, this figure fell to 13.1% in the second quarter and 7.1% in the third quarter.
So far in the fourth quarter, only 1,661 BTC have been purchased. These weak mNAVs reflect ongoing dilution, a saturated treasury corporate environment and weak demand. Well-known investors like Jim Chanos, who is known for his short selling, also benefited from the reduced MSTR premiums and ultimately achieved returns of over 125%.
The situation is also impacting individual investors, who suffered losses of around $17 billion in October, according to analyst estimates. After the leverage reduction on October 10, Bitcoin investment products recorded outflows of 29,008 BTC, the worst 30-day flows since March 2025. However, many analysts are optimistic and expect the 30-day flows to increase in the future, as the current outflows are seen as a temporary response to risk management.
The current BTC price is around $101,000, down 2% in the last 24 hours. The uncertainties and changes in the market seem to be pushing public BTC accumulation into the background while companies and investors have to make strategic decisions to adapt to the changing environment.
https://www.fxstreet.com/cryptocurrencies/news/bitcoins-weakness-drives-public-btc-treasuries-into-the-shadows-202511121722