We’ve had 2 months without a single new company buying Bitcoin

The story of corporate Bitcoin adoption is often told as a parade of logos. New CFO decides to be bold. Board nods. Treasury buys coin. Number go up.

That parade has not shown up for two months. According to BitBo’s treasuries tracker, the last fresh company to join the BTC-on-balance-sheet club was GD Culture Group on September 18. Since then, it’s been nothing new, and the “new entities” table just sits there with that same date at the top.

That doesn’t mean there’s no corporate demand. It just means that it looks different. The net bids are dominated by the same cast of repeat accumulators, with Strategy the poster child for tradfi’s thirst for Bitcoin.

On Nov. 17, the company added 8,665 BTC in a single shot, a reminder that the most consistent buyers are already in the pool. The market might not be onboarding new swimmers, but it sure is watching the veterans do extra laps.

To understand why the pattern changed and what it means for the next leg of adoption, we must dive deep into the numbers.

The empty on-ramp

Let’s start with the absence.

BitBo’s “Newly Added Treasury Entities” log is a rolling register of first-time holders. The lines before Sep.18 read like a bull-cycle scrapbook, with small public companies testing the waters, a few private names, and even some municipal experiments.

After GD Culture Group’s acquisition on Sep.18, the list goes quiet until Nov. 21. In a market that’s built on momentum, you can’t ignore two months of stillness. This lack of activity shows us that onboarding has a cadence, and right now, the cadence is slow.

So, why the quiet period? There are a few plausible culprits.

First, accounting and governance. Even after the move to fair value accounting in the US, many boards still treat BTC like a spicy footnote rather than a core treasury asset. Policy templates and audit comfort take time to propagate. No amount of keynote speeches instantly rewires board risk committees.

Second, substitution by proxy. Spot Bitcoin ETFs solved a pain point for institutions that wanted Bitcoin exposure without custody and policy overhead. If your board can buy IBIT or FBTC through the same brokerage stack that holds your bond ETF, the perceived need for raw coin on the balance sheet drops.

BitBo’s “Latest Changes” feed is now a daily ledger of ETF inventory shuffling, which is great for liquidity but does not add a logo to the corporate treasuries wall.

Third, attention allocation. This year has so far felt like a choose-your-own-adventure between AI capex and digital asset policy. But, CFOs have finite focus, and if the marginal dollar is being routed to GPUs or debt paydown, the “buy BTC” memo tends to land lower in the stack.

As a result, new corporate entrants have paused, and repeat buyers are powering the headline prints. Case in point: Strategy’s November acquisition. If you care about market structure rather than narratives, this concentration matters more than the absence of fresh logos. (Bitbo)

Who is selling into the quiet?

Now we turn to the other side of the ledger. The same BitBo change log that shows Strategy’s bulk purchase also shows a run of meaningful disposals and restructurings among miners and small caps.

HIVE Digital is the most striking example because the percentage change jumps off the page. On Sep. 30, HIVE’s reported BTC balance moved from 2,201 to 210, a reduction of 1,991 coins, roughly a 90% drawdown. HIVE’s management explained the split: as of Sep. 30, there were 210 BTC unencumbered in treasury and 1,992 BTC pledged.

This means that a big stack exists, but much of it is tied up to finance expansion rather than sitting as free liquid collateral. While the headline number shrank, the economic exposure didn’t vanish. However, that nuance is easy to miss if you only skim a table.

Look beyond HIVE and you see more pragmatic balance sheet choices. Argo Blockchain’s BTC line declined about 82% between snapshots; Cathedra’s was down roughly 74%. Miners live inside a three-variable equation of hashprice, energy cost, and capital availability.

When electricity is volatile and investors prefer self-funding over equity taps, selling inventory or pledging it to back equipment becomes the rational choice.

You also see aggressive accumulation by miners that can. Bitdeer’s entries show steady increases through November, while Hut 8’s balance rose by over 3,400 BTC between quarter-end snapshots as integration and treasury strategy evolved. The “miners are selling” headline is too simple. Some are, that’s true, but some are also not, and the spread illustrates their cost structures and access to financing.

Why this lull matters

If new corporate entrants aren’t arriving and repeat whales are setting the tone, the shape of corporate demand changes, and concentration rises. Liquidity depends on a handful of buyers and a handful of professional sellers. That’s not inherently bad.

However, it means volatility around announcements becomes more theatrical. When Strategy posts an 8,665 BTC add on a slow news day, the narrative vacuum basically fills itself. The more silent the onboarding pipeline, the louder the whales sound.

There is also a supply signal hidden in the miners’ column. Pledged coins are not the same as coins ready to market. HIVE’s update is the cleanest example because management laid out the tally on the record: 210 unencumbered, 1,992 pledged.

This is a clear split between liquid and financed exposure. The pledged slice is functionally collateral for capex, and it may convert back to liquid inventory later. Until then, we shouldn’t double-count it as “available to sell.”

Add the ETF presence to the picture, and you have a triangle. ETFs transform demand from a corporate treasury decision into a portfolio allocation decision, which siphons some would-be corporate first-timers into fund units.

The corporate logo board stops growing, but the pool of addressable buyers gets deeper through brokerage rails. The BitBo feed now looks like a morning newsletter for ETF inventory and miner housekeeping. It’s boring if you want logos, but a blast if you want to find out what the market’s microstructure looks like.

What would restart the parade of new corporate treasuries?

There are a few realistic triggers.

Clearer peer examples in specific sectors, as sector clusters often move together. If one mid-cap software vendor outlines a sleepy, boring BTC treasury policy that passes audit with minimal fuss, three more will follow inside two quarters.

A stable price regime that lowers perceived headline risk. Paradoxically, melt-ups can slow adoption because boards hate buying tops. A quarter or two of rangebound trading after capitulation could make BTC look like a working capital hedge rather than a moonshot.

Cheaper financing and easier power for miners. If your cost of carry drops, you hold more inventory and pledge less. That reduces forced selling and nudges the corporate share of on-chain supply toward patient hands.

None of these require new regulation or a celebrity bellwether, just time and a handful of plain vanilla case studies.

The bigger picture

Corporate Bitcoin adoption has never been a straight line. It moves in waves that rhyme with the cycle, the cost of capital, and the convenience of substitutes.

The 2025 version of that rhyme includes ETFs that make it effortless to add exposure without rewriting treasury policies, miners that act like industrial businesses rather than mascots, and one publicly traded software firm that treats BTC like a second headquarters.

To explain why there have been no new logos in the past two months, you just need a calendar and a basic grasp of how CFOs make decisions. They watch peers. They prefer boring processes. They hate surprises.

The takeaway for readers is practical: don’t judge corporate adoption by the count of press releases alone. Watch who is actually moving size, and why. Separate liquid treasury coins from pledged collateral.

And maybe keep an eye on the whales. When the onboarding ramp is quiet, the veterans tend to own the pool. On Nov.17, one of them swam another 8,665 meters.

Whether the next lap belongs to a new entrant or the same buyer is the question that will decide how this phase of the market prices liquidity. The table will tell you when the parade starts again.