Corporate Bitcoin accumulation slows significantly

Publicly traded companies have drastically reduced their Bitcoin (BTC) purchases, adding only 5,900 BTC in the last three months compared to over 150,000 BTC per quarter during the 2025 peak. Factors contributing to this slowdown include the mNAV falling below 1, which hinders capital raising, and potential MSCI index exclusion threats. Despite the halt in new buying, these firms continue to hold over one million BTC.