Publicly traded companies acquired about 5,900 BTC over the past three months, a sharp slowdown from more than 100,000 BTC added during the comparable period a year earlier. Strategy accounted for most recent purchases, including 4,603 BTC in late August, but subsequently held its Bitcoin balance unchanged at about 845,050 BTC for a second consecutive week while spending $139.3 million to repurchase STRC preferred stock between September 8 and September 13. Glassnode put the average Corporate Treasury Cost Basis at $80,500, roughly 6% above a spot price near $76,400, leaving listed-company treasuries collectively below their average entry price. Bitcoin Treasuries records about 1.22 million BTC held by 181 public companies. US spot Bitcoin ETFs have attracted billions of dollars since early August but remain about $1 billion negative year to date, while a mostly negative Coinbase premium and stablecoin supply near $300 billion to $310 billion point to mixed broader demand.