Coinbase Says Bitcoin Treasuries Are ‘Ghosting’, But Two Firms Just Bought $205M

American Bitcoin and Strategy collectively purchased over $205 million in Bitcoin in the past 48 hours, contradicting Coinbase’s warnings that corporate treasuries have largely abandoned the market during October’s downturn. Coinbase’s Global Head of Investment Research, David Duong, recently warned that digital asset treasury companies have largely ghosted the market since October 10, with Bitcoin purchases falling to near year-to-date lows over the past two weeks. “ BTC digital asset treasury companies (DATs) have largely ghosted the post-Oct 10 drawdown and are yet to re-engage, ” he ￰1￱ are the DATs? BTC digital asset treasury companies (DATs) have largely ghosted the post-Oct 10 drawdown and are yet to ￰2￱ the last two weeks, BTC buying by DATs fell to near year-to-date lows and has not meaningfully recovered, even on green days.

A short … ￰3￱ — David Duong (@Dav1dDuong) October 25, 2025 Major Treasury Firms Continue Aggressive Accumulation American Bitcoin acquired approximately 1,414 Bitcoin between September and October 24, increasing its strategic reserve to 3,865 Bitcoin held in custody or pledged for miner purchases under agreements with ￰4￱ Miami-based company, now a majority-owned subsidiary of Hut 8 Corp, operates as a Bitcoin accumulation platform integrating scaled self-mining operations with disciplined purchase ￰5￱ firm introduced a new transparency metric, Satoshis Per Share, which represents the amount of Bitcoin attributable to each outstanding share of common ￰6￱ of October 24, the company reported 418 satoshis per share, marking a 52% increase since September 1, providing shareholders with insight into their indirect Bitcoin ownership through equity ￰7￱ Bitcoin has acquired ₿1,414, bringing its total holdings to ₿3,865.

Let’s keep stacking! $ABTC ￰8￱ — American Bitcoin (@ABTC) October 27, 2025 “ What sets American Bitcoin apart from most traditional Bitcoin treasury vehicles is our integrated mining operations ,” said Asher Genoot, Executive Chairman of American Bitcoin. “ By producing Bitcoin directly, we can reduce our average cost per Bitcoin to drive a cost advantage over vehicles that buy exclusively on the open market, ” he ￰9￱ Activity Accelerates Across Global Markets Strategy, the business intelligence firm led by Bitcoin advocate Michael Saylor , acquired an additional 390 BTC between October 20 and October 26, spending $43.4 million at an average price of $111,117 per ￰10￱ purchase brings the company’s total holdings to 640,808 BTC, acquired at an aggregate price of $47.44 billion with an average cost of $74,032 per Bitcoin, inclusive of ￰11￱ U.

S. markets, South Korea’s Bitplanet announced plans to acquire 50 BTC worth approximately $5.8 million after receiving shareholder ￰12￱ Korean public company Bitplanet launches 10,000 $BTC treasury strategy with first purchase of 93 BTC under financial regulator oversight. #SouthKorea #Bitcoin ￰0￱ — ￰13￱ (@cryptonews) October 27, 2025 At the same time, Hong Kong-based Prenetics Global also raised $150 million through a convertible note offering backed by Galaxy Digital to establish its Bitcoin treasury ￰14￱ CEO Aaron Gerovich stated that “ accumulating Bitcoin represents a strategic hedge against global fiat debasement ,” saying they are pioneering corporate adoption in Asia.

Strategy’s ATM programs collectively provide access to more than $46 billion in potential issuance capacity, giving the firm flexibility to continue adding Bitcoin as market conditions ￰15￱ has repeatedly described Bitcoin as “ digital property ” and “ the ultimate treasury reserve asset ,” maintaining unwavering conviction despite recent market volatility that saw prices briefly dip below $107,000 earlier this ￰16￱ Fragility Concerns Notably, Coinbase’s analysis reveals concerning concentration in the corporate treasury market, with Ethereum purchases driven almost entirely by a single entity, Bitmine.) September 12, 2025 The scarcity premium benefiting early adopters like Strategy has dissipated, forcing companies to differentiate themselves through strategic positioning rather than merely accumulating ￰17￱ abandoned its self-imposed 2.5x market-to-net-asset-value threshold for stock sales after funding pressures mounted, while Nasdaq tightened supervision requirements for digital asset treasuries, demanding shareholder approval for certain transactions.