The $100 billion corporate Bitcoin surge is down to one buyer as other companies stop adding

The corporate Bitcoin treasury boom is losing oxygen: a $100 billion public-company bet has shrunk, buying has collapsed outside Strategy (formerly MicroStrategy), and the financing model that drove the trade is starting to fail. Data from CryptoQuant show that the Michael Saylor-led company bought about 45,000 Bitcoin over the last 30 days, the largest 30-day haul since April 2025. Over the same period, all other Bi…