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Publicly traded companies that hold Bitcoin (BTC) and Ethereum (ETH) in their balance sheets have largely paused accumulation since the sharp crypto market downturn earlier this month, according to new data from Coinbase Institutional.
David Duong, head of institutional investment research at Coinbase, noted that digital asset treasury (DAT) firms — companies that buy and hold crypto as part of their corporate strategy — have “largely ghosted the post–Oct. 10 drawdown.”
Market Crash Triggers a Buying Freeze
Following the October 10–11 market crash, Bitcoin dropped 9%, falling from around $121,500 to below $110,500. Ethereum also tumbled more than 15%, hitting a low of $3,686 during the same period.
Although Bitcoin has since stabilized near $114,000 and Ether has recovered to around $4,130, Duong said that institutional crypto treasuries have not returned to their usual levels of accumulation.
“Over the last two weeks, BTC buying by DATs fell to near year-to-date lows and has not meaningfully recovered, even on green days,” Duong explained.
This cautious approach suggests that major firms are hesitant to re-enter the market after the volatility-driven selloff.
Confidence Falters Among Corporate Crypto Holders
The slowdown in corporate crypto accumulation reflects a broader sense of uncertainty across the market. According to Duong, the valuation of many digital asset treasury firms has fallen closer to the underlying value of their holdings, reducing investor enthusiasm.
Bitcoin-focused companies such as MicroStrategy and Marathon Digital saw their stock prices surge earlier in the year as crypto prices rallied. However, with the recent correction, their share prices have cooled significantly.
Duong added that the decline in institutional buying is notable because these firms are typically “heavy hitters with deep pockets,” whose participation often supports market sentiment during downturns. Their absence, he warned, signals limited confidence among major players.
BitMine Emerges as the Exception
While most DAT firms have stepped back, one company has bucked the trend — BitMine Immersion Technologies.
Duong highlighted that BitMine has been the “only consistent buyer” since the market correction, purchasing more than 483,000 ETH worth roughly $1.9 billion since October 10.
This sustained buying activity has helped keep the seven-day net purchases by Ether treasuries positive, thanks to BitMine’s large-scale acquisitions and smaller contributions from other funds.
“If BitMine slows or pauses, we worry that the apparent corporate bid could fade,” Duong cautioned.
BitMine’s continued accumulation has made it a key stabilizing force in the Ether market, even as other companies remain cautious.
Market Outlook: Short-Term Fragility
Despite the mild recovery in crypto prices, Duong emphasized that market conditions remain fragile. He warned that the absence of corporate treasury buying could leave the market vulnerable to further pullbacks if sentiment turns negative again.
“We think this warrants more cautious positioning in the short term,” he said. “The market appears more fragile when the biggest discretionary balance sheets are sidelined.”
The broader slowdown also indicates that crypto treasuries may be waiting for clearer signals before re-engaging — such as stronger macroeconomic stability, improved liquidity conditions, or renewed institutional inflows.
Summary
The October 10 market crash appears to have left a lasting impact on corporate crypto investors. With Bitcoin and Ethereum treasuries largely halting their buying activity, market confidence has yet to fully recover.
Only BitMine Immersion Technologies has maintained a consistent accumulation strategy, spending nearly $2 billion on Ether despite the downturn.
While this has provided temporary support to the market, analysts caution that broader participation will be needed to sustain momentum. Until major digital asset treasuries return to accumulation mode, crypto markets could remain in a delicate balance between caution and recovery.
