Public Companies Pull Back From Bitcoin and Ether Purchases This Month

Publicly traded firms that hold Bitcoin and Ether have largely paused their accumulation efforts following the sharp market downturn earlier in October, signaling a drop in corporate confidence across the digital asset space.

According to Coinbase’ David Duong, digital asset treasury (DAT) companies have “largely ghosted the post–Oct. 10 drawdown and are yet to re-engage.”

Duong noted that over the past two weeks, Bitcoin purchases by DATs have fallen to near year-to-date lows, showing little recovery even during brief market upswings. The slowdown, he said, highlights growing caution among corporate crypto holders following recent volatility.

Bitcoin and Ether Prices Struggle to Rebound

The crypto market took a major hit in mid-October when Bitcoin fell roughly 9% between Oct. 10 and Oct. 11, dropping from around $121,500 to below $110,500. The world’s largest cryptocurrency has since dipped to lows under $105,000 before recovering to $114,250, where it has traded flat over the past 24 hours.

Ether (ETH), the second-largest digital asset, experienced a similar decline, tumbling more than 15% to $3,686 during the same period. ETH has since recovered modestly to about $4,130, but the rebound has not been enough to reignite corporate accumulation.

Duong said the slowdown is significant because DATs are typically major market participants with substantial capital reserves. Their hesitation to buy even at perceived “support” levels suggests a lack of conviction about near-term market direction.

“The buying slowdown highlights some caution from large players post leverage washout, even at current levels,” Duong explained.

BitMine Emerges as the Lone Buyer

While most public crypto treasuries have stepped back, BitMine Immersion Technologies, an Ether-focused treasury company, has continued to accumulate aggressively. 

Duong reported that BitMine has spent over $1.9 billion since October 10 to acquire nearly 483,000 ETH. This makes it the only consistent large-scale buyer in recent weeks.

BitMine’s purchases, along with smaller contributions from a handful of other funds, have been enough to push total seven-day ETH treasury inflows back into positive territory, Duong said. However, he warned that the market’s apparent stability may not last if BitMine slows down or halts its buying spree.

“If the company slows or pauses, we worry that the apparent corporate bid could fade,” Duong noted. “The market appears more fragile when the biggest discretionary balance sheets are sidelined.”

Analysts say the cautious tone among corporate crypto holders reflects broader uncertainty in the market, with investors waiting for stronger price stability before resuming large-scale accumulation.