Bitcoin’s rally lost momentum in August, and slowing corporate accumulation may explain why.

Tracked treasury entities added 47,718 BTC last month ($5.2 billion), down from more than 100,000 BTC in July, according to the latest Bitcoin Treasuries Adoption Report. That brought total holdings across public companies, private firms, governments and ETFs to 3.68 million BTC, valued at $400 billion at month-end. The monthly increase of 1.2% was far weaker than July’s 4.6%.

This easing in BTC acquisitions by corporate entities could offer an explanation for BTC’s rally to $123,000 not being sustained. Bitcoin hit an all-time high in mid August, but fell over 11.5% by the end of the month to sit below $109,000.

The slowdown came despite aggressive fundraising announcements. More than $15 billion in equity raises were outlined by treasury firms including Strategy (MSTR), KindlyMD (NAKA) and Metaplanet (3350). Those commitments have yet to translate into immediate purchases, leaving a gap between fundraising headlines and actual market impact.

Even with the softer pace, August saw important milestones. Public company holdings crossed the 1 million BTC threshold for the first time, doubling from late 2024, according to the report.

Among individual firms, healthcare company KindlyMD made the second-largest buy of the month with a 5,744 BTC purchase worth $679 million. Japan’s Metaplanet added 1,859 BTC across four different transactions.

Crypto exchange Bullish (BLSH) also joining the treasury rankings after its August IPO. The firm revealed it has held 24,000 BTC since March, valued at $2.6 billion at the end of August. CEO Tom Farley described the company’s strategy as part of an ongoing institutional wave, telling CNBC it “feels like institutional investors think this could be the moment.» The exchange’s parent company Bullish Global is also the owner of CoinDesk.

Despite those high-profile moves, the aggregate value of tracked treasuries fell from $428 billion in July to $400 billion in August as bitcoin’s price eased to $108,695 by the end of the month.