Strive bought 6,182 bitcoin for $511 million in the week to Friday, and still had $504 million in cash at the end of it. It has also set up a program to raise up to $1 billion more by selling new preferred shares that pay 15%.

Strategy, the biggest corporate holder, bought no bitcoin at all that week, ending a five-week buying run. It spent $204.9 million buying back its own STRC preferred shares instead.

So the treasury companies haven't all stopped. The biggest one has, for now, and a smaller one bought through the dip with cash it had already raised. With bitcoin sitting at about what these companies paid on average, who keeps buying matters more than usual.

Another one next Wednesday.