In the fourth quarter of 2025, the adoption rate of Bitcoin treasuries has significantly slowed down. While the largest corporate holders continue to quietly increase their positions, smaller participants have begun to retreat.
According to blockchain data platform CryptoQuant, the number of new BTC treasury companies has plummeted from a peak of 53 in the third quarter to only 9 so far in the fourth quarter, despite a total of 117 new companies incorporating BTC into their balance sheets this year.
CryptoQuant noted in a post on the X platform on Thursday: "Although the number has increased in 2025, the amounts held by most BTC treasury companies are relatively small."
Cumulative data indicates that, despite a decrease in purchases by small companies and retail investors, well-funded corporate treasuries continue to absorb BTC supply.
This quarter, some BTC treasury companies have stopped accumulating. For example, Japanese investment firm Metaplanet has not purchased any BTC for over two months.
Some companies have even begun to sell their BTC holdings. According to an announcement on Wednesday, UK Bitcoin-focused tech company Satsuma Technology has sold 579 BTC, worth approximately $53 million, leaving 620 BTC remaining on its balance sheet.
Despite the overall trend slowing down, some of the largest companies continue to absorb more BTC supply.
As the largest corporate Bitcoin holder, Strategy purchased $962 million worth of BTC this past Monday, marking the largest purchase since July. According to CryptoQuant data, the company is now just $500 million away from matching the $21.97 billion in Bitcoin acquired in 2024.
According to data from BitcoinTreasuries.NET, public company treasuries now hold over 1 million BTC valued at $90.2 billion, accounting for 4.7% of the total supply.
Spot Bitcoin exchange-traded funds hold an additional 1.49 million BTC, or 7% of the supply.
Digital Asset Treasury (DAT) acquisition activity is noticeably slowing down. Ripple-backed Evernorth Holdings has been inactive since acquiring $950 million worth of XRP tokens at the end of October.
Industry analysts point out that in the context of a market downturn and increased pressure on DAT, Evernorth's XRP holdings are facing an unrealized loss of nearly $80 million just weeks after the purchase.
As the largest corporate ETH holder, BitMine Immersion Technologies has also significantly slowed its Ether acquisition pace in recent months, dropping from a peak of $2.6 billion in July to only $296 million in ETH holdings by December.
Data shows that the cumulative investment of ETH asset treasury companies has plummeted by 81% over the past three months, from 1.97 million ETH acquired in August to 370,000 ETH in November.
Related: Market predictions bet that Bitcoin (BTC) will struggle to break the $100,000 mark by the end of the year.
Original article: “Bitcoin (BTC) Treasuries Stall in Q4, but Largest Holders Continue Accumulating”
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