Bitcoin Treasuries Cool in Q4 as Largest Holders Add BTC
Corporate adoption of Bitcoin treasuries slowed markedly in the fourth quarter of 2025, while the largest corporate holders continued to add to their positions. Public companies now hold more than 4.7% of the total Bitcoin supply, according to data from BitcoinTreasuries.NET.
The number of new Bitcoin (BTC) treasury adopters fell from a peak of 53 in the third quarter to nine so far in the fourth quarter of 2025, bringing the year-to-date total to 117 new companies, blockchain analytics firm CryptoQuant reported.
“Despite the growth in numbers during 2025, most Bitcoin Treasury companies hold relatively small amounts,” CryptoQuant said in a post on X on Thursday. Nonetheless, accumulation by well-capitalized corporate treasuries has continued even as purchases by smaller companies and retail investors have slowed.
New Bitcoin treasury companies per month, 2025 year-to-date chart. Source: CryptoQuant
Some treasury-focused firms paused buying during the quarter. Japan’s Metaplanet has not added Bitcoin for more than two months. Others sold holdings: United Kingdom-based Satsuma Technology sold 579 Bitcoin for approximately $53 million, leaving 620 Bitcoin on its balance sheet, the company announced Wednesday.
Largest corporate holders continue their quiet Bitcoin accumulation
Despite the broader slowdown, major corporate holders kept accumulating. Strategy, the largest corporate Bitcoin holder, purchased $962 million in BTC on Monday, its biggest buy since July. The firm is now $500 million short of matching the $21.97 billion in Bitcoin it acquired in 2024, according to CryptoQuant.
Strategy, US dollar amount invested. Source: CryptoQuant
Public company treasuries collectively hold over 1 million Bitcoin valued at $90.2 billion, representing 4.7% of the total supply, per BitcoinTreasuries.NET. Spot Bitcoin exchange-traded funds hold an additional 1.49 million Bitcoin, or 7% of circulating supply.
Bitcoin holdings in treasuries. Source: BitcoinTreasuries.NET
DAT purchases slow as Ether treasury investments drop 81%
Digital asset treasury (DAT) acquisitions have also moderated. Ripple-backed Evernorth Holdings has been inactive since the end of October, when it acquired $950 million in XRP (XRP) tokens.
Evernorth’s XRP position faced nearly $80 million in unrealized losses weeks after the purchases amid market weakness and increasing pressure on DATs.
BitMine Immersion Technologies, the largest corporate holder of Ether (ETH), reduced its Ether purchases from a peak of $2.6 billion in July to $296 million in December.
Cumulative investments by Ether treasury firms fell 81% over the past three months, declining from 1.97 million ETH acquired in August to 370,000 ETH in November.
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