Corporate Bitcoin adoption has declined sharply in the fourth quarter of 2025, with 65% of public companies now holding BTC below their purchase prices. Bitcoin miners have emerged as the most consistent accumulators as treasury buying wanes.
What Happened: Treasury Purchases
Public companies added 10,800 BTC in November after disposals, down from summer peaks, according to Bitcoin Treasuries' latest corporate adoption report. The figure reflects gross purchases of 12,600 BTC offset by roughly 1,800 BTC in sales across the month.
Bitcoin's November decline of 17.67% pushed most 2025 corporate buyers into unrealized losses. The downturn affected digital asset treasury firms holding measurable cost bases, based on data from 100 companies.
At least five firms reduced Bitcoin exposure in November. Sequans Communications sold approximately 970 BTC, valued at around $100 million, to reduce convertible debt obligations.
Kindly MD deployed 367 BTC into strategic investments, while Genius Group sold 62 BTC before repurchasing 42 BTC in early December.
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Major holders including Strategy and Strive accounted for most net additions during the month. Fourth-quarter additions are projected to reach or slightly exceed 40,000 BTC by year-end, making it the weakest quarter of 2025 and aligning with third-quarter 2024 levels.
Pete Rizzo wrote that corporations appear to be normalizing to a slower, more selective pace as they digest recent purchases and reassess risk.
Strategy had already added more than 10,000 BTC as of early Dec. 9, putting fourth-quarter purchases within 5,000 BTC of the expected target.
Why It Matters: Mining Economics
Mining companies now anchor public-market BTC holdings, accounting for about 5% of November additions and 12% of total public company balances. Cango and Riot added 508 and 37 BTC from mining, while American Bitcoin added 139 BTC.
"Some mining companies that generate their own Bitcoin may pay less in energy and operational costs than if they purchased BTC on the market, which could be a core driving factor in this segment's continued growth," Rizzo wrote.
Mining economics remain pressured despite modest relief.
The Hashprice Index fell to $34.8 in late November before rebounding to around $39.4, while mining difficulty eased to 148.2 trillion from a record 155.97 trillion six weeks earlier. Average cash cost per BTC stood at $74,600, with all-in costs reaching $137,800.
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