Bitcoin Treasuries Experience Slowdown in Q4, Yet Major Holders Continue Accumulating

In the fourth quarter of 2025, the growth of Bitcoin treasury adoption has noticeably slowed. However, the largest corporate holders are still actively increasing their Bitcoin reserves, while smaller companies are starting to retreat.

Key Takeaways

Bitcoin treasury adoption dropped significantly in Q4 2025, with only 9 new companies adding Bitcoin to their balance sheets.
A total of 117 companies have adopted Bitcoin throughout the year, although most hold relatively small amounts.
Some larger firms continue to make substantial investments in Bitcoin.
Digital asset treasury (DAT) acquisitions have also slowed, particularly for Ether.

Bitcoin treasury adoption declined sharply in the final quarter of 2025. According to CryptoQuant, the number of new companies integrating Bitcoin into their balance sheets fell significantly, from 53 in Q3 to just 9 in Q4 so far. Overall, 117 new businesses adopted Bitcoin this year.

“Although we’ve seen growth in numbers in 2025, many Bitcoin treasury companies are holding relatively minor amounts,” CryptoQuant shared in a post on Thursday.

Despite this trend, the data suggests that major corporate treasuries are still actively acquiring Bitcoin, even as smaller firms and retail investors pull back.

New Bitcoin treasury companies per month, 2025 year-to-date chart. Source: CryptoQuant

Some treasury firms have paused their Bitcoin accumulation this quarter. For example, Japanese investment firm Metaplanet has not made any Bitcoin purchases in over two months. Meanwhile, some companies are offloading their stacks; Satsuma Technology, a UK-based Bitcoin-focused firm, sold 579 Bitcoin for approximately $53 million, leaving them with 620 Bitcoin remaining on their balance sheet.

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Bitcoin treasuries stall in Q4, but largest holders keep stacking sats

Continued Accumulation by Major Corporate Holders

Despite the slowdown in treasury acquisition, some of the largest corporations are still purchasing more Bitcoin. Strategy, noted as the largest corporate Bitcoin holder, made a significant purchase of $962 million worth of BTC on Monday, their largest acquisition since July. The company is now only $500 million away from matching its total Bitcoin investment of $21.97 billion from 2024, as reported by CryptoQuant.

Strategy, US dollar amount invested. Source: CryptoQuant

According to BitcoinTreasuries.NET, over 1 million Bitcoin valued at $90.2 billion are held in public company treasuries, representing 4.7% of Bitcoin’s total supply. An additional 1.49 million Bitcoin, or 7%, is held by spot Bitcoin exchange-traded funds.

Bitcoin holdings in treasuries. Source: BitcoinTreasuries.NET

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Slowdown in Digital Asset Treasury (DAT) Acquisitions

In a similar trend, digital asset treasury (DAT) acquisitions are experiencing a decline. Ripple-backed Evernorth Holdings has been inactive since late October, after acquiring $950 million in XRP tokens. Following the market downturn, Evernorth's XRP holdings faced nearly $80 million in unrealized losses.

BitMine Immersion Technologies, which holds the largest amount of Ether, has also reduced its Ether investments in recent months, dropping from an impressive $2.6 billion in July to just $296 million in December. The cumulative investment from Ether treasury firms plummeted by 81% over the last three months, declining from 1.97 million ETH purchased in August to 370,000 ETH in November.

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