Decline in Bitcoin Treasury Firms: A Shift in Corporate Strategy

The recent downturn in Bitcoin (BTC) prices has had a significant impact on corporate Bitcoin treasury activities. As 2025 approaches its end, the number of companies adding Bitcoin to their balance sheets has dramatically decreased from a peak earlier in the year.

Key Takeaways

Bitcoin's price has fallen over 28% from its all-time high in October.
Corporate interest in Bitcoin has diminished, with only three firms adding Bitcoin in November compared to 22 in July.
Major players like Strategy continue to accumulate Bitcoin, while other companies have paused their purchasing activities.
The overall trend suggests a cooling off in corporate Bitcoin treasury adoption as the year concludes.

Bitcoin

Corporate Bitcoin Treasury Activity Takes a Hit

The continuing downturn in Bitcoin (BTC) has begun to significantly affect corporate activities related to Bitcoin treasuries. After reaching an all-time high of $126,272 in October, Bitcoin has seen a decline of over 28%, currently sitting at $90,166. The cryptocurrency ended October on a negative note, followed by an additional drop of 17.5% in November—its sharpest monthly loss since February. As December starts weak, Bitcoin is at risk of experiencing its first three-month losing streak since the collapse of Terra in May 2022.

Fewer Firms Join Bitcoin Treasury Movement

This prolonged decline reflects a larger trend within the Bitcoin treasury sector. According to data from CryptoQuant, enthusiasm among corporations to hold Bitcoin has waned as new accumulation slows down. In total, 117 companies added Bitcoin to their balance sheets in 2025, but the pace of this addition has cooled considerably.

Initially, companies added Bitcoin at a faster rate: 16 new treasuries were established in the first quarter, 39 in the second, and a notable 53 in the third quarter. However, only nine new firms have taken the plunge in the fourth quarter, signaling a concerning downward trend in adoption.

Bitcoin Treasury Companies Per Year CryptoQuant

Monthly observations corroborate this drop-off in newcomer firms. While the year started with just two new Bitcoin treasury firms in January, the activity surged to a peak of 22 in July, only to plummet thereafter. The numbers have decreased monthly: 16 new firms in August, nine in September, six in October, and a mere three in November.

New Bitcoin Treasury Firms Per Month CryptoQuant

Major Players Continue Accumulation While Others Pause

Despite the overall decrease in activity in 2025, many treasury firms still hold relatively modest quantities of Bitcoin. A large number of these firms possess less than 500 BTC, while a smaller group holds between 500 and 999 BTC. Remarkably, only four companies own between 1,500 and 2,000 BTC. In stark contrast, Strategy stands out with a massive holding of 660,624 BTC.

CryptoQuant reports that Strategy's buying spree remains robust, nearly matching last year's pace. The firm acquired $21.48 billion worth of BTC in 2025, just shy of the $21.97 billion it purchased in 2024.

Bitcoin Investments by Strategy CryptoQuant

While Strategy continues to add to its significant position, Bitmine, a primary treasury company for Ethereum, is also making purchases, albeit at a slower pace. Bitmine bought $2.6 billion worth of ETH in July, followed by $4.3 billion in August, $3.47 billion in September, $892 million in November, and only $296 million in December, indicating a significant drop month over month.

Notably, while Strategy and Bitmine maintain their buying efforts, other companies have become inactive. Metaplanet has not made any Bitcoin acquisitions in over two months, and Evernorth—focusing its activities on XRP—has stayed dormant for about six weeks since its last $950 million purchase.

According to data from Bitcointreasuries.net, Strategy holds an impressive lead with 660,624 BTC, valued at approximately $59.56 billion as 2025 comes to a close. Meanwhile, MARA Holdings remains in a distant second with 53,250 BTC worth about $4.82 billion, having not increased its holdings since purchasing 400 BTC in mid-October.

Disclaimer: This content is for informational purposes only and should not be considered financial advice. The views expressed here are the author's own and may not represent the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not liable for any financial losses.