The Slowdown in Corporate Bitcoin Purchases and the Resilient Role of Miners

While corporate Bitcoin adoption is experiencing a slowdown in Q4 2025, Bitcoin miners remain significant players, continuing to accumulate BTC despite facing challenges. Currently, 65% of public companies are holding Bitcoin at prices below their purchase levels, leading to unrealized losses.

Key Takeaways

Corporate Bitcoin Buying Lags: 65% of public companies are holding Bitcoin at prices lower than their purchase costs, creating unrealized losses.
Market Decline Impact: The steep drop in Bitcoin prices in November 2025 has cooled demand among corporate treasuries.
Miners' Strategic Role: As corporate purchases slow, Bitcoin miners are stepping up as key accumulators, accounting for significant new acquisitions.
Ongoing Profitability Pressures: Despite some easing of mining difficulties, profitability challenges continue to affect miners.

This trend indicates a shift in how corporate treasuries are managing their Bitcoin investments. The current rate of Bitcoin acquisitions is on track to be the lowest in a year. In contrast, miners are becoming vital accumulators in the public Bitcoin market, even amidst operational challenges and declining profitability.

Decrease in Corporate Demand Amid Market Fluctuations

November saw Bitcoin (BTC) experience its most considerable decline of the year, dropping by 17.67%. This fall has pushed many buyers from 2025 into negative territory.

According to Bitcoin Treasuries’ November Corporate Bitcoin Adoption report, digital asset treasury firms were not insulated from this downturn. The data reveals that 65% of publicly traded companies bought Bitcoin at prices exceeding current market values, resulting in unrealized losses. This data is derived from a study of 100 companies.

Moreover, the demand for Bitcoin has cooled in recent months. The report outlines that public Bitcoin treasuries acquired over 12,600 BTC in November, with notable players like Strategy and Strive being responsible for the bulk of these new additions.

However, approximately 1,800 BTC were sold off, which brought net acquisitions down to around 10,800 BTC. In November 2025, several firms decided to decrease their Bitcoin holdings, with at least five companies reporting net sales due to balance sheet management and strategic factors.

Pete Rizzo commented, “Overall, while the ‘summer buying frenzy’ has clearly eased, demand has not vanished. Instead, public corporations seem to be adjusting to a slower, more selective pace as they absorb recent purchases and reassess risks.”

Looking ahead, the report predicts that Bitcoin acquisitions in Q4 2025 will likely reach or exceed 40,000 BTC by the end of December, making it the weakest quarter of the year and comparable to accumulation levels last seen in Q3 2024. This estimate is based on trends observed over the past two months and indicates that Strategy has already added over 10,000 BTC by early December, suggesting a potential close to the expected target.

Miners as Key Corporate Accumulators

With the slowdown in treasury purchases, Bitcoin miners are well-positioned to take the lead in the next phase of corporate adoption. The report highlights that mining companies form the backbone of public-market BTC holdings, contributing about 5% of new additions in November and 12% of total BTC balances held by public companies.

Notably, mining firms like Cango and Riot acquired 508 and 37 BTC, respectively, while American Bitcoin added 139 BTC. As corporate buying wanes, Cango and American Bitcoin made significant contributions to the month’s top public treasury increases.

Some mining companies can generate Bitcoin at potentially lower energy and operational costs compared to purchasing BTC on the market. This advantage may be a key factor in their ongoing growth. As miners acquire BTC through block production at an effective discount to market prices, their financial standings may play a crucial role in fostering corporate adoption, especially if other treasuries choose to hold off on purchases, according to Rizzo.

Despite minor technical improvements, mining profitability is still under strain. The Hashprice Index, which tracks earnings per terahash per second daily, has declined since July, hitting a low of $34.8 in late November before rebounding to around $39.4. Mining difficulty has also eased, dropping to 148.2 trillion from a peak of 155.97 trillion six weeks prior, providing some relief to miners facing tight profit margins.

Although network conditions exhibit slight improvements, challenges to profitability remain. The average cash cost per BTC is approximately $74,600, while total expenses have escalated to around $137,800.