Bitcoin treasury adoption slowed noticeably in the fourth quarter, yet the largest corporate holders continued to increase their BTC reserves. Public companies now control more than 4.7% of the total Bitcoin supply.
Bitcoin treasury growth, which was strong earlier in 2025, saw a sharp cooldown heading into Q4. While major firms kept accumulating, smaller players reduced purchases or exited the market entirely.
According to CryptoQuant, only nine new companies added Bitcoin to their balance sheets in the fourth quarter, compared with 53 in Q3. For 2025 overall, 117 new companies adopted Bitcoin as a treasury asset.
CryptoQuant noted that most of these firms hold relatively small amounts despite the increase in total participants.
The data shows a clear split: well-capitalized corporations continue buying Bitcoin, while smaller companies and retail investors have slowed their activity.
Some Companies Halt or Reduce Accumulation
Several Bitcoin treasury firms paused their buying this quarter. Japanese investment firm Metaplanet has not purchased BTC for over two months.
Other firms have even begun to sell. U.K.-based Satsuma Technology sold 579 BTC for about $53 million, leaving 620 BTC on its balance sheet.
Largest Holders Keep Quietly Stacking BTC
Despite the overall slowdown, major corporate holders continue to accumulate aggressively.
Strategy, the largest corporate owner of Bitcoin, purchased $962 million worth of BTC on Monday — its biggest buy since July. Strategy is now only $500 million away from matching the $21.97 billion it acquired in 2024.
Data from BitcoinTreasuries.NET shows that public companies hold over 1 million BTC valued at $90.2 billion, representing 4.7% of the total supply. Another 1.49 million BTC, or 7%, is held by spot Bitcoin ETFs.
DAT Purchases Slow as Ether Treasury Investments Collapse
Digital asset treasury (DAT) buying has also weakened. Ripple-backed Evernorth Holdings has been inactive since late October, when it purchased $950 million worth of XRP. Those holdings now sit on nearly $80 million of unrealized losses due to market pressure.
BitMine Immersion Technologies — the largest corporate holder of Ether — has reduced its ETH purchases significantly. Its acquisitions fell from a peak of $2.6 billion in July to just $296 million in December.
Overall, cumulative Ether purchases by treasury firms dropped 81% over the past three months, falling from 1.97 million ETH in August to 370,000 ETH in November.
